Studies every single year show that weight loss is one of the most popular new year’s resolutions made by Americans. In fact, nearly 50% of people resolve to lose weight every year. This explains why the diet and fitness industry continues to boom, with new trends appearing every year.
A current trend in the weight loss industry is apps that allow users to place bets on their own weight loss success. Studies show that when given financial incentives, people are significantly more likely to reach their health and weight loss goals. Companies are using this statistic to create products that provide extra motivation to lose weight with the incentive of earning extra money.
Two of the programs currently on the market that allow people to bet on and earn money from their own weight loss success are HealthyWage and DietBet. In this article, we will discuss the features of the two apps, compare the pros and cons, and discuss a few alternatives that are on the market.
HealthyWage
What is HealthyWage?
HealthyWage is a website and app that allows you to win up to $10,000 by betting on your own weight loss, or by participating in one of many weight loss and fitness challenges. HealthyWage allows you to earn money by participating in four programs: The HealthyWager, The Team Challenge, The Jackpot Challenge, and The Step Challenge.
The HealthyWage app is available on both iOS and Android.
How It Works
When you join HealthyWage, you’ll have the opportunity to choose which program you want to use to earn money. As we mentioned, the four programs available are The HealthyWager, The Team Challenge, The Jackpot Challenge, and The Step Challenge.
- The HealthyWager allows you to win up to $10,000 by creating an individual weight loss bet. You set the terms of your bet using the prize calculator available on the website and start earning money. You choose the goal, your entry fee, and the amount of time you have to meet your goal.
- The Team Challenge allows teams of five people to join and compete against other teams to earn prizes of up to $10,000.
- The Jackpot Challenge allows both individuals and teams to compete toward specific weight loss goals and earn a share of the pot if they reach the goal. This challenge is generally centered around losing a certain percentage of your body weight in a specified time frame.
- The Step Challenge allows both individuals and teams to connect their step devices to participate in challenges. Users who meet the specified step goal in the given amount of time win a share of the pot.
When you join HealthyWage, you’ll verify your starting weight by submitting a photo, a video, verification by a health or fitness professional, or verification from a Weight Watchers meeting. At the end of your challenge, you’ll then submit your final weight.
If you have earned winnings, you can be paid out via mailed check or PayPal. There is a fee if you choose to be paid out via PayPal.
Pros
- The financial incentives created by HealthyWage give users extra motivation to reach their weight loss goals.
- There are a number of different challenges available, meaning people can choose the one that works best for their lifestyle.
- The team and corporate challenges allow employers to create challenges to incentivize their employees to live healthier lifestyles.
- HealthyWage helps its users get results. According to HealthyWage, 77% of their participants report losing weight, with an average prize payout of $1,175.28.
Cons
- Though the program provides financial incentive to lose weight, it provides no education on the healthiest way to do so. This may result in users taking unhealthy steps to lose weight and earn their winnings.
DietBet
What is DietBet?
DietBet is a website and app that allows you to bet money and compete against others for a pot of earnings. DietBet allows you to earn money by participating in one of three diet bet programs: Kickstarter, Transformer, and Maintainer.
The DietBet app is available on both iOS and Android.
How It Works
When you join DietBet, you’ll have the opportunity to choose which program you want to use to earn money. As we mentioned, the four programs available are Kickstarter, Transformer, and Maintainer.
- Kickstarter is a weight loss challenge that encourages you to lose 4% of your body weight in four weeks. You put your money in the pot at the beginning of the challenge. At the end of the challenge, anyone who has lost 4% of their body weight will split the earnings. This challenge is ideal for those who are ready to start their weight loss journey.
- Transformer is a weight loss challenge that encourages you to lose 10% of your body weight in six months. You either pay your bet monthly or in one lump sum at the beginning of the six months. At the end of the challenge, anyone who has lost 10% of their body weight will split the earnings. There are also interim goals and prizes each month.
