You Bet and Red Dog are in south-central Nevada County, eight miles southeast of Nevada City. You Bet sometimes is known as Chalk Bluffs. The name You Bet is supposed to have originated in 1857 from saloon keeper Lazarus Beard's favorite expression.

The region was first placer-mined in 1848 or 1849. The district was hydraulicked on a large scale from 1855 until the 1880s.

Source: westernmininghistory.com