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Think of it as $50 to buy silence. If you go, you go. You'll make up the difference hopefully in increased pay and less of a commute. If you win, you win anyways as you've made healthier decisions and are hopefully in a better place. In the mean time, you're participating with the group and avoiding awkward questions about avoiding something that you'd normally be a part of.
Are they using one of those online sites (I think like diet bet or something) that are built to track this? If that is the case, why not sign up for it? Even if you leave your job, you can still track it on line and then get your money back, if you won, that way.
Either way, I see it as a motivation...even if you leave, you but that 50 bucks down. I would keep going, just for that.