Won my DietBet, earned $13.87

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.

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