I participated in a $150 "main event." After a few weeks, roughly 18% of people in the game did not meet the goal. This lead to a final payout of $150 for a net profit of $0.
DietBet advertisements showcase the amount people that "win" on their site. Based on their definition I "won" $150 from my $150-bet being returned. I would not be surprised if their "10-25% fee" goes mostly towards marketing, evidenced by their frequent giveaways during the events for people who invite others to the site.
From a business standpoint, it is an admirable model. The company risks nothing, takes a large chunk from the gross of games, and keeps the consumer's money in limbo the entire time. The cheerful message of weight loss hides the telltale signs of a pyramid scheme, the company markets the possibility of big paydays to continue inflating the client base with gullible users. A quick glance at the payouts from past games this year shows that the margins are getting smaller and smaller, in some cases non-existent, for winning players despite the number of participants staying the same.
Bottom line: DietBet is not going to last as a company because they are milking their customers for as much as they can get away with. Stay away and motivate yourself to lose weight.
Bottom Line: No, I would not recommend this to a friend
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