New to DietBet?

08/23/2016 6:09AM

I'm brand new to DietBet and am curious to know how the pay outs work. So say I join a Kickstart challenge and its 30 dollars and the pot is $4000. How much does one get paid out if he loses the 4%? Does it work like say only 10 people were able to get the 4% then each one gets $400? or do i have this wrong?

Referee Kim likes this comment.

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Purple

Dietbet gets their 25% cut from the pot first. So lets say total pot is $4000, and only 10 players won, $1000 goes to dietbet (thats the 25% cut they take from each game) and then the 10 verified winners will get an equal share of the remaining $3000, so that's $300 each. Getting $300 for a game is a bit unlikely though. Win rate seems to be at about 50% to 60% each game. So for a $4000 pot with an initial $30 bet per player, that makes about 134 players. If 50% won, then thats about $3000 divided by 67 players, each player would get about $44 each. You will have earned $14 from the game PLUS lost weight, so thats not too bad a deal. Actually, it's a pretty good deal :)

Referee Kim

Thanks Purple! To clarify, the current fee is 10-25% of the payout depending on the amount of the initial bet.

DietBet keeps a cut of the gross pot to cover our expenses, which include financial transaction costs for both the initial bet and the payout, weight-verification staff, customer service, and technology support. Because DietBet's fees are taken out of the gross pot before paying out the winners, players who do not win do not incur any fees.