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How to find People to Bet

It's not always easy to get started making P2P bets if you do not know anyone else doing it. Unlike sports books or prediction markets, it is up to you to find the other side of your bet. But the upshot is that you can negotiate your own terms. Let's go through step by step finding a bet.

Sign up and Register a Username​

If you haven't already go to okaybet.fun and either sign up or sign in with the wallet of your choice. Then set a username so others will have an easier time making bets with you. While usernames aren't required, it definitely simplifies the process.

Join a Community​

The main community for using Okay Bet can be found on Discord here. If you want your community to integrate with and be featured by Okay Bet, email ben@okaybet.fun

Make an Offer​

Go to the #betting channel and post the bet that you want to make. When betting with people you do not know for the first time you should make your bet on something easily provable online (sports, elections, markets, etc.) instead of personal, hard to prove wagers (losing 10lbs). In your offer make sure you clearly state each part of the bet:

  • Conditions: ex "Penn State -8.5 vs WVU" means as the maker you are betting on Penn State to win by more than 8.5 points against West Virginia University
  • Judge: This is the person determines the winner, make sure this is a trusted person and you are sizing your wagers accordingly. Set 'okaybet' as the judge for easily provable wagers and the project creator will choose the winner, but each community will have their own trusted moderator to help decide. Keep your first wagers low as you get the process figured out and build trust in the group.
  • Wager: This is the amount of money each side is putting in the pot. All wagers are double or nothing.

Take an Offer​

Go to the #betting channel and browse the offers for bets that others have made. If there is an open one you like then start a thread under their response.

Negotiate​

If the bet is close to something that you would accept you are encouraged to negotiate the terms. In the thread feel free to counter offer with your terms and be ready for a debate. However there is no need to play hardball, each side is getting far better value on their wagers compared to other betting markets, read more about it here.

Accept the terms​

Once each side accepts the terms it is time to take the wager to okaybet.fun to punch it in. It is recommended that the one that made the offer creates the bet with the agreed upon terms. Check out the tutorial on creating and funding bets for step by step instructions. After the Maker creates and funds the bet, the Taker then needs to fund it or cancel. After the bet is fully funded the bettors should alert the judge in the thread that they have some action out.

Settling the Bet​

After a wager is locked, only the judge may declare the winner. After the winner is declared they get their funds immediately. It is important to pick a judge trusted by you and the community.