Betting on the Biggest Losers: Diet Betting Helping Thousands Lose Weight
We’re all familiar with the phrase, “Put your money where your mouth is,” but it’s probably never been more appropriate than it is when it comes to diet betting. Not familiar with the concept? It’s exactly what it sounds like: betting real money that you can hit your weight goal within a specified time frame. It’s a trend that emerged a few years ago, and has continued to grow exponentially over the years. An article by Alexander Taub on Forbes explained the premise of one of the many companies that offer diet betting services: Players commit to losing 4% of their initial weight within 4 weeks, and if they’re able to meet this goal, they split the pot with the rest of the winners. Losers, well, lose their bets.
It’s an added layer of pressure for those who want to lose weight, but sometimes, this pressure is all we really need to make the commitment. There are many different websites and platforms for diet betting nowadays, with DietBet and HealthyWage being the most popular. In both cases, “players” must complete a “verified weigh-in”, where they submit information, pictures and videos to show their current weight before they can dictate how much they want to bet. For DietBet, the process involves submitting two photos: one of the player in airport attire, standing on a scale, and another of the reading of the scale with their weigh-in word, which is provided to them upon registration. For HealthyWage, users can either submit a 30-second video showing “today’s date”, their whole body, and the reading of a scale, or visit a fitness or health professional with the VerifyMe! form so they can sign off on the weigh-in.
Unsurprisingly, the founder and CEO of DietBet, Jamie Rosen, has said that he “was inspired by friends who competed in an office diet bet”. The bet proved to be rather effective at motivating participants, and years later, DietBet was born. Betting and wagering seems to be a rather popular activity for many people, as information on Betfair has shown that there are even active communities of people betting on everything from One Direction news to the results of the London Marathon. Jamie Rosen said that the community is part of the reason why diet betting is so successful: “It’s a lot like smoking. People struggle to quit alone but when they’re part of a shift in collective behavior and norms, they often end up quitting in droves… We’re hardwired evolutionarily to copy people around us so I think a group-level solution that changes group behaviors may be what finally works to tackle this complicated problem.” he said.
Have you ever tried diet betting, and if you have, were you successful? Would you ever try diet betting? Let us know!
