Since sports betting involves a lot of very fine margins, the difference between winning and losing can come down to a single point or even half a point. As a result, a tiny increase in your overall win rate can boost you from losing to making a profit. The same applies for obtaining slightly better odds or practicing better bankroll management. With this comes the need to analyze your performance on a consistent basis in order to maximize your chances of success. The only way to do this is to maintain accurate records in order for you to be completely honest with yourself when it comes to your true performance. In this article, we’ll take a look at how to properly track your bets and ensure that records are updated and maintained accurately.
Why You Should Keep Betting Records
Regardless of why and how you’re betting, it’s crucial to always know exactly how much you’re winning or losing so that there’s no surprises. Without a record of your bets, it’s hard to know exactly how you’re doing in terms of profits and winning percentage. As a result, individuals tend to overstate their performance in the absence of detailed betting records, presenting a false sense of confidence and ability. As a starting point, it’s important to know how much you’ve bet and how much you’ve won or lost.
How You Should Keep Betting Records
There are several options for keeping betting records, with the three popular methods being pen and paper, electronic notes (Microsoft Word), and spreadsheets (Microsoft Excel). While the first two options are quite limited in scope, they’re better than nothing. From our viewpoint, we highly recommend using a spreadsheet as it makes it much easier to organize all relevant data, with the ability to sort data as well. Formulas can also be included to speed up and automate any required calculations. For example, a spreadsheet can easily calculate your winning percentage and profit or loss.
What Data Should You Include In Your Betting Records
While it’s important to not include too little data in your betting records, it’s equally as important to not include too much data since some data may prove irrelevant in the bigger scope of things. For beginners, it’d be prudent to include the following information: date and time of wager, relevant competition/event/league, type of wager, wager selection, odds of selection, amount waged, result of wager selection, and the return/payout on the wager. While this seems like a lot of information, it’ll only take a few moments to detail this information within a spreadsheet. While some people recommend including the sportsbook where the bet was placed, this is more or less up to your personal preference. It might be a good idea if you’re juggling between five or more sportsbooks, but is definitely not a must-have since you should already have a good idea of which sportsbooks provide the best odds just from personal experience.
What To Do With Your Betting Records
With a wealth of information at your disposal, the next stage is to analyze these records. Your analysis should provide you with answers to the following questions:
1. Which sport produces the best results?
2. Which sport produces the worst results?
3. Which type of wager produces the best results?
4. Which type of wager produces the worst results?
5. Are results better when betting on favorites or underdogs?
6. Are there any selections that are wagered on too often or too little?
7. What was your average stake on your winning wagers?