Do you keep records of your wins and losses from sports betting? Can you come up with a precise figure of how much you spend on betting every month? While most sports bettors shy away from the tiresome task of record-keeping, an accurate record of your betting activities is the first and one of the essential steps of betting wisely!
Whether you are a serious bettor or playing just for fun, keeping track of your results is the best way to avoid overspending and reflecting on your betting strategies. Consequently, an organized and well-kept record will prevent things from getting out of control and prevent damaging consequences.
Here are some fundamental points and know-how of effectively keeping a sports betting record and how you can use the information for a self-analysis.
What should you record for sports betting?
When it comes to keeping track of your betting activities, there are several points that you need to consider:
- The game’s date, type of bet, and who you bet: Recording the game’s date is crucial for a proper analysis of trends. Further, if you are clueless about what type of bet you placed or who you placed it against, you have a tough time drawing any legitimate conclusion.
- The amount you bet/deposits: If you don’t keep track of the amount of money you are staking, you will not know if you are up or down on individual bets or as a whole.
- Profits and losses: Tracking your betting games’ overall results will provide you with a clear picture of how much you are losing or winning. If your records say that you are losing more than you had expected, you could cut back on your stakes. On the contrary, your records could help you figure out if putting in a bit more effort could make you more profitable.
These simple financial records give you a decent idea about your overall wins or losses. But they are not very useful for analysis and will not help you better your betting skills. So, if you want to do an in-depth analysis of your betting performance, you should keep a tab of more than just the essential information. In other words, you must keep track of every single wager that you’re placing.
Here’s a list of what you should record for each wager:
- Your selection
- Odds or spread that you get
- Stake
- The outcome of the wager
- Payout
- The profit/loss incurred.
- How close you were to winning or losing
The above list included the essential and bare minimum things that you should record. You may want to keep track of some additional factors for a proper analysis of the records. Collecting the following information can help you make better decisions and rethink your gaming strategy:
- How positive you were in your pick
- Why you chose to pick that selection
- Highlight any reason why you may have lost the bet
How should you record?
You have quite a few options when it comes to recording your betting activities:
- Pencil and paper: For those uncomfortable with technology, you can use the traditional way of maintaining a hard copy of your records. But we do not recommend this method because you’d have no backup if you lose the record. Also, there is no way to proofread your mistakes.
- Digital spreadsheets: The best and the most effective way to keep a record is to maintain a spreadsheet. It may be done in Microsoft Excel or similar software. The computer will do all your calculations flawlessly.
- A lot of sports betting apps can keep a record for you. But they may not be very flexible.
What to do with the records?
With a truckload of betting records at your disposal, the next step is to analyze the data. Your analysis must provide answers to questions like:
- What kinds of wager give the best/worst results?
- Which sports produce the best/worst results?
- What was the average stake on the winning bets?
- What gives better results – betting on underdogs or favorites?
- Are any selections favored too much or too little?
Sports betting can be tricky. The difference between a win and a loss can boil down to a single or even half a point. Consequently, getting slightly improved odds, better bankroll management, and overall increased win rates can help you make immense profits. The only way to maximize success is by consistently analyzing betting records. To do so, you must keep an honest record of your betting performance and update it regularly. It sounds tedious, but it is worth the hard work!
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