Getting the motivation to exercise is something we all struggle with at times. Although living a healthy lifestyle is important, it can be difficult to get ourselves to do even the simplest of exercises like taking a walk or getting off the sofa.
Plus, being busy with our daily lifestyles or living in the suburbs where everything is accessible by car sure doesn’t help us find time to stay in shape.
However, in recent years, there has been an rise in fitness apps that pay you to workout or lead a more active, healthy lifestyle. These fitness apps offer a great incentive to give you the motivation to finally achieve your fitness goals. Plus, earning a little bit of passive income for your efforts is never a bad thing!
One app that is making its way to the forefront of the world of monetized fitness apps is StepBet.
If you struggle with fitness motivation and want the chance to earn money for completing personalized fitness goals, this could be the perfect app for you.
Time to break down exactly how this app works and how much money is on the table in our official StepBet review!
What is StepBet?
StepBet is an app created by WayBetter that allows you to reach your fitness goals by essentially placing a bet on yourself.
If you’re looking for an app like HealthyWage, which also has users bet on their fitness goals, this is definitely the post for you.
On StepBet, you bet money into a pool of other players on their journey to stay active. Players only recoup their bet if they reach their fitness goals. However, if you don’t reach your goals, you lose all of the money you staked.
This gamification/betting model is what makes apps like StepBet or HealthyWage effective. It’s easy to dream up new fitness goals, but in reality, it’s hard to keep them.
With StepBet, you actually have something to lose. And, more importantly, there’s the potential profits to gain from winning.
Plus, being part of the StepBet community puts you into a group of like-minded people that are all there to motivate one another. So not only are you getting a financial incentive, but you get real people pushing you to reach your goals along the way!
How Does StepBet Work?
StepBet works in 5 easy steps:
- Get a personalized weekly step goal.
- Place your bet to reach this goal for the course of a game (most games are 6 weeks long).
- Join the game.
- Hit your weekly goal.
- Earn cash!
To explain each step in depth, let’s break them down into sections.
Signing up for StepBet + Downloading the App
Once you download the app, you are immediately prompted to hook up your activity tracking through an activity tracking app or device like Fitbit or apple Health.
If you aren’t already connected to one of these, StepBet will ask you to input your information into the app of your choice.
Getting Your Step Goal – How Goals Are Calculated
When you connect your step tracker of choice, StepBet creates a goal for you based on your previous activity history and a few other factors like your age.
Goals are calculated using a weekly format, and it’s easy to track how many steps per day you should be taking to reach your goal.
There are 3 main sections for your weekly goals:
- Active Days.
- Power Days.
- Free Days.
Active days are your standard step days. Power days are when you are supposed to push yourself to reach a slightly higher amount of steps. Free days are basically just a rest day (if you choose to use it).
Once you have your step goal, you can then move on to the next step…
Joining a Game & Betting
When you’re all set up with your custom step goals, you’re finally ready to join a game and to bet on yourself to reach your steps!
A game consists of a group of players that all bet money into a pot. Winnings are distributed at the end of the game to the players that are left standing (failing to reach a weekly step goal will remove you from a game).
The average game is around 6 weeks long and requires a $40 bet. Keep in mind that this is an average. There are some games that require different cash amounts and duration to reach your goals.
Most groups consist of around 300 players as well. Meaning, if you join this game with $40 bets, that’s a $12,000 pot of cash that will get evenly distributed back to the winners at the end of the game.
However, the only catch is that StepBet takes 15% of the gross amount in the pot. So basically, 15% of the players have to drop out of the game before the winners make any profit.
But, on the bright side, this $40 wager is significantly lower than wagers on apps like HealthyWage. Overall, StepBet is a ‘less risk, less reward’ sort of app that prioritizes motivation over winning thousands of dollars.
And again, you WILL NOT lose any money if you complete your goals and win the game. You’ll always get (at least) the money back that you bet with.
When you win a game, your money will be deposited as points into your StepBet account.
These points can either be used to bet on a new game (pretty convenient) or cashed out through a Paypal account within 48 hours. Unfortunately, the points cannot be credited back to a credit card.
If you would like to cashout with a mailed check (in the U.S.), StepBet charges a $5 fee in order to mail it to you.
Those are the only ways to cash out your points at the moment. Points expire after 1 year of inactivity.
Playing Multiple StepBet Games at Once
Can you join multiple games at a time and multiply your earnings? Well, you can if you decide to pay to be come a StepBet member.
If you are going to be taking this StepBet thing seriously, you might want to consider getting their annual membership.
This will allow you to play in multiple games at once and comes with other features as well.
Stepbet Membership – Difference Between Members & Non-Members
Stepbet offers a membership for people who are interested in participating in games more often, as well as different types of games.
Here’s what the membership allows you to do:
- Play up to 3 games at once.
- Join “member only” games (StepBet doesn’t take 15%).
- Extra features (more free days, different bet amounts for some games, etc.)
The same rules of the game still apply to members. However, members have the potential to triple their earnings and have access to other special features.
The membership costs $50 annually. It will renew by itself unless a cancellation is requested and can be purchased with a credit card or app store credit.
Is the StepBet membership worth it?
