Aug 22, 2011

Record Your Sports Bet

Keep Track of All Sports Bet

All serious or professional sports bettors practice the habit of keeping track of each of their bets. If you intend to be one, then this practice is something you must also consider. Keeping records of all your sports bets allow you to monitor and check your previous moves regularly. Some lazy or uncommitted bettors will say that they don’t need to manually keep a record because they won’t forget their bets. These people also tend to focus solely on their bet earnings, which is something that they don’t need to write down because they can conveniently monitor this via their account balance. However, to be a serious bettor, you must realize the importance of keeping records of your bets, especially when it comes to analyzing future trends and bet strategies.

An effective and very convenient way of tracking your bets is by using a computer spreadsheet, with the likes of MS Excel, EditGrid and other common versions such as Google Documents. You are already using the computer anyway as you manage your sports bets online, so it should be more convenient to deal with computer spreadsheets compared to keeping records the old school way, notebook and pen that is. There’s nothing wrong if you prefer using the latter. But we highly recommend the spreadsheet programs instead so you’ll be able to sort and filter all your data with more ease, not to mention that it is also easier to analyze the trends in this way.

These electronic spreadsheets are widely available today, and utilizing the full features of a program like MS Excel will turn out more helpful in your data gathering and analysis especially long term wise. For some of those programs, it may take a while to learn and master but nevertheless, the practicality and convenience it offers once you get the hang of it seems to prove it’s worth it. The important thing is gradually getting the habit of using spreadsheets and just experiment on which specific program works best for you, then stick with it.

Record the Important Elements of Your Betting Data

Earlier we have already established the necessity to rigorously and consistently record each of your bets. Additionally, recording your bets will not mean anything if you don’t know how to filter the important data and decide what to record. A good betting spreadsheet must contain these fundamental elements so that your data becomes meaningful:
  1. Date of bet
  2. The sport you joined
  3. Sportsbook
  4. Betting classification (i.e. Total, Halftime, Spread, Moneyline, Teaser, etc.)
  5. Betting line
  6. Actual bet amount (plus its percentage equivalent of your total bankroll)
  7. Outcome
Now, for those who do playing line moves and deal with steam betting, it is also essential to include these two:
  1. Opening Line
  2. Closing Line

Offhand, some may think it’s very tedious and time consuming to record this much data every time. However, once you get the hang of recording your betting data then it’s going to be a piece of cake and the habit of recording will just come out naturally each time you make a bet.
As your spreadsheet data gets updated, you will be able to start with monitoring your betting results. Be careful not to under or over-estimate your analysis if your data spreadsheet is still very small to begin with. Just like any other study or data tracking, you will need a substantial quantity of data first before it can be statistically telling and meaningful. The important thing is to continuously grow and update your betting spreadsheet so you can build a reliable portfolio after some time. Refrain from stopping just because you got around 10-30 betting results as betting assumptions will be premature at this point.

Gain Profitable Betting Opportunities from your Spreadsheet

The moment your sports bet portfolio gets on going regularly, you have formidably increased your chances of winning in your bets and beating the bookies. This is because once you have your betting history, you get to see in full scale all the sports you joined, as well as find out what betting types you are beating or losing. With your spreadsheet, you can find out if you are really winning, especially for those who might have an increasing bankroll and yet still losing big time in the long run due to halftime betting.