- Maintainer is a weight maintenance challenge ideal for anyone who has lost weight that they want to keep off. You pay your bet monthly, or in one lump sum at the start of the challenge. Every month, everyone who has maintained their weight splits a portion of the pot equally. The challenge lasts for one year, with a grand prize at the end.
When you join DietBet, you’ll verify your starting weight by submitting a photo on a scale (preferably a digital scale, but it isn’t required). If you have earned winnings, you can be paid out via mailed check or PayPal. There is a fee if you choose to be paid out via paper check.
Pros
- The financial incentives created by DietBet give users extra motivation to reach their weight loss goals.
- The team and corporate challenges allow employers to create challenges to incentivize their employees to live healthier lifestyles.
- DietBet helps its users get results. 96% of DietBet users lose weight. This is significantly higher than the 77% success rate reported by HealthyWage.
Cons
- Though the program provides financial incentive to lose weight, it provides no education on the healthiest way to do so. This may result in users taking unhealthy steps to lose weight and earn their winnings.
- The average earnings on DietBet of $58 are significantly lower than the average earnings reported by HealthyWage.
- DietBet doesn’t have individuals challenges – you’re always competing against other users for earnings. This also means there isn’t the flexibility to choose your own goal.
HealthyWage and DietBet: Why They Work
Both HealthyWage and DietBet boast incredibly high success rates, so it’s clear this method of motivation works in helping people to lose weight. But why is that the case? It turns out there is significant academic research to explain why this method is so effective.
A study in the Journal of the American Medical Association showed that when given financial incentives, people were significantly more likely to reach their health and weight loss goals.
A similar study done by Mayo Clinic shows similar results. The Mayo Clinic study determined that participants who receive cash incentives are more likely to stick with a weight loss program. The study was a year long, showing that financial incentives can keep people motivated for even extended periods of time.
Finally, multiple studies have shown that social networks are a contributing factor to both obesity and weight loss. In short, those who are surrounded by obese friends and family are also more likely to be obese. And those with more social contacts trying to lose weight are more likely to lose weight themselves.
Based on this research, the team and community-based approaches used by both HealthyWage and DietBet are likely to contribute to the weight loss success of their users. For example, HealthyWage allows for team-based and corporate challenges. You are participating with people you know and work with so you can all keep each other accountable. DietBet, on the other hand, offers a strong community within the platform, so you can communicate with others in your weight loss challenge to share accountability and motivation.
Companies like HealthyWage and DietBet have successfully taken the conclusions from these studies and used them to help people to successfully reach their weight loss goals.
HealthyWage vs DietBet: Which is Better?
Now we’ve talked about how HealthyWage and DietBet work, as well as have explained why they work. And now I’m sure you’re ready to find out which is better for your own weight loss goals. The short answer is – that depends.
Though the two programs are incredibly similar, there are some differences in the process. DietBet is more of a one-size-fits-all program, while HealthyWage offers more flexibility.
If you have a moderate amount of weight to lose and are looking for a supportive, community-based program to help you do that, DietBet might be for you. The percentage of people who are successful at losing weight on DietBet is definitely higher than the percentage reported by HealthyWage.
However, if you’re ready to commit to a bigger weight loss goal for the chance at bigger earnings, then HealthyWage might be for you. You can create your own custom goal rather than participating in the predetermined programs like with DietBet. A smaller percentage of people reach their weight loss goals. However, the success rate of people losing some weight is still impressive at 77%, and the earning potential is significantly higher. Keep in mind, this higher earning potential requires a larger up-front investment.
At the end of the day, it’s up to you to determine which program better fits your lifestyle and weight loss goals.
Later in this article, we’ll also discuss a few alternatives to HealthyWage and DietBet that may be a better fit for you.
HealthyWage and DietBet: Things to Keep in Mind
It’s obvious that the methods used by HealthyWage and DietBet are effective for many people. And while we encourage you to take steps to reach your weight loss goals, there are also a couple of things that are worth keeping in mind.
