Hello Betwrong, vd309 did a great job explaining how it works, so I will just add an example so that you can see that bets can be really small for this competition.
For a 8mBTC bankroll, 1% is 0.08mBTC, so your bet wouldn't qualify but it wasn't that far away it.
Also, 0.08mBTC is worth around 50cent, so it's not a huge bet. Specially if you consider how great our prizes are.
I think you should give it a try. It's free to participate, since you just need to make normal bets as you normally would, and you will be getting the chance of winning prizes, so it's an amazing added value to your bets.
There is no reason not to join actually!
Thanks for your explanations, guys! As far as I understand, the minimum bet to be qualified for the competition is 0.08mBTC. I agree that this is not that much, but still it is 8 times higher than bets I make currently. Since I'm only starting I think I'll stick to the minimum bet possible, 0.01 mBTC, at least for a month, and then maybe I'll start making higher bets.
One more thing, maybe this is important. I haven't made any deposits on Betking.io. The money I have on my balance is what is left from my win in a free to enter poker tournament which was held this year in March, if I recall correctly. Can I still join or should I make at least one deposit?