The bottom line for every sports bettor is to make money. Anybody that tries to tell you otherwise is lying. The pursuit of profits is what drives the sports betting industry. While every individual has their own unique methods and habits, there are certain steps they can take to improve their chances of making money.
Here is a look at how keeping records can be used as an effective tool when it comes to making profits by betting on sports.
Keep Track Of Your Wagers (Every Single One)
One of the most overlooked elements novice sports bettors fail to grasp is how important it is to keep track of every wager. That way, you ensure you are consistently making a profit. The majority of novice bettors simply try to keep track of their wagers by looking at the amount of money that they have in their accounts. The reality is that it is far too easy to lose track of how many betting units you're making and losing with every bet that way. Keeping your own personal records for every sports betting wager will allow you to stay on top of how much money is going in and out of your account on a daily basis.
In addition to monitoring your bottom line, keeping track of your wagers can also provide you with some valuable insight.
For example, if you are winning or losing a high number of money betting on favorites. Maybe you should steer clear? Or maybe parlays are where you're betting and losing a lot? Or sometimes, it's a breakdown by sport that's useful to see. You might do well betting on baseball but struggle with NFL.
The raw numbers will start to present some trends. From there, you can make actionable decisions as to what you want to bet on and what you should avoid. If you don't track your performance, you won't know.
Use Paper, Excel, Apps
Keeping track of your wagers with records doesn’t have to be a difficult process. You could simply write out all of your wagers on a piece of paper. That's the simplest way to stay on top of the amount of money going in and out of your account.
However, the more easily defined each wager is, the better the opportunity to spot trends. For this reason, it makes sense to stay on top of the information using anything from a spreadsheet to an excel sheet. These applications could be the perfect platform on which to keep different types of wagers separate.
For example, one area of the chart can be committed to point spread wagers with another committed to money line wagers and another dedicated to totals. It only takes a few minutes to enter the numbers into the spreadsheet. Once the raw data is there, it will be that much easier to sort and navigate through.
Of course, if you fall behind, remember that sportsbooks keep a history. A quick BookMaker review through your past bets works fine. You can go through and add it to an excel sheet if you fall behind.
The Best Bettors Track Their Progress
The most successful handicappers in the world monitor their wagers in the most detailed manner. They break down every single bet down to the dollar. If they have success doing it, it only makes sense for you to follow suit and keep records.