Whatever your reason is for hitting the gym and trying to lose weight, unless you’ve got the motivation to keep up the consistency of your workouts and healthy eating, you’re unlikely to see any results.
If the promise of a healthier body and lifestyle isn’t motivation enough to stick to your diet and exercise regime, how about $1,000? New platform Healthy Wage is betting that the promise of prize money will help people stick to their weight loss efforts by putting money down against their diet goals.
Prize money on offer for those who successfully reach their weight loss goals can hit upwards of $12,000, with those who fail in reaching their targets losing any money they bet against themselves.
The idea of incentivising people to lose weight using prize money was the brainchild of HealthyWage co-founder David Roddenberry, who believes that the fear of losing money if they fail their diet is enough to hold people accountable to sticking to healthy eating and exercise.
The concept is really quite simple.
“Pick the number of pounds you want to lose; the amount of money you want to wager; and the number of months you want to lose weight. The HealthyWager algorithm then offers you a prize amount,” the HealthyWage website explains.
Participants will need to get their weight verified at the start and the end of the bet by sending in a photo or video of their scales, as well as submit accurate weekly weigh-ins too.
Healthy Wage have strict rules for those wishing to bet on their own weight loss success, including but not exclusive to a strict stance on those who may try to ‘trick’ the system to win money by fraudulently submitting their weigh-ins or going to extreme or dangerous lengths to lose weight in the time wagered.
Although Healthy Wage may sound like it is gamifying weight loss and facilitating people to literally gamble on their health, the website also has rules in place to try and discourage yo-yo dieting and unhealthy weight loss or gain.
HealthyWage also has a coach function providing curated advice from a range of experts including doctors, behavioral economists, public health experts, and nutritionists according to their website.
Despite this, co-founder David Roddenberry has been keen to emphasise that Health Wage is, “not meant to be a full service solution,” and the betting website should be used by people to complement their diet or weight loss goals that have been doctor or dietitian approved.
Australians can now sign up to HealthyWager and more information about the challenge and how it works can be found here.