The HealthyWage Challenge is essentially an online program that you bet money that you will lose weight.
They have a few different challenges you can choose from. The highest payout is $10,000 for an individual wager called the HealthyWager.
Here is a HealthyWage overview how it works in a few steps: The steps are simply 1. you decide on how much you want to lose, 2. how much you are willing to bet, 3. and the time-frame you will need to lose it in.
Their algorithm decides on the payout based on your input numbers and the odds against you achieving your goals. There is no maximum limit to the amount of weight you want to bet you will lose except you cannot have your final weight less than the minimum suggested BMI. To get the most money from your bet see maximize your winnings.
HealthyWage is a very popular online weight loss betting company with thousands of players, thousands of winners, and have paid out and accumulated millions of dollars.
About the HealthyWage Company
The company HealthyWage LLC established in Florida in 2009. It is NOT accredited with the BBB but they do respond to complaints on that platform and currently have an A rating.
The business is registered at 1430 S Dixie Hwy STE 105 Coral Gables, FL 33146-3108.
The owners of the company are David Roddenberry and James Fleming. Roddenberry is a Florida lawyer and Harvard Law School graduate whereas James Fleming has J.D. at University of Minnesota Law School. It appears they have made good use of their legal trade as the HW rules seem pretty airtight as far as complaints and potential litigations might go.
It the 12+ years it has been around, some challenges have come and gone. For example the BMI Challenge is are no longer available. Here is a list of the current HealthyWage Challenges.
HealthyWage appears to still be a privately owned and funded company. This in contrast to DietBet which has applied for various fundraising activities over the years.
The money you pay to bet on your weight loss is used to pay for yours and others winnings, with the lions share as profits going to the company itself. The company also indicates they receive financial supports from various outside as well. Looks like a profitable venture with additional various monetary supports from sponsors and “other fees”.
Profits also come from the “games” themselves derived from the participants who didn’t win. For example in 2020 it was reported that more than 45,000 people won. It is not clear if this is individual, group, or all groups are lumped into this number but in one interview Roddenberry indicated 80% overall were individual bets. Their website currently indicates that the average prize is $1,331.
They also report that they have an average winners rate of 30% leaving 70% of the players who paid to play but didn’t win.
How and Why HealthyWage Works
People who have won their HealthyWage challenge have lots of good things to say about it.
The major driver to why it works is because people do win AND people do lose. There are several positive aspects to participating in a weight loss challenge when there is money on the line.
Why HealthyWage Works
Both positive and negative motivators are working at the same time. The excitement of potentially winning is positively motivating, and the fear of losing your money is a negative motivator. Depending on the individual, one may work better than the other. Together they are more powerfully motivating – see how to incentivized weight loss challenges are motivating.
When you are ready to start your HealthyWage contest, whether it is the individual HealthyWager or a group challenge, there are a few things to consider first.
Decide on how much you want to bet, the amount of weight you want to lose, and the duration. To do this you can use their calculator to help you figure out your maximum profit. If you aren’t ready, or still undecided, here is a short little exercise that can help you narrow your focus first.
Keep in mind when you first enter your numbers in their calculator this is just a very rough estimate. After you punch in your first set of numbers they will narrow down the approximate winnings with more questions. You have an unlimited amount of trial and error to try and maximize your profits. There are a few tips and tricks to help get the most out of your weight loss bet.
Once you have decided on the “game” you will be taking part in, the amounts, and the duration, you then need to give them your payment information. As soon as your payment is processed the clock starts ticking. You do have a couple weeks to verify your starting weight. They say it is OK if it is different than the weight you entered and will make adjustments accordingly.
Here are more details on Getting Started with Your Weight Loss Wager.