Placing Your First Bet

Ready to place your first crypto bet on BeeNBet? This guide will walk you through the entire process from start to finish.

Before You Start

Prerequisites

• Connected Wallet: Your crypto wallet must be connected to BeeNBet
• Crypto Balance: You need crypto for transaction fees and betting
• Basic Understanding: Know how crypto betting works
• Risk Management: Only bet crypto you can afford to lose

Recommended First Bet

For your first crypto bet, choose:

• Simple Event: Clear win/lose outcome
• Short Timeframe: Resolves within a few days
• Your Knowledge: Something you understand well
• Small Amount: Use a small crypto amount to learn

Step-by-Step Process

Step 1: Browse Markets

1. Visit BeeNBet: Go to https://beebbet.io/
2. Market List: View all available prediction markets
3. Filter Options: Use categories to find interesting markets
4. Market Details: Click on markets to see more information

Step 2: Choose a Market

Look for markets that meet these criteria:

• Clear Description: You understand what the event is
• Reasonable Timeframe: Not too far in the future
• Your Knowledge: You have information about the event
• Interesting: Something you want to bet on

Step 3: Research the Event

Before placing your bet, research:

• Event Details: What exactly is being predicted?
• Resolution Criteria: How will the market be settled?
• Current Information: What do you know about the event?
• Probability: What do you think the chances are?

Step 4: Analyze the Market

Look at the current market state:

• Yes Price: Cost of Yes shares (0.0-1.0)
• No Price: Cost of No shares (0.0-1.0)
• Market Sentiment: What do other traders think?
• Your Analysis: Do you agree or disagree?

Step 5: Make Your Decision

Based on your research:

• Yes Position: You believe the event will happen
• No Position: You believe the event won't happen
• Confidence Level: How sure are you?
• Risk Tolerance: How much are you willing to risk?

Step 6: Place Your Bet

1. Click Buy Button: Choose "Buy Yes" or "Buy No"
2. Enter Amount: Specify how many shares to buy
3. Review Details: Check the total cost and gas fee
4. Confirm Transaction: Approve the transaction in your wallet
5. Wait for Confirmation: Transaction processes on BNB Chain

Example: Your First Bet

Market Selection

Market: "Will BTC reach $50,000 by 2024-06-30?"
Description: Bitcoin price prediction for the first half of 2024
Resolution: Chainlink BTC/USD price feed
Current Prices: Yes = 0.6 BNB, No = 0.4 BNB

Your Analysis

• Current BTC Price: $45,000
• Time Remaining: 6 months
• Your Prediction: BTC will reach $50,000
• Confidence: 70% confident
• Risk Amount: 1 BNB

Placing the Bet

1. Click "Buy Yes": You believe BTC will reach $50,000
2. Enter Amount: 1 share (costs 0.6 BNB)
3. Review: Total cost = 0.6 BNB + 0.001 BNB gas fee
4. Confirm: Approve transaction in MetaMask
5. Wait: Transaction confirms in ~30 seconds

Potential Outcomes

• If BTC reaches $50,000: You win 1 BNB (profit: 0.4 BNB)
• If BTC stays below $50,000: You lose 0.6 BNB

Understanding the Interface

Market Page Elements

• Market Title: Clear description of the event
• Current Prices: Yes/No share prices
• Time Remaining: Countdown to resolution
• Trading History: Recent activity and price movements
• Your Position: Your current shares and potential payout

Trading Interface

• Buy Yes Button: Bet that the event will happen
• Buy No Button: Bet that the event won't happen
• Share Amount: How many shares to buy
• Total Cost: Total cost including gas fees
• Gas Fee: Transaction fee for the trade

Transaction Details

• Share Price: Current cost per share
• Number of Shares: How many shares you're buying
• Total Cost: Total cost of your purchase
• Gas Fee: Fee for the blockchain transaction
• Final Amount: Total amount to be deducted

Risk Management

Position Sizing

• Start Small: Use small amounts initially
• Learn First: Understand the platform before large bets
• Risk Limits: Never bet more than you can afford to lose
• Build Confidence: Increase amounts as you gain experience

Diversification

• Multiple Markets: Don't put all your money in one market
• Different Categories: Spread risk across event types
• Various Timeframes: Mix short and long-term bets
• Risk Levels: Balance high-risk and low-risk bets

Emotional Control

• Stay Rational: Make decisions based on analysis
• Avoid FOMO: Don't bet because others are betting
• Take Breaks: Step away if you're feeling emotional
• Set Limits: Stick to your predetermined limits

After Placing Your Bet

Position Management

• Check Your Position: Verify your bet was placed correctly
• Monitor Market: Watch how prices change over time
• Stay Informed: Keep up with news about the event
• Be Patient: Wait for the market to resolve

What Happens Next

• Position Locked: Your bet is locked until resolution
• No Early Withdrawal: You cannot sell shares before resolution
• Market Continues: Other traders can still buy/sell shares
• Resolution: Market resolves when the event occurs

Resolution Process

1. Event Occurs: The real-world event takes place
2. Data Verification: Outcome is confirmed through trusted sources
3. Automatic Settlement: Smart contracts distribute payouts
4. Winner Receives: You get your winnings automatically

Common Mistakes to Avoid

1. Not Researching Events

• Do Your Homework: Research events before betting
• Understand Criteria: Know how markets will be resolved
• Check Sources: Verify information from multiple sources
• Stay Informed: Keep up with news and developments

2. Betting Too Much

• Start Small: Use small amounts initially
• Learn First: Understand the platform before large bets
• Risk Management: Never bet more than you can afford
• Build Experience: Gain confidence over time

3. Emotional Betting

• Stay Rational: Make decisions based on analysis
• Avoid FOMO: Don't bet because others are betting
• Take Breaks: Step away if you're feeling emotional
• Set Limits: Stick to your predetermined limits

4. Not Understanding the Platform

• Read Documentation: Learn how the platform works
• Ask Questions: Get help when you need it
• Practice First: Use small amounts to learn
• Stay Updated: Keep up with platform changes

Getting Help

Documentation

• User Guides: Comprehensive guides for all features
• FAQ: Common questions and answers
• Video Tutorials: Step-by-step video guides
• Best Practices: Tips for successful trading

Community Support

• Discord Server: Join our community Discord
• Telegram Group: Connect with other users
• Forum: Ask questions and share experiences
• Social Media: Follow us for updates and tips

Technical Support

• Support Email: support@beebbet.io
• Live Chat: Get help in real-time
• Issue Tracking: Report bugs and problems
• Feature Requests: Suggest new features

Ready for Your First Bet?

You're now ready to place your first bet! Remember:

• Start Small: Use small amounts initially
• Research Events: Understand what you're betting on
• Manage Risk: Only bet what you can afford to lose
• Have Fun: Enjoy the excitement of prediction markets

Important: All bets are locked until market resolution. Make sure you're comfortable with your position before confirming your bet.

Ready to start trading? Browse available markets and place your first bet!