Definitions
- Approved Expenses
Approved Expenses are expenses deducted from the total money paid by Competitors as Bets in a Dietbet. Compensation for Referees is an example of an Approved Expense. If the Organizer uses DietBet to collect bets, manage the Prize Pot, and disburse winnings, the fees associated with this service are also Approved Expenses. - Bet
A Bet is money paid by a Competitor in a Dietbet at the beginning of a Dietbet. The Bet is added to the Prize Pot, which will be distributed to the winners of the Dietbet after the final Weigh-In. - Competitor
Competitors are the participants in a Dietbet. They are eligible to split the Prize Pot (if any) in the event that they meet their weight-loss goals. A competitor may also be an Organizer. - Dietbet
A Dietbet is a 28-day contest to lose weight. Dietbets must have at least two players but there is no upper limit. Most Dietbets involve betting into a Prize Pot. Other Dietbets are strictly for non-monetary stakes, or Bonus Stakes. - Organizer
The Organizer initiates the contest, invites competitors to play, names the Dietbet, sets parameters (including the total weight or percentage of weight to lose and the size of the Bet, including any Bonus Stakes), and may appoint a Referee. The Organizer may be a Competitor. Unless a Referee has been engaged, the Organizer shall be responsible for all Referee duties. - Prize Pot
The Prize Pot is the amount of money, if any, that will be split among the Competitors of a Dietbet who meet their Target Weights as of Day 28 of a Dietbet. The Prize Pot can be zero if the Dietbet is being played strictly for non-monetary stakes. If Competitors have bet into the Prize Pot, the Prize Pot is the sum of the Bets minus any Approved Expenses. - Referee
Referees may be appointed solely by the Dietbet's Organizer to officiate at Weigh-Ins, record weights, collect Bets in the beginning and disburse the Prize Pot at the end, arbitrate disputes, and manage logistics such as the time and location of Weigh-Ins. The Organizer may choose to perform these duties directly, without an outside Referee. The Referee may not be a competitor.