Record Keeping And Bet Analysis
A number of factors determine whether you are going to win in the long run.
One of those is the regular analysis of your performance. If you apply it, you will have a powerful tool to continuously improve your bets.
Otherwise one remains an average gambler. The only way to perform such analysis is to keep an accurate record of your bets.
This article explains why keeping records is so important, and offers tips as to how to do this properly and use these records to your advantage and as a means of enhancing your bets.
Why Is Record Keeping in Sports Betting Necessary?
There are two major reasons:
- Tracking your overall winnings and the balances of your accounts with different bookmakers
- Being able to analyse your performance
No matter if you bet for recreational purposes or take things seriously, you always need to be aware of the dynamics of your winnings as well as the balances of your accounts with different bookmakers. Even if you are not aiming at professional betting, it is a good idea to operate with a designated bankroll. Otherwise you are simply wasting your money.
How to Keep Records
There are different ways to make notes on your bets, and this is a matter of personal preference. You could use a sheet of paper and a pen, or an electronic notepad but to me, the only good method is creating an Excel spreadsheet. This software gives you unlimited possibilities when it comes to collecting and sorting data, and subsequently analysing each aspect of it.
What Sort of Information Should I Include?
Once you have figured out the exact record-keeping method to use, it is time to decide what information to include. That is entirely up to you and depends on your bets as well as what you are trying to achieve. However, there are several parameters that will make your analysis comprehensive so I suggest you include them.
- Country / League
- Type of bet (1Х2, under/over, etc.)
At first sight it looks like a whole lot of information but it takes just a few seconds to record all those details, especially in an Excel file. At the same time, the potential benefits are huge and the time you invest in entering the data is completely worthwhile.
One more thing to include in the data you record is detailed notes on the reasons why you placed a particular bet. Every factor that you analysed and took into account when making your selection should be described in these notes.
I do understand that last thing is perhaps the most difficult to do, especially for a beginner. It took me about 8-9 years to include it in my analysis. However, this is the most essential component of all, and it could tangibly enhance your performance. Even if we leave all the rest of the data aside, the notes are enough to improve your bets dramatically. All it takes is analysing these notes and drawing the right conclusions out of them.
Analysing the Data
So far you have learnt how to record different types of information regarding your bets. That was the easy part. Next, you have to analyse that data. While it might not be easy, it is a great way to build your betting skills.
A great deal of creative thinking is involved in the process of analysis since there is no right or wrong way to do it. It is up to an individual to decide how to use the information available in order to improve their results. While there might not be a fixed formula for making analysis, it is a good idea to answer the following questions:
- Which sport brings me the highest success rate and winnings?
- In which sport do I have the poorest results?
- What type of bets result in the highest hit rate?
- What type of bets result in the greatest losses?
- How do I win more money, by betting on the favourite or the underdog?
- What is the average amount of the winning bets?
The answers themselves are not going to improve your results overnight. Consider this hypothetical scenario:
Let’s assume you bet primarily on basketball and football. When you analyse your results, you notice that you are making a small profit when betting on football but losing substantial amounts when betting on basketball.
In that case, you may stop betting on basketball right away. That will give you a chance to improve your overall performance and winnings. You might not want to stop betting on basketball but at least you should realize you have to work on that type of bets.
The idea is that answering these and other questions will help you determine your strengths and weaknesses. Afterwards, you might want to focus on the areas which you are good in, or decide to work on overcoming your weaknesses. Of course, you might choose to do both.
The analysis will help you see how effective your bet selection strategy is. That’s the moment when you write down the reasons why you placed a particular bet. Afterwards, try to answer the following questions:
- Did it all turn out the way you expected when your bet won?
- What went wrong when your bet lost?
These questions might appear oversimplified but it is not always easy to answer them. If you manage to do it, you are bound to build better skills and make more accurate predictions over time. Accurate predictions are an important factor that will help you make money.
Keeping accurate records and analysing them is far from fun. What is more, it takes time. Probably these are the reasons why so many bettors skip this step.
Please don’t make the same mistake.
The most successful bettors in the world never stop looking for ways to enhance their performance and results. There is always room for improvement and development. Don’t expect a perfect system or strategy to yield consistent profits.
Instead, you should continue working on your skills and look for some sort of advantage at any given time.
If you analyse your performance and the reasons why you placed a particular bet, it will certainly help you develop as a bettor.