Can I bet on myself at the bookies to earn money?

ali-t
ali-t Posts: 3,815 Forumite
in How much have you saved?
I am coming at this from a totally naive perspective and haven't been able to work out the answer by googling.

Ok, I need to love weight but am also looking to get my teeth fixed which will have to done privately and is likely to cost anything from £6-20K :eek:

So given that my starting point is to lose lbs and gain £'s to pay for the teeth can I go into a bookies and ask them to give me odds to bet on myself to lose weight? If so how do I go about this as I have never even been in a bookies in my life never mind actually place a bet.

Any advice welcome
If you always do what you have always done, you will always get what you always got!
«1

Comments

  • Petlamb
    Petlamb Posts: 922 Forumite
    Photogenic First Post First Anniversary Combo Breaker
    I'm pretty sure you can't as it's something you can directly influence, if you see what I mean. I'm sure someone with certainty will come along to confirm one way or another though.

    Good luck with both goals though!
    On the up :D
    Our wedding day! 13/06/15
  • Looksguywalker
    Looksguywalker Posts: 695 Forumite
    ali-t wrote: »
    I am coming at this from a totally naive perspective and haven't been able to work out the answer by googling.

    Ok, I need to love weight but am also looking to get my teeth fixed which will have to done privately and is likely to cost anything from £6-20K :eek:

    So given that my starting point is to lose lbs and gain £'s to pay for the teeth can I go into a bookies and ask them to give me odds to bet on myself to lose weight? If so how do I go about this as I have never even been in a bookies in my life never mind actually place a bet.

    Any advice welcome


    It's not going to happen. Let's say the bookies will take the bet. How much do you think you'll have to wager? Can you afford 6-20k up front on an evens bet?
  • ali-t
    ali-t Posts: 3,815 Forumite
    Looksguywalker wrote: »
    It's not going to happen. Let's say the bookies will take the bet. How much do you think you'll have to wager? Can you afford 6-20k up front on an evens bet?

    Sorry, I don't even know what that means :o I genuinely have no idea about anything to do with betting. If I had £6K lying around I wouldn't need to be looking at this as an option.

    I was thinking that if I could lose 5 stone by the end of the year which works out at around 2.5lbs every week for the next 24 weeks until the end of the year. That is realistic and a healthy rate to lose it at.

    If I was to bet £100 that I could do it, could I realistically get £400 or £500 back? That would be a strong motivator for me and would help add to the new teeth pot. Obviously I would have to find other ways to boost the new teeth pot but was hoping I might be able to kill 2 birds with one stone and get started.
    If you always do what you have always done, you will always get what you always got!
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    Combo Breaker First Post
    No, you will get what you staked back at odds of even money. You back at £100 and you could win £200. Your stake plus the winnings of £100. It also depends on your current weight and if they think it's realistic or a risk. You will also need doctor's reports to make sure the bet is safe. You will have to pay the doctor for those reports. The NHS will not pay for a report to be provided to a bookie.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • ali-t
    ali-t Posts: 3,815 Forumite
    Ok, thanks for that. Looks like it is not an option then but worth looking into.

    Right, off to come up with some other ways to come up with the £'s.

    Lots of items written up and just needing photos for the next ebay free listing weekend.

    Wonder if friends and family will sponsor me if a bet isn't the way forward? Hmmm...
    If you always do what you have always done, you will always get what you always got!
  • ali-t
    ali-t Posts: 3,815 Forumite
    Have been doing a bit of browsing and there was a man who bet with William Hill £100 that he would lose 100lbs over the course of a year and he got £10K but the bookies are now discouraging these types of bets. someone was offered 24/1 last year but told that in future it will be more like 10/1 odds

    http://forums.digitalspy.co.uk/showthread.php?t=1562577

    Interesting reading and did require a letter from the GP.
    If you always do what you have always done, you will always get what you always got!
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    Combo Breaker First Post
    ali-t wrote: »
    Have been doing a bit of browsing and there was a man who bet with William Hill £100 that he would lose 100lbs over the course of a year and he got £10K but the bookies are now discouraging these types of bets. someone was offered 24/1 last year but told that in future it will be more like 10/1 odds

    http://forums.digitalspy.co.uk/showthread.php?t=1562577

    Interesting reading and did require a letter from the GP.
    And a possible 3/1 to lose 50 pounds in 6 months which is much closer to your bet. http://vitals.msnbc.msn.com/_news/2011/11/08/8618483-hefty-wager-lose-weight-or-lose-your-money?lite
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • The_Saver_2
    The_Saver_2 Posts: 97 Forumite
    Good luck with both of your goals.

    You could ask your friends or family and see what they say. Or, if you know someone else is trying to lose weight, how about having a wager with them.

    Alternatively, if one of your food vices is something quite specific (eg takeaways, a bar of chocolate from the corner shop etc) then every time you resist buying it, how about putting that money into a jar instead? It only needs to be a clean jam jar or something and you could mark it up "Shiny new teeth fund"
    £5 per day challenge
    Grocery Challenge
  • Mikebellows
    Mikebellows Posts: 236 Forumite
    Why not just stick £20 in an account each week for 24 weeks.
    Whilst you are losing weight, you will be motivated by the growth of your account... 24 x £20 = £480
    If you don't lose weight one week then don't put into your pot.
    You will soon find a determination to reach your £480 goal.
  • ali-t
    ali-t Posts: 3,815 Forumite
    My goal is £16K not £480. This is 800 weeks or over 15 years which is way too long to wait for good teeth!
    If you always do what you have always done, you will always get what you always got!
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.2K Banking & Borrowing
  • 250.1K Reduce Debt & Boost Income
  • 449.7K Spending & Discounts
  • 235.3K Work, Benefits & Business
  • 608K Mortgages, Homes & Bills
  • 173.1K Life & Family
  • 247.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards