Online betting is just like any other sport and requires careful tracking and monitoring in order to improve your performance. By doing this, you can not only optimize your betting strategies but also keep track of how much you are winning and losing so that you can ensure you have a sufficient bankroll and are using the proper bet size. By keeping betting records, you will be able to spot small issues or problems quickly before they become major inconveniences.
It doesn’t matter whether you are betting online seriously or for some fun, both can benefit from keeping proper betting records. Your betting record will be able to tell you which bets work best for you and can help determine the best ways to maximize your profit. You won’t only be able to look at your profits or losses, you will also be able to determine which sports you are better at predicting and how to structure your bets accordingly. The better and more detailed records you keep, the better your chances of improving your winnings and minimizing your losses.
Bet record keeping can help you identify your strengths and weakness when it comes to deciding on which bets to make. For instance, you may notice that you bet a lot on Sunday to chase Saturday’s losses, however, these bets are costing more than the initial Saturday losing bets. You also notice that your propensity for winning Sunday’s bets are a lot higher. Now that you have identified this weakness, you can turn it into a strength by cutting out Saturday’s bets and making your Sunday “chasing” bet, your main bet instead. You will be able to find many similar scenarios to this while going over your betting records, which is why it is vital that you record all of your bets, wins and losses in detail.
How to start a betting record
First, you need to decide how you are going to be tracking (a notebook, Microsoft word, a diary, etc.), we recommend using a Microsoft Excel Spreadsheet. In its most simple form, make sure that you have columns for the date of your bet, the date of the game/match, whom you bet on, what type of bet, how much you bet, the odds or the spread you got, the bet outcome, and how close you were to being correct.
This simple information will help you to analyze trends and manage your budget and losses. You can also keep even more detailed records if you are more of a serious better. You can then add things like different spreadsheets for different sports, how confident you were in your picks, where you got your research or information, why you chose that side of the bet, exterior factors that you think influenced the outcome, reasons you lost the bet, etc.
Remember that keeping betting records alone will not make a difference, you need to go through all your records and analyze the information on a regular basis in order to improve your betting strategy. It’s never too late to start keeping betting records, the more information you have, the more you will be able to benefit from it!