If you’re consistent and take full advantage of what the membership has to offer, then yes, it certainly can be.
As you can see from this Reddit thread, it’s possible to recoup your membership cost in just 2 games.
The consensus seems to be that playing member-only Marathon games is the way to make the most money on StepBet.
Marathon games last 8 weeks instead of 6, and there are zero free days, so the dropout rate is theoretically higher than standard games.
How Much Money Can You Make With StepBet?
So, what can you actually expect to make with StepBet? Well, that really depends on how often you play games, what the bet amounts are, and if you actually win!
Assuming you’re not a member and you win every game, the average earnings seem to be around $5-$10 a game.
Is that a lot? Not really, but don’t forget the whole objective of this app! It’s an incentive to keep you active, not a second job.
Besides, if you’re already going to be active, it can’t hurt to buy yourself an extra lunch every month just by joining a game.
If you’re a member (and actually joining 3 games at a time), your earnings will potentially triple. That’s an average of $15-$30 a month!
Not bad for keeping yourself in shape. Plus, the flexibility of playing 3 games at once means you can choose some of the easier StepBet games that are going on.
Just note, as you become more active, StepBet will gradually learn to assign harder step goals since they use previous history to make decisions.
Ultimately, this means it will gradually become harder to make money with StepBet. You can get around this by playing easier games or going hard on marathon games (if you’re a member), but this isn’t an endlessly low-effort way to make money.
But, that’s not the point.
StepBet is designed to help players stay motivated to get active. If you factor in how much money you can save by being active, it’s probably better to classify StepBet as a money saving app rather than a money making app.
StepBet – Frequently Asked Questions
Let’s go over some of the most common questions people have about this app to wrap up our StepBet review.
What Devices Work With StepBet?
Rather than mobile device, it’s really about what fitness trackers work with StepBet and if your mobile device is compatible with any of them. Here are the trackers/devices available on StepBet:
- Garmin Trackers.
- iPhone Apple Health.
- iPhone Apple Watch.
- iPhone Fitbit.
- Android Fitbit.
- Android Google Fit.
- Android S Health.
If your device/tracker isn’t on this list, chances are you can’t connect anything to join the app.
How is Cheating Prevented?
If StepBet detects suspicious behavior, they automatically flag the account and ask that player for additional proof of tracking.
Luckily, StepBet has a zero tolerance policy and remove any players that are suspected to be cheating from their game.
How Does StepBet Make Money?
StepBet make money in 2 main ways:
- Taking 15% of gross bets from every “non member” game.
- $50 annual membership fee for StepBet members.
These 2 methods are what make up the majority of their money. Again, if you win a game, you will never lose more than you put in. StepBet makes that very transparent to their users.
What Happens If Everyone Wins?
If everyone wins the game, there will not be any profits to the winners as there is not extra money in the pot from people who left.
For example: 300 players, $40 bet each, and everyone wins. That’s a pot of $12,000 that will then be reduced to $10,200 (after StepBet takes their 15% cut).
This will be redistributed as $34 per person, but REMEMBER, you can’t lose more than you started with. StepBet will sacrifice their cut to make sure you receive your $40 back.
In summary, everyone will just get back their bet amount. Sure, you don’t win anything in this scenario, but you still had at least 6 weeks of healthy motivation and steps!
Other Apps by WayBetter
WayBetter, the parent company of StepBet, has a few other apps in their arsenal that also encourage people to lose weight through different game ideas.
Here are the apps they have created so far:
DietBet is an app that prioritizes losing weight more than simply staying active.
Similar to StepBet, DietBet allows you to join a game with other players trying to reach a goal to lose a certain percentage of their current weight.
Players have to weigh themselves before the start (with proof, of course) and follow through with motivation from other players to win money after reaching their weight loss goal.
There have been a lot of testimonials and success stories for this app that you can check out on their website.
I’m sure you can take a guess of what RunBet is about. This app is designed to keep you committed to your running goals.
You join a game, place a bet, reach your running goals, and get paid!
If you’re more into running than walking, you might want to consider this app instead of StepBet.
Currently in development, SweatBet is an app for people who want help with sticking to their workout routine. You join a game, but this time, you have certain workouts to complete, and if you do, you’ll earn your cash.
This app is slightly different in the sense that you don’t just need to complete a goal. The goals you complete are very specific with certain workouts, so it’s definitely a tad more complicated than just reaching a certain step count.
Since the app is in development, you can signup for email alerts to learn when the app is ready for players.
Are you ready to get back into exercise? Are you already exercising, but want to get paid for it?
These are questions you should ask yourself before downloading the StepBet app.
This app isn’t going to make anyone rich. However, there’s no harm in adding some incentive psychology to the mix and using StepBet for extra motivation.
I hope that this StepBet review has highlighted exactly what you should expect from this app. Fitness apps like StepBet have an awesome mission in mind. Hopefully, you can use StepBet to start leading a more active lifestyle if you struggle to find the time or motivation.
Good luck on achieving your goals… and making some money along the way!
Daniel is a 20 year old blogger from Los Angeles with a huge love for everything entrepreneurship, finance, and investing. When he’s not blogging at Modern Teen, you can catch him playing volleyball, shooting archery, or finding new ways to make money.