It is very important to understand how to keep records in sports betting if you want to your betting wiser.
You should always keep the records of your previous bets in sports betting. This is how professional gamblers gamble.
Tracking your records will provide you with great data that you can analyze and see what gives you’re the highest profits.
It does not matter how you want to keep your records, it’s only up to you. The is no general rule on the way to track the records. Thus, you can work in excel, Microsoft Word, or anything else that works for you. You can simply use a pen and a notebook if that’s how it works for you. Do not overthink the perfect record-keeping method, whatever method you choose, it will still be better than not tracking anything at all. Hence, the only thing you need to do is to start. One thigs is for sure – they’ll make it easier for you to know what’s going on with your profits/losses. This approach will help you examine your bets and make changes if needed.
So, below we shared some information on how you can keep your records.
How to Keep Records in Sports Betting?
Once you decided to understand how to keep records in sports betting, the next what you should do is to start acting!
Any plans on management are usually made before you start placing your bets, but when it comes to records’ tracking, it’s a bit different. If there are no bets to note, there are no records, apparently. But some things have still to be solved before you start placing your wagers. Once you see your points of weakness, you’ll understand what areas you have to work on to improve those. And it will then significantly increase your chances to make profits compared to those who do not keep the track of anything at all.
Track the Profits and the Losses Separately
You track your results in general, but that’s the last thing you can do.
Even if you are betting just for entertainment, it is always better to have a general picture of your winnings and losses separately. You might keep on gaining some profits, but your losses might be higher than they should be. Or, you might think that you are losing more when, in fact, you are profitable. Tracking winnings and losses separately will make it all clear for you. Whatever it is, you need to know about it.
If you are gambling at online gambling sites in the US you can just write your deposits and the withdrawals.
How to Keep Records in Sports Betting – Use Excel Spreadsheets
One of the tools you can use to understand how to keep records in sports betting is to use Microsoft Excel spreadsheets. You do not have to be an Excel pro to be able to do this – the minimum knowledge is enough. You can just enter all the data you have and add more info as you get more results.
You can use Excel Spreadsheets to record the data for one sport only just as you can use the multi-sport spreadsheet.
For multi-sport, it might seem a bit complicated to record but it’s easy. Basically, the multi-sport Excel file is the collection of the single-sport spreadsheets. That is, for each sport you can use a separate sheet. It will simply make it easier to understand if you separate the sports from each other and further divide every sport into sub-categories. Having them all on one spreadsheet might confuse you.
Try to Make the Records as Detailed as You Can
One more thing that you need to note when thinking of how to keep the records in sports betting – include all the possible details. The further you go, the easier it will be for you to analyze the data.
You can record the types of sports, the events in these sports, the odds vs profits, etc.
Including the details like how confident you were when placing the bets, the reasons for doing, others’ predictions, the tools for doing research. Anything that will help you gain more insights into analyzing your data.
Regularly Evaluate the Data You Have Recorded
Obviously, the main goal of keeping the records is to regularly evaluate the results at the end. At the end of every week, month, etc. you need to examine your betting decisions and the results that they led to. This will help you generate better sports betting strategies and make better betting decisions to get better results. Besides, it’s just a great way to see which tools and sports betting tactics you should get rid of.
Thus, you can additionally consider the statistics, the sources of your data, reasons for selection, etc.
Keeping the track of all this information will not just give you more details but also more effective betting ideas. Sports betting is all about gathering deeper knowledge on the type of sport you chose. The more you know, the better chances you have to win your bets.