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FIRST NIGHTDo I need to know anything about sports?

No. You don't pick winners. The engine (the software that prices and quotes for you) starts from Polymarket's market prices and quotes inside your rules. You do need to understand the risk you take on: market prices can be wrong, related outcomes can win together, and your book can lose money. Start by watching the Floor, your live screen, and learning what each limit controls.

FIRST NIGHTAm I gambling?

You are taking financial risk on sports outcomes, as the house against a bettor. If any leg (one pick in the parlay) loses, you keep the bettor's stake, what they paid. If every leg wins, you lose your amount at risk on that ticket: the payout minus the bettor's stake. Quoting above fair value, the engine's estimate of the parlay's true price, does not guarantee a profit. The math page shows both the expected return and the possible loss.

FIRST NIGHTHow much money do I need to start?

Enough to cover the limits you set, and only money you can afford to lose. You can explore the public Floor before funding anything. To quote, your account needs quoting access, a ready wallet, and enough money on hand for your rules. Add funds shows the current minimum for each deposit option.

Total open caps what all your open tickets and pending quotes can put at risk at the same time; it is not a daily loss limit. To stop after a losing day or week, set the daily and weekly loss limits in Risk limits. Settled tickets free room for new fills.

FIRST NIGHTWhat is Preseason?

Preseason is practice mode: you see real parlay requests and set up your rules with no money at risk, before your account can quote. Eligible on a request means it passes your visible rules, not that a quote was sent or would have filled. Your access and engine status appear beside Start quoting. Opening the Floor, funding your wallet, or including a game does not start quoting.

FIRST NIGHTWhat actually happens when someone bets?

Polymarket sends the bettor's parlay request (an RFQ, or request for quote) to competing market makers, and each can answer with a quote: a price. Your quote becomes a filled ticket only after the bettor accepts it and the trade is confirmed. The Floor shows each stage separately.

  1. Request arrives
  2. Makers quote
  3. Bettor accepts
  4. Fill confirmed

Polymarket's RFQ flow ↗

FIRST NIGHTWhat is the most I can lose on a ticket?

Your amount at risk: the payout minus the bettor's stake. On a standard house-side ticket, a $50 payout with a $10.50 stake puts $39.50 of your money at risk, before fees. The engine checks your money on hand and your limits before quoting. Several tickets can lose together, so one night can cost more than any single ticket, or any one snapshot of your book.

FIRST NIGHTWhere does my money actually live?

In the wallet assigned to your account, on the Polygon network. When a ticket fills, the money at risk on it is locked on-chain in Polymarket Combo positions, so it is separate from the cash you can spend or withdraw. Open Account → Wallet & funds to see your balance and deposit options. Your account's wallet setup decides how signing and custody work; an account wallet is not a promise of self-custody.

FIRST NIGHTWhat if I turn it on and walk away?

The engine keeps quoting. It runs independently of your browser, so closing the page does not stop it; it quotes while quoting is on and its safety checks pass. Your limits cap new quotes, and safety checks can auto-stop the engine, but neither can prevent every loss or catch every market problem. To stop taking on new risk, press Stop quoting and wait until the status confirms it.

FIRST NIGHTWhat does a first night actually look like?

Mostly watching. Explore the Floor, sign in, and check your account's quoting access. Review your sports, pricing mode, and risk limits. Fund only with the token and network shown in Add funds. When your desk is ready and you choose to start, watch the engine status and its decisions as requests come in. Filled tickets appear on the Tickets page, where you can pin them and follow the outcomes they share. A ticket settles after Polymarket confirms the result, not at a promised time.

  1. Explore
  2. Review rules
  3. Check funds
  4. Start when ready
  5. Follow tickets
FIRST NIGHTWhat happens when I stop quoting?

The engine stops sending new quotes and cancels quotes still waiting for an answer. The button shows Stopping until the server confirms. Tickets that already filled stay open and carry risk until they settle; stopping does not undo a fill. If your connection drops, don't assume the engine stopped just because you pressed the button.

FIRST NIGHTWhy can a ticket still be open after a game ends?

Because a ticket settles only when the market result is confirmed, not when the score is final or the price reaches 100¢. The Tickets page moves a ticket to Settled from confirmed ticket and market results. A connection delay, or a delay checking our records against Polymarket, can hold that update; the page shows how fresh its data is and any delay. Open the ticket to see each leg's known result. Refreshing prices cannot settle it.

FIRST NIGHTWhat appears in Notifications?

New confirmed fills, ticket settlements, and engine alerts seen while this browser tab is open. Open an item to follow it, or press Mark all read. Notifications are in-app only: no email or phone push. The Tickets page keeps the full list of your tickets.

RUNNING A BOOKWhat margin should I charge?

No setting is always profitable. Margin is how far your quote sits above fair value, shown in bps (basis points: 100 bps = 1%). Autopilot sets it for you from the results of past auctions, your target win rate, and a minimum floor that covers costs. The pricing panel shows the current targets, or says when it lacks data and is using a fallback. Manual control lets you set the base margin for each leg count; team adjustments you set still apply. Neither mode guarantees fills or profit. Judge a margin by comparing prices, confirmed fills, fees, and settled results together.

