“You can do it, put your back in to it…”
Would you stick to your diet if your money was at stake?
That’s the question Galway-based bookmaker John Mulholland is asking potential punters, as he launches a unique gambling initiative.
If the rewards are a fatter bank balance as well as a slimmer waist, the Monday morning good intentions might last longer that the traditional Monday afternoon slump.
Bookie John is setting dieters a goal of losing 15 per cent of their body weight in six months. The odds will vary depending on their starting weight and each customer can bet between €100 and €1000 on achieving their goal.
Said John: “We have had loads of requests over the years for this type of betting. People are looking for that motivation and if they can take money of their local bookie whilst doing it, so much the better.”
According to the bookmakers, Channel Four health expert Dr. Christian Jessen is an advocate of the scheme and has stated the success rate for dieters motivated by the loss of their own money is 80 per cent.
Behavioural economists call this “prospect theory,” or loss aversion – by backing yourself, you are more inclined to keep to your target for fear of losing your own money.
There will be a limited space of 100 bets accepted in the first six months as John’s team will need to weigh and monitor all weight loss punters.
The odds will depend on the starting weight and BMI of the individual dieter.
Mulholland’s will launch the initiative on their site this coming Wednesday. If you, quite literally, want to put your money where your mouth then you can get in touch with the bookies from Wednesday on 1850 722 722.
