It’s that time of year, and since I eventually lost 50 pounds with the help of this and other weight-loss betting sites (and have kept it off since), and I wanted to share my experiences including both positive and negative aspects.
After reading academic studies which found that financial incentives were effective in helping people lose weight, I joined HealthyWage.com. You tell them how much weight you want to lose, your current body details, how much time you want, and and they’ll calculate what prize to offer you based on how much you want to bet on yourself.
My overall HealthyWage bet was to lose 10% of my body weight over 9 months. My offered bet was to put up $50 per month for 9 months for a potential win of $50. You may like the sound of “winning $500”, but most of it will be your own money:
Honestly, risking $450 to win $50 didn’t feel like a very good risk/reward ratio, but I wanted the extra motivation. Perhaps my goal was too easy and that was why the payout wasn’t as high. You can put up your own numbers and calculate your own HealthyWage offer. Your payout may be better than mine. The quote is free, you just need to provide any e-mail address.
Initial weigh-in verification. There are three ways to verify your weight:
- Video Verification. Smartphone video using your personal scale. The most popular option, and the one that I chose.
- Verification by a Fitness or Health Professional – Bring a form to your “local gym, pharmacies, corporate wellness clinics, walk-in clinics, HR reps, nurses, your personal doctor, your personal trainer or your chiropractor.”
- Verification at a Weight Watchers Meeting.
I followed their directions carefully, uploaded my video, and both my initial and final videos were accepted with no issues or additional requests.
Warnings. Every month, I would see a $50 charge on my credit card bill from Healthwage. However, that was about it. There were no regular e-mail updates. No interim weigh-ins. No fun tokens or prize giveaways. No smartphone app. No encouraging quotes or success stories. No interaction at all.
Upon initial sign-up, I was given my 2-week window for final weigh-in. HealthyWage’s two-week window is definitely more generous than DietBet’s 48-hour window, with the important difference that I was never sent any reminders by HealthyWage when the time actually came. In comparison, Dietbet sent me multiple reminders beforehand. Now, I had the date marked on my digital calendar with several alerts, so I completed my weigh-in by the second day of the window. It is quite possible that if I waited until closer to the final deadline, I would have gotten a reminder. But I wouldn’t rely on it. I got the feeling that they wouldn’t mind if you forgot about that final weigh-in.
This brings me to the important structural difference between HealthyWage and similar service DietBet. DietBet collects participants into groups and then takes a cut from the pooled bets. The winners of each group then split the money from the losers, so that Dietbet makes the same commission amount, no matter how many people win or lose. Dietbet feels more like they want you to win. HealthyWage, on the other hand, makes one-on-one bets with individuals.
See my separate DietBet Review. You can do both at the same time.
Extra final verification hoops. Upon final weight verification, you’ll have to submit the verification video again (see above). But that’s not all. I also had to locate and upload a “before photo” and an “after photo”, which could be any photo from “around the time” of the start and end of the challenge. I also had to upload a scan of my driver’s license. Here’s a screenshot of their page asking for additional information.
Finally, I successfully referred a few people to Healthwage and received extra money added my “pot”. This referral program is nice feature to get some social support, but remember that you get the referral money if you win your own bet.
Final payout options. There are two options to receive your winnings. A mailed check takes 3-4 weeks to process, with no fee. The other “fast” option is PayPal, which charges a 3% fee. I picked the PayPal option because I didn’t want to wait around for a check. However, they later clarified that it would still take 3-5 business days for Paypal transfer. The 3% fee is actually taken out by PayPal, so HealthyWage actually sends the full amount (they just choose not to subsidize the fee). In retrospect, maybe I should have just waited for the check. Here’s a screenshot:
Bottom line. I committed to a Healthywage bet to lose 10% of my initial weight over 9 months. I lost the weight, completed my verifications without hassle, won the bet, and was paid my winnings. I also won a bit of extra cash due to referring others. Calculate your own HealthyWage offer here. I found the overall process very business-like. However, the added motivation to lose weight and he healthier was the biggest benefit, and worth more to me than the cash winnings.
© MyMoneyBlog.com, 2018.