This App Helps You Lose Weight by Betting Money

DietBet, a New York-based startup launched in June 2012, offers a platform where users can create and join bets to lose 4% of their body weight in a four-week period

The appeal of DietBet lies not only in the financial incentive — winners split the collected money among themselves — but also in the fact that it provides a social and motivational platform that aims to combat the dreariness and often unsustainable nature of conventional dieting. "For most people, going to the gym just isn't that fun," Matt Daniel, DietBet's VP of Business Development, said. "We wanted weight loss to be a fun and social experience. That way, more people will stick with it."