First of all, though they offer a financial incentive, HealthyWage and DietBet do not offer any educational information to help you on your weight loss journey. This means that if you struggled to lose weight before, you might continue to struggle under these programs because you haven’t been given the education to learn how best to go about losing weight.
Because of this, programs like HealthyWage and DietBet might be best used alongside the advice of a doctor or nutritionist, or alongside a program such as Weight Watchers.
Finally, it’s important to remember that not all weight loss is healthy. By eating too little or exercising too much, you are putting your health in jeopardy. And certainly, no financial reward is worth those health risks.
Alternatives
The weight-loss industry has been and continues to be one of the most lucrative industries. So it should come as no surprise that it has quickly advanced with technology to find new ways to encourage weight loss.
And so while HealthyWage and DietBet are two of the most popular apps that will pay you to lose weight, they certainly aren’t the only options. Let’s talk about a few of the alternatives that are available to HealthyWage and DietBet.
Achievement
Achievement is a website and app that allows you to earn points by doing healthy activities. You connect your account to your wearable fitness tracker or to other apps such as MyFitnessPal, Apple Health, Fitbit, MapMyRun, and many more.
You then trade those points in for cash or donations to charity. With Achievement, you earn $10 for every 10,000. You can redeem your points via a PayPal payout, direct deposit to your bank account, or by donating your points directly to a charity of your choice.
Finally, you can help scientific advancement by contributing your results to medical research. For example, if you suffer from migraines, you can contribute your health data to scientific research on migraines. Participating in these studies can allow you to earn extra points, sometimes up to as much as $200 worth.
One of the health benefits of this app is that it doesn’t only focus on weight loss. It also incentivizes activities such as meditating, logging meals, walking, and answering health surveys.
One of the biggest differences between Achievement and the other apps mentioned is that Achievement does not require that you put money on the line in order to earn rewards.
The Achievement app is available on both iOS and Android.
Walgreens Balance Rewards
If you shop at Walgreens regularly, you’re probably familiar with their Balance Rewards program that allows you to earn points for spending money. What you might not know, however, is that the app also allows you to earn rewards for your healthy habits. The activities you can earn points for including weighing in, achieving a health goal, taking your blood pressure, exercising, not smoking, etc.
Unlike HealthyWage and DietBet, Walgreens Balance Rewards does not require you to put cash on the line to earn rewards. Also unlike some of the other apps we’ve talked about, the Balance Rewards app does not allow you to earn cash rewards for your points. However, your points can be used for savings on Walgreens. Because of that, this app is best for regular Walgreens shoppers.
The Walgreens app is available on both iOS and Android.
Additionally, make sure to check out our post on the best pharmacy reward programs to join!
StickK
StickK operates under the same basic premise as HealthyWage and DietBet where you put money on the line as an incentive to meet your health and weight loss goals.
With StickK, you make what is called a Commitment Contract with yourself. This contract helps you to define your goal and commit to meeting it by putting money on your line.
The big way StickK varies from the other apps mentioned is that it’s not specifically focused on health and fitness goals. Sure, your goal might be to lose a certain number of points or eat healthier. But you can also set goals to advance in any other area of your life such as your finances, your career, or your relationships.
StickK is a comprehensive goal setting platform that thrives on the fact that people are best incentivized by cold hard cash. So whether your goal is to lose weight or start saving for retirement, this app could help you.
The StickK app is available on both iOS and Android.
In Conclusion
Weight loss goals are some of the most common goals set by Americans every year. And since studies clearly show that financial incentive helps to motivate people to lose weight, it’s easy to see why companies like HealthyWage and DietBet are as effective as they are.
The risk of losing money, as well as the financial incentive of winning money, allow both HealthyWage and DietBet to boast more than a 50% success rate.
Regardless of what your health and fitness goals are, one of the apps discussed in this article is sure to help you reach and stick to your goals, and earn a little extra money in the process.
If you're working on losing weight, you'll also want to check out these five free fitness apps that you'll love!
