One of the biggest mistakes that any sports bettor can make is not tracking his bets. More often than not, this is simply a matter of effort as opposed to ability. When an individual tracks every single one of his bets, his results (profit or loss) will be staring him in the face every time he checks or updates his results, providing him with a clear sense of how he is performing on the year. On the other hand, when an individual fails to track his bets, there is no way for him to precisely know how he is doing on the year, unless he is able to keep an accurate mental track record of his performance. With no record of any bets won or lost, the individual may be lured into a false sense of his actual performance since one is more likely to remember his wins than losses. To remain honest with yourself rather than cheating yourself of your own results, you should always keep track of all of your bets. Here is how to properly track your betting.
The easiest way to keep track of your bets is to set up a spreadsheet in Microsoft Excel. Excel provides a clear and concise layout, with functions that will automatically total your wagered amounts, profit/loss, and average payout for all your bets. Setting up a spreadsheet within Excel is relatively simple. Here are the columns that you can use as a starting point:
Date | Game/Matchup Description | Type of Bet | Side Wagered On | Game/Matchup Result | Payout | Amount Wagered | Amount Won/Lost
The columns, when filled in, should look something like this:
Aug 10 | Houston Astros vs. Los Angeles Dodgers | Moneyline | Dodgers | 0–3 | 2.00 | $100 | $100
Breakdown Of Bets You Win At
From tracking your bets, you will be able to start seeing trends regarding with type(s) of bets you tend to win often and which team(s) tend to win when you bet on them. For example, if you notice that you have been winning on the under for game totals a lot of the time, you might want to dig deeper to determine if this is a matter of luck or the fact that you have been analyzing this type of bet in a very detailed and unique manner. Additionally, if you start to detect that the Dodgers have been winning 80% of the games that you’ve wagered on them, maybe you have a good knack for handicapping their games and as a result, should focus on potentially betting on more of their games.
Breakdown Of Bets You Lose At
Similar to the previous section, you can also track your bets to determine which type(s) of bets you tend to lose a lot of the time and which teams tend to cost you money more often than not. By breaking down this data, you will be able to determine which bets you tend to not have a great grasp on and always feel somewhat iffy about as well as certain teams that always cost you money and fail to pull through for you. This way, you will be able to avoid these types of wager(s) and also avoid betting on specific teams that always cost you more than you win.