Are you a runner? Like to go for walks? Play sports or dance? Want to earn a little side cash while enjoying these activities you already do? Or are you trying to get back in the walking game, but maybe you need a little extra motivation? Well, StepBet will pay you! Check out my unsponsored review on this fitness app below and see how much you can make!
(Note: I am not being compensated for this review in any way; it is being provided solely for informational purposes. All opinions are my own.)
So what is StepBet?
StepBet motivates you to be more active by providing a financial incentive. We all say we need to get more steps, right? What better way to get you up and moving than putting your money where your mouth is? You basically “bet” a certain amount of money (usually $40) and walk a set minimum of steps each day for a certain time period (usually 6 weeks). If you’ve met the goal every week of the 6-week time period, you win a small profit. If not, then you lose your initial bet. There is a paid membership available that offers additional benefits.
How does it work?
1. Choose a game
You first choose a game in which you’d like to participate. All games have the same basic premise mentioned above: submit your bet and meet the goal for the entire time period to win. Most games (those available to anyone, members and non-members) will require a $40 bet and take place over a 6-week time period. Some games available in the paid membership may request only a $10 or $20 bet or be held over 4 or 8 weeks.
2. Choose a tracker
Once you select a game, you’ll then choose your preferred activity tracker to sync your steps with the app. According to the StepBet FAQ’s, it works with Garmin trackers, Apple Health (via your phone), Apple Watch, Fitbit (on Apple or Android), Android S Health (via your phone and S Gear), and Android Google Fit (via your phone). When selecting your tracker, it’s a good idea to choose one you’ve been using regularly. Once you select a tracker, you won’t be able to switch to a different one for the duration of the game, so choose wisely!
3. Calculate weekly step goals
After selecting your preferred activity tracker, the app will calculate your weekly step goals based on prior activity in that tracker or uploaded to your phone. Two goals will be created: one for your “active” days, and one for your “power” days (usually a few thousand steps more than active days). Games will usually require 4 active days and 2 power days, allowing you 1 rest day. (Again, this may vary for some member-only games. Some allow 2 rest days; some may require all active days and no rest days, or another variation.) After your first game is complete, your calculated goals for each game after that will slightly increase! (Note: there is no option to manually change the calculated goals – you must accept them as given.)
4. Bet!
When you accept the given goals, now you put up the money for your bet!
5. Walk!
Over the next 6 weeks (or however long your game is), it will be up to you to get your steps! It is best to sync your tracker with the app daily to ensure you meet all your active and power day goals. When you pull up your game, it will always show you your specific goals, so you’ll constantly be able to see what number you’re trying to reach. Once you’ve reached a goal each day, it will be clearly notated. You can decide which days you’d like to be your active days, power days, and free days, as long as you meet the required number of each by the end of the week (Monday – Sunday). Be sure to sync all your steps with the app by the end of the Monday following each week, or you may lose the game.
6. Win!
If you meet all your goals for the duration of the game, you’re a winner! If you don’t, you’ll be disqualified from the game and lose your bet. Once the game is over, the pot (the total of everyone’s bets) is split among the winners, after StepBet takes a 15% cut. (Member-only games get to split 100% of the pot.) If each winner would get back less than their original bet after StepBet takes a cut (for example, if only a few people are eliminated), StepBet will forfeit their share so everyone gets back their full initial bet. (You will not lose money if you meet all your goals.) Throughout the game, you can see the number of remaining players and the pot total, so you can calculate your share if you win. This changes weekly and even daily depending on how many people get disqualified and when.
So does it work?
A financial incentive is always enough to make me stand up and walk; I do *not* want to lose my money! If you’re like me in that regard, using this app will certainly help you get steps. The only way to keep your money is to move! If you don’t, you’re basically throwing your money down the drain. If you do, you might even make a little profit! Many times, I’ll be running in place at the end of the night to ensure I don’t lose!
How much do you make if you win?
In the non-member games, I’ve typically made between $1 and $5 in profit on a $40 bet. In member games, it’s pretty similar; I think I’ve usually made up to $5 in profit. It’s not a lot, but it’s better than the interest you’d likely generate on it in a bank account. You’d be surprised how many people actually get cut from games as time passes. One day can be the difference between staying in and being disqualified.
Membership fee and benefits
For a fee, you can get access to certain features that non-paying members won’t. Member-only games may have easier or harder parameters, such as shorter or longer game periods, more rest days, more active days versus power or rest days, or smaller bets (coinciding with shorter games). In member-only games, players split 100% of the pot, with StepBet taking no fee. Members can also play up to 3 games at the same time (non-members are limited to 1 game at a time).
Membership is $49.99 billed annually.
Is StepBet worth it?
Pros:
- Financial incentive to get steps – walk or lose your bet entirely
- Typically a few dollars of profit per game if you win
- Active and Power days encourage varying levels of activity
- 6-week-long game periods encourage long-term activity
Cons:
- Bets are usually $40, which may be high for some
- Can’t change tracker device mid-game
After using this app as both a member and a non-member, I do believe this app is well worth using for both. Provided you have the cash to put out up front, it’s a great motivator knowing that you have to be active to get your money back. Keep in mind, this is not going to give instant gratification: you won’t see your money (and profit) for (typically) 6 weeks.
Is the membership worth it?
The $49.99 annual fee might seem high, but if you use the app to its full potential, you can easily still come out on top. Remember, members can play 3 games at once, and as soon as any game ends, you can play another. So if the games are on average 6 weeks long, you could be playing up to 24 games a year (52 weeks a year divided by 6 weeks, times 3 games at a time). If you make $3 a game on average, that’s $72, which is still considerably higher than the $49.99 annual fee. (I’ve typically made between $4-5 per game, but there’s no set profit amount; it just depends on how many players are left at the end.) Not a big money-maker by any means, but certainly more than interest would be in a bank.
StepBet Review – My rating: Excellent!
Check out StepBet in the Apple Store or on Google Play!
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Cover image photo credit: IStockPhoto.com/lzf
This was really interesting! Never heard of anything like that. Thanks for sharing!
Glad you liked it!