Before joining a weight loss wagering challenge it is a good idea to do some investigating into the company first. Take the time to find out what is the catch to winning money by losing weight.
Although they may not be a scam as such, they do have a number of complaints. However the positive reviews do far outweigh any complaints.
The Catch can be Found in the Rules
If you have concern about giving a particular company your money, on thing you can do is to research the company and specifically read over the complaints. These can be usually be found on the BBB site and various other sites all over the internet. For the most part a customer service member from the weight loss betting company will join in with explanations and assistance where needed.
As always, it’s a good idea to review all the rules before handing over your money.
Here is the top list of complaints that reveals “What’s the Catch?” to Wagering on Weight Loss
Because the majority of complaints are for the HealthyWage, most of those will be listed here. These issues are often mirrored in similar online weight loss betting places.
Catch #1: You are not allowed to quit. Once you have placed your bet and given them your credit card information, you cannot quit, you cannot get a refund, you cannot stop payment. If you do try and stop payment they say you can end up in collections.
Catch #2: It costs money to collect your winnings. The total “Prize” amount also includes the money you paid. You may also be charged a processing fee to collect your winnings. There may be more fees also associated with collecting your weight loss prize.
Catch #3: The odds are stacked against you. Your chances of winning are only around 30%. However, the upside is this is 500% greater than your chances without using the betting tool. Find out more about your odds of winning a weight loss betting challenge.
Catch #4: The advertisement of “Win up to $10,000” is a bit deceptive. They use an algorithm they update from time to time to adjust odds of winning. To actually win $10,000 you have to be the right gender, age, have a fair bit of weight to lose, and bet quite a bit of money. There have been 2 winners. Each female, each wagered around $3000. In effect their profit was about $7000. The truth is the average person who wins only gets $1,331
Catch #5: Bonus sign up offers are only available once. Once you have signed up using a bonus that is it. The same is true of friends who sign up under your bonus. If you haven’t signed up yet just click here if you would like to get the most recent HealthyWage bonus offer. Here are some additional ways to maximize your winnings.
Catch #6: If you venture to lie, cheat, or steal (by lying or cheating) – you can end up in a pool of legal trouble. The owners of HealthyWage LLC are lawyers and have made good use of their education by writing out very long and very detailed rules and regulations.
Catch #7: Disclaimer: Not a Lawyer and this isn’t legal advice – but as an observation, it seems that you are signing over the rights to your own face. They maintain the copyrights to your “submissions”. This is a biggie. Since verifications are commonly done by submitting videos, and they encourage the use of before and after photos. It looks like you could end up in an advertisement someplace without additional consent, payment, or knowledge.
Catch #8: You must submit a valid photo id. This means the personal information commonly used by identity thefts may be hacked someday. A good hacker could end up with credit card info plus your driver’s license. More than enough info to cause problems. They do say they use encrypted servers but then so does everyone else who gets hacked.
Catch #9: They do not provide any fitness programs or healthy diets. Although there may be some social support in the membership area, and a generalized nod of approval toward Weight Watchers, the rest is up to you to find outside of the weight loss betting program.
Catch #10: You DO have to meet your goal on time. Close does not count. If you make your goal weight earlier than 2 weeks to the end, you are not allowed to finish early. There is no bonus for losing weight quicker or losing more than you bet. Alternatively, if you still have some weight to lose at the end of your time, HealthyWage does offer a means of extending your bet time.