Do you keep records of your betting?
If you are someone who regularly bets on sports but doesn’t keep records of your betting, then you’re making a huge mistake.
Keeping betting records is an essential step you should take as a serious bettor if you wish to increase your profits. This also applies to you even if you’re just betting for fun.
Taking note of your betting records is not difficult, but most bettors don’t do it. All you need to do is make little notes tracking every wager you’ve made in the past.
There are several benefits that come with keeping records of your betting, and in this article, we discuss all of them.
See also: 5 Common Mistakes Bettors Make.
5 Reasons Why You Should Definitely Keep Records Of Your Betting
1. To help you track your wins and losses
2. Access sustainable strategies and systems
3. You’ll identify your betting strengths and weaknesses
4. Record and categorize individual wagers
5. Evaluate your performance better
Reasons Why You Should Definitely Keep Records Of Your Betting
Although keeping records of your betting can prove useful in a number of ways, there are some bettors who still won’t do it.
That being said, there are numerous benefits you could enjoy when you keep records of your betting.
See 5 reasons why you should definitely keep records of your betting below:
1. To Help You Track Your Wins And Losses
Most bettors often struggle to remember how many times they won or lost in sports betting. This is especially common amongst recreational bettors.
While this doesn’t seem like a big deal, there are some reasons why you should know the number of times you’ve won or lost a wager. One such reason is that you may be losing more money than you think.
Being bled dry by sportsbooks might not be a problem for you if you’re wagering with money you can lose.
But you should still keep track of these numbers so that you ensure you’re not exceeding your betting budget.
If your records show that you’re spending more than you budgeted, then it is time to reduce your stakes or the number of bets you place.
Similarly, you may be making more money than you think you are. In this case, you should be more serious with your betting.
StakeToys and Bet Tracker are two bet-tracking software you can use to keep records of your betting.
2. Access Sustainable Strategies And Systems
Even if you are in sports betting for entertainment rather than to make money, you should always strive to get the best out of your betting experience.
Spending money you won’t get back on fun might not seem like a big deal to you, but we guarantee you’ll enjoy placing bets more if you won from them.
With that being said, you must find new ways to improve your results and maximize your earnings. A good way to do this is to try out new strategies and systems.
Keeping detailed records of your betting is the only trusted method of knowing if your strategies or systems are working for you.
3. You’ll Identify Your Betting Strengths And Weaknesses
Sports bettors have never been restricted from wagering on different sports and events or even placing a range of bets.
There is nothing wrong with this betting style. However, if you do this without keeping records of your betting, then you’ll never know which areas you’re strongest or weakest in betting.
No one bettor, no matter how experienced they are, can be an expert in all types of sports. They’ll always be one or two you excel in more than others.
With a record, you can easily identify which sports complement your strengths the most and channel your energy and money toward those ones.
Read: 5 Expert Football Betting Tips You Should Never Ignore.
4. Record And Categorize Individual Wagers
Keeping simple records of your betting is better than keeping no records at all. But, the amount you spend and what you make back is not all you should keep track of.
For a more detailed well-rounded betting record, you should include information like:
- Selection
- Odds of selection
- Stake
- Result of wager
- Payout
- Profit/loss
Another thing you should note is that your records don’t have to be sophisticated. A simple spreadsheet can suffice. Every time you place a bet, you enter the details in a fresh row.
Categorize your wagers by keeping different spreadsheets for every sport you bet on. One for football, soccer, tennis, etc. Also, add extra information for every wager you place by including extra columns for relevant events or competitions.
Additionally, include a column for the type of wager to help you record if it’s a point spread, totals, futures, etc.
With these columns, you can track your performance accurately and see which sports you’re getting your best or worst results in.
5. Evaluate Your Performance Better
If you’re not just betting on sports for the sake of it, then keeping records of your betting will help you evaluate your performance better.
With a record, you’ll know where you stand, how much you lost or won so far, and which wagers to back or ignore.
The knowledge you have will guide you on which steps to take and ensure that you don’t fall into a losing streak. More importantly, your sports betting experience will be more fulfilling.
How To Keep Records Of Your Betting
If you wager online or with a land-based casino, an easy way to track your profits or losses is to note down the deposits and withdrawals you make with a bookmaker.
Although a simple pen and notepad can work, using a spreadsheet is better. And the sheet doesn’t need to be complex.
In the spreadsheet you use to keep records of your betting include these fields:
- Date of the wager
- Outcome wagered on
- Odds
- Betting site
- Deposit
- Withdrawal
- Results (win or loss)
- Running total
To become a professional bettor who knows their win/loss ratio, then you must keep records of your betting.
Having records handy helps you make informed decisions about your wagers and ensures that you get the most out of this sport.
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