What is is?
Stepbet is an app for anyone with an activity tracker such as a Fitbit to motivate you to take more steps. Essentially you pay in $40, walk or run your required steps and at the end of the game split the pot with everyone else who hit their targets.
How does it work?
Classic games are over six weeks. When joining the game, prior to depositing your $40, you are given two daily step targets, based on your previous step history from your Fitbit, Garmin, Apple Watch, S Health or Google fit device. One target is an “Active” target which you will need to achieve four days per week. The other target is a higher “Power” target which must be achieved on two days per week. The final day is a rest day. It is ok to do more than your target steps, so if you for example had a walking holiday and met your stretch target every day that would be fine.
At the end of the six weeks the pot is split between those who achieved their targets. In most games the first week is a kind of practice run and you can stay in the game if you don’t make the targets. Stepbet, or rather the parent company Waybetter, keep 15% of the pot for administrative costs, but do guarantee that you will receive your stake back if there are an unusually high number of “winners”.
Is there a membership fee or other annual cost?
It is also possible to pay an annual membership fee of $50 which enables you to be in three games at once, and opens up more game types. In Member Only games the entire pot is split rather than Stepbet keeping 15%.
What are the variations?
Members can join Fit & Friendly games with 2 free days rather than only one, or Step Marathons with 7 active days for 8 weeks, no days off, as well as other variations on the Classic games.
How much can I earn?
With average payout from a 6 week game being just under $50 I feel that having the money “invested” in Stepbet is probably better than bank interest rates at the moment, provided of course you can commit to keeping up your walking. It is possible to leave a game with a refund on production of a doctors note should walking become impossible.
How often will I earn?
Most games last 6 weeks and so you receive your money every 6 weeks. However if you have paid a membership you can be in 3 games at once.
How am I paid?
Payment is made in dollars to your Paypal account.
Can I lose money
My current targets are four Active days of 8756 steps and two Power Days of 10587 steps per week. I do find myself marching on the spot in front of the TV sometimes to get to my target, but having money on the line is the motivation I need to keep moving. I think I’ve only once lost money on a game, having been a member over three years.
Where do I find it?
Stepbet is available for Android and iPhones. Sorry I don’t have the iPhone link, but I’m sure it is easily found in the store.
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