Would you believe that the secret to weight loss could be as simple as placing a bet? That’s because a company called Healthy Wage will pay you triple your wager if you lose an agreed amount of weight by a certain date. On the flip side, if you don’t lose the weight, you lose the cash!

Here’s how it works: You simply log onto the website, and indicate how much you plan to lose, like 30 pounds in 6 months. Your weight is recorded at the beginning and end of the 6 months at your local health club. If you reach your goal, you can collect your winnings. And researchers say this tactic works!

Dr. Kevin Volpp is an expert in behavioral economics at the University of Pennsylvania’s Wharton School. He says humans are wired to focus on immediate gratification instead of delayed benefits. That’s why a lot of dieters fall off the bandwagon, because if they’re tempted to eat whatever looks or smells delicious at the moment, they’ll worry later about what the calories will do to their waistline. But studies show that the moment your money is at stake, you’re dramatically more motivated to stick with your goal.

The founder of Healthy Wage website says that 1 in 4 bettors end up winning.

If you’d like to place your own weight loss bet, check out the site HealthyWage.com.