The difference between winning and losing can often be very small in sports betting. It could come down to a single point in a football game or a single putt in a golf tournament. The same is true when it comes to the margin between making profits and losing money. While the casual bettor will usually focus more on the number of winners and losers they have selected, the expert handicapper understands the importance of the bottom line and pushing profits over everything else. Here is a look at the importance of keeping records and analyzing your bets.
The Importance Of Keeping Records
There are two main reasons why it is important to keep accurate betting records. First, to keep track of your total number of wins and losses. It’s important to know how much you are winning and losing regardless of whether you are making money or losing it. Even if you are just doing some baseball or NHL betting for fun, it makes sense to keep track of your wagers. Second, it’s important to enable analysis of your bets, which means understanding specific trends in your approach to sports betting in an effort to curb the number of mistakes that you make. By keeping records of your wagers and keeping detailed analysis of the outcomes you are hitting you can really improve your chances of making significant profits betting on sports.
How To Keep Records
While there are several different methods for keeping sports betting records the most effective approach is to keep a spreadsheet on your laptop or tablet. You can save a file on your electronic device and every time that you make a wager you can enter it in to the spreadsheet with the date, the sportsbook, the type of wager as well as both the risk amount and the potential win amount. By keeping a detailed record of the bets that you make you can look back at the raw numbers to analyze trends and figure out the best approach you can take when it comes to building up your profit margins.
Analyzing The Records
There are certain aspects of the records that you should focus on when it comes to analyzing the raw numbers. For example, you should consider which sport you focused on that produced the best results, which sport produced the worst results, which type of wager worked best for you and which type of wager didn’t work very well. Did you make more money when doing NHL betting versus baseball betting? What about betting on the underdogs or the favorites? What was the average amount of money you won on each win and how did that number look in comparison to the average amount of money that you lost? By looking closely at these numbers you can figure out what went right when you won and what went wrong when you lost. It might seem simple but the reality is that by keeping detailed records of the money you win and lose and analyzing the trends you can really improve your overall chances of consistently winning when it comes to betting on sports.