RUNNING A BOOKI'm quoting but nothing fills. Why?

Your quotes are losing on price, expiring unanswered, or not confirming as trades, or the engine is skipping the requests. First check that the engine is connected and quoting, then open a request to see what your desk did. Compare the pricing panel's target with its market data, and check whether your limits or market-data checks are skipping requests. A lower margin can win more auctions, but price alone does not guarantee fills.

RUNNING A BOOKWhy did the engine skip a request?

A rule or safety check failed. The request may be outside your sports, teams, leg count, or parlay price range; exceed a limit or your money on hand; lack usable market data; contain related legs the engine can't price; or arrive too late to quote. The Floor shows which visible rule failed. If the engine never acknowledged a quote, Not quoted doesn't prove a specific reason; open the request to see what is known.

RUNNING A BOOKHow many fills a day is normal?

There is no normal number. It depends on how many requests arrive, which markets you quote, your prices, your money on hand, and your Fills per day limit. A quiet desk is not necessarily broken. Check the Floor's decisions and the engine status before raising a limit; more fills also means more risk.

RUNNING A BOOKWhat does turning a team off do?

The engine skips new parlays that include that team, in every game. Existing tickets stay open with their risk. After the change, check that your rules show Saved, especially on a weak connection. The Teams panel also lets you set a dollar limit on that team's risk.

RUNNING A BOOKDoes the engine hedge my tickets?

Only if you turn hedging on; it is off by default. A hedge is a trade on Polymarket's order book that reduces a ticket's risk. The engine suggests one when a single outcome could cost more than your outcome limit, or when tickets down to their last leg put too much of your bankroll on one outcome. With Hedge orders on, you can send the hedges you approve. Auto-hedge, also off by default, sends them for you inside your daily hedge budget and cost limit. Hedges are sent only while quoting is on.

RUNNING A BOOKDoes the engine buy back tickets from bettors?

No. A sell-back is a bettor selling a parlay they already hold back to makers. The engine quotes only new parlays and skips every sell-back request.

RUNNING A BOOKWhat is the difference between an offset and a pinned price?

An offset follows the market with your adjustment, such as +2¢. A pinned price stays at your value until you clear it, even when the market moves. Both change what the engine quotes, not just what you see. Check the market snapshot and how old the pin is or how far the market has drifted from it; switch back to Market to clear it.

RUNNING A BOOKWhat fees do I pay?

It depends on the trade, your account's fee terms, and how you fund. Autopilot's minimum price includes the desk's configured fees, a 25 bps (0.25%) builder fee by default. Manual control does not add fees for you. Deposit minimums appear in Add funds. A past ticket's fees are not a quote for your next trade; use your current account and venue terms when judging a margin.

QUANT CORNERWhere does fair value come from, exactly?

From Polymarket's order books. The engine multiplies each leg's fresh midpoint (halfway between the best buy and sell prices), after the book passes spread, depth, freshness, and movement checks. An offset or pinned price you set replaces that leg's market price. In Autopilot, spread and measured adverse selection are added to the margin floor separately. Fair value is a model estimate, not a known probability. Animated prices in your browser are not the inputs the engine quoted with.

QUANT CORNERHow do you model correlation?

By default the engine skips requests with duplicate legs, or legs that share a game, event, or team. If you turn on same-game parlays for a sport (Autopilot only), it can price some same-game combinations of moneyline, spread, and total legs with a measured correlation model, using the end of its uncertainty range that raises your price. Passing these checks doesn't prove the remaining legs are independent. Separate tickets can also share an outcome, so the Tickets page groups shared picks and the book view shows where risk concentrates.

QUANT CORNERWhat is pricing calibrated against?

Results of past auctions your desk entered, grouped by sport, leg count, fair-price range, and request size. A lost auction can reveal the competing price that won; a win doesn't reveal the next-best price, so it counts as partial (censored) evidence. Groups with little data borrow, within limits, from broader groups or use a fallback. The pricing panel shows the engine's own calibration; the browser doesn't compute a separate target.

QUANT CORNERWhat's the latency budget?

400ms: Polymarket's current window to submit a quote. Pregame checks each request's deadline and reserves time for delivery; when too little time is left, it skips. Past response times are not a speed guarantee.

Polymarket's maker documentation ↗

QUANT CORNERWhat's the exact sizing and collateral math?

Money is integer micro-dollars, never floating point: $1 = 1,000,000 units. For a BUY request sized in dollars (notional), the engine computes shares = dollars ÷ price, then your amount at risk = shares × (1 − price), with explicit rounding and a final risk check. Your limits can shrink the quoted size. Tickets show the confirmed stake and amount at risk; rounded on-screen figures are never fed back into sizing.

QUANT CORNERHow do you handle adverse selection?

Adverse selection means your quotes get taken most often when they are wrong. The engine limits it with market-data checks, request deadlines, risk checks, and re-pricing quotes still waiting for an answer. Autopilot's floor also adds configured costs and risk reserves, including measured adverse selection and spread. Manual control skips those automatic additions; the execution safety checks still apply. These controls reduce specific risks; they can't prove every accepted quote is profitable on average.