Author Topic: Dietbet- Side hustle for mustachians with a few pounds to lose  (Read 914 times)

tralfamadorian

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I decided last month that the extra pounds I picked up after I injured myself and was unable to do any cardio this winter/spring had to go. I had done dietbet before a couple of years ago and had a good experience so decided to circle back to it.

Dietbet lets you either sign up for 4% weight loss over one month or 10% weight loss over six months. I already have something planned for six months out where I cannot guarantee to have access to a scale so I decided to do a series of 4% bets until I'm satisfied with the end result.

You can sign up for a max of 3 of the 4%/1mo and 3 of the 10%/6mo at the same time so I signed up for three of 4%. My results were:
#1: $20 bet, $31.56 payout, $11.56/57.8% return
#2: $35 bet, $48.91 payout, $13.91/39.7% return
#3: $100 bet, $115.86 payout, $15.86/15.9% return

I had a similar payout last time I used it and have read elsewhere that more people meet their goals in the higher bet ranges. I already signed up for the second set of one month 4% bets of $35, $35 and $100 before I received the returns on the first three. Damn, I wish that I had seen how clearly my anecdotal data supported the lower bets for dollar optimization first!

Caveat- returns are based solely on the results of the other people in the bet. The more people who flake out, the better your return would be. The lowest you could theoretically receive back is your initial bet (dietbet would waive its cut). In my bets from two years ago, I received payouts of initial bet plus $9-$19.

FindingFI

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Re: Dietbet- Side hustle for mustachians with a few pounds to lose
« Reply #1 on: July 31, 2018, 10:26:14 AM »
I've done a couple $100 bets here and there over the last couple years and found there to be logical seasonal trends as well.  For example, far fewer succeeded over the December holidays, resulting in higher payout.

My return on $100 bets by end date:
1/5 - $46.44
3/2 - $8.51
6/22 - $16.52
6/29 - $3.77
10/2 - $11.46


HAPPYINAZ

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Re: Dietbet- Side hustle for mustachians with a few pounds to lose
« Reply #2 on: August 04, 2018, 10:53:29 AM »
Interesting!  Never heard of the site, thanks!

Goinganon

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Re: Dietbet- Side hustle for mustachians with a few pounds to lose
« Reply #3 on: August 06, 2018, 06:41:08 PM »
Thank you for posting about this. I had never heard of it. I decided to sign up and am already more than 20% of the way to my goal on a 1 month bet.

FIREGuy

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Re: Dietbet- Side hustle for mustachians with a few pounds to lose
« Reply #4 on: August 07, 2018, 07:44:50 AM »
Is it possible to do more than one bet at once? I found the sister site, RunBet, and it looks like a lot of the challenges overlap and could be completed simultaneously.

Goinganon

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Re: Dietbet- Side hustle for mustachians with a few pounds to lose
« Reply #5 on: August 07, 2018, 12:55:34 PM »
Yes, you can do multiple bets at the same time.  I remember reading that the max of one type of bet is 3 at a time.  There are several people in my game (bet) who mentioned that they are in other games as well.