Many people sign up to gamble money on their weight loss only to find out that: they either didn’t actually win as much as they thought they would, or had to pay extra fees to collect their winnings, OR BOTH!
Surprise Weight Loss Betting Fees
It is reported that sometimes there are surprise fees associated with collecting your winnings from a weight loss bet.
Depending on whether you are participating in a local gym challenge, a weight loss challenge at your workplace, or using an online betting wager program, you might have to pay a price to collect.
Here is a list that includes the more expensive (if not THE most expensive) payout fees – from the HealthyWage. Healthywage betting fees can really eat into your profits.
Before you option to collect your weight loss winnings there a few things to be aware of:
If you have decided to approach your weight loss in stages, to help maximize your odds and winnings, you may not want to collect just yet. Here is some more information on the benefits of staging your weight loss for success and profit.
1. Pay to Play: Almost all types of weight loss challenges require some form of payment. It could be an upfront payment or a monthly payment. The fee charges will depend on the challenge(s) you choose to take part in as they have different fees and rules. You could also end up paying more than you needed to if you break up the payments into monthly instalments.
2. Say goodbye to 25% of a Jackpot Challenge: Each individual pays on average between $40 – $60 to play in a jackpot challenge. The weight loss betting company then skims 25% right off the top before dividing up the remaining pot to those who completed their goals.
The way this is set up has resulted in a tonne of complaints regarding the low amounts of money remaining in the pot. AFTER their 25% skim some weight loss competitors found there was NOTHING left! Fortunately this changed things so now they have been compelled to GUARANTEE that if the Jackpot amount won is less than what is left in the pot, you at least get your deposit back. But – they still get to skim their 25%.
They also take claim of 100% of any outstanding payments.
A jackpot weight loss betting challenge can end up with you playing for
3. Paper or Digital
4. Cost of Paying Your Taxes: You may have to fill out a tax reporting form. The responsibility of finding out if you do or don’t need to is on you.
5. Credit Card Fees: Aside from the usual fees and potential overdraft and interest fees from the credit card company, there may be a “cash advance” fee if they process the payment as a gambling bet. Credit card companies might also charge for currency conversion and out of country fees.
6. Winnings vs Profits: Your monthly betting fees are included in the calculation of the “Prize”. For example if you bet a monthly amount of $50/mo for 18 months and your “Prize” calculation shows $1200. Your payment of $900 is included in the total. The true winnings are ONLY $300. It could be helpful to take the time to figure out how to get the greatest winnings prior to betting.
7. Time it Takes to Get Paid: The time it takes to receive your payout could be days or weeks. If your challenge has been flagged you may need to re-verify your weight loss. There have been reports that this can take around 2 more weeks. After your final verification has been approved you can generally expect about 3 – 5 days for PayPal or a few weeks for a cheque to arrive.
8. Points Expiration Costs: The HealthyWage will give you points when you successfully complete a wager. The points are deposited into your online private portal. It is up to you to request to convert some or all of the points into money. One point is equal to $1.
🚫 IMPORTANT WARNING ⚠️: Points will expire after 12 months of inactivity.
9. Extending Your Bet: If you did not reach your goal in time, and are using the HealthyWage platform, they will allow you to buy more time in hopes of claiming your Prize. The problem with this is; the
Once you purchase more time, for the following (minimum) 6 months, you will have to continue paying the monthly fee originally agreed upon. Then – should you finally win (remember you can’t weight-out early) – you will have to wait for the full 6 months to collect the original Prize amount. The Prize does NOT increase even though you are paying more money.
Is it Worth Playing a Weight Loss Betting Challenge?
After reviewing all the fees and costs associated with making a weight loss wager, it is still a way to bring home some extra cash. If you are still gung-ho on betting on your weight loss, here are some of the best tips and ideas on how to maximize your weight loss betting profits.