I created a bet, but when the source address is entered in Counterwallet there's an error - why?

If after entering the feed source address you get the error “Betting: Feed Address Error”, that is because currently (Oct 2014) Counterwallet 1.5.0+ requires feed owners to provide Enhanced Feed Info.

In other words, at the moment you cannot bet on plain (non-enhanced) feeds using Counterwallet - you could only do that using the CLI or API