I was able to lose the 10lbs necessary for a 4% reduction in 4 weeks to win a DietBet. For any interested in some statistics, here you go:
- It was $30 to compete. My actual winnings were $43.87.
- The “pot” was $66,210 with 2,148 players each paying $30
- 1132 ended up losing the 4% and winning – that’s a 52% success rate
- If you multiply the winners by the winnings you get $49,660.84
- DietBet themselves kept $16,549.16, that’s 24.99% so… 25%
- So the REAL winner is DietBet =)
- I signed up for a second one a week after the first started and it has a $143,610 pot; that means DietBet made $36,000. That’s nuts.
I probably won’t be doing another one. Yes it was good motivation but $14 is barely worth it. I guess I have to be a mean guy and hope less people win the second one. If more than 3590 people win then I don’t even break even on the $30 I put in.