Serious about trying to make a living from betting on sports? In that case, then keeping track of your sports bets could be a good idea. It might not sound like the most exciting thing to do. But people in the industry swear that it works.
You do not necessarily have to put together a massively intricate system to do this. Most people will find a straightforward spreadsheet will get the job done quickly enough. It should not take longer than a few minutes to create, but it can make all the difference in the long run.
Here is why keeping track of your sports bet can be a great move.
1. Learn Where Your Strengths Lie
Many people pay very little attention to which of their sports bets win and which of them lose. Surely this does not make any sense? Without an idea of which of your bets have won, how do you think you can recreate it again? Consistently winning sports bets is easier said than done. After all, if it were so easy, then everyone would be doing it. Sports bookies, who usually record massive profits each year, would be going out of business very quickly.
So recording your wins and losses ensures you can build a picture of your strengths and weaknesses. You are likely to learn a lot about your betting patterns as a record of keeping an eye on them through a simple spreadsheet. As a result of doing this, you might find it is a good idea to focus on a particular niche. While not everyone does this, concentrating on individual leagues and competitions can prove profitable for some individuals.
2. Follow The Money
Keeping track of your sports bets makes it easier to know where all your money is. Anyone who bets on sports regularly will be familiar with having various amounts of money in a range of bookmaker accounts. Keeping track of your sports bets can also involve maintaining a record of your profits and losses. Seeing which sports bookies have earned you the most cash can help you decide where to bet in the future. Some bookies also have better odds on certain leagues. If you record the price you took as part of your spreadsheet, you will soon see where the best value bets can be found.
By the way, if the idea of creating a spreadsheet brings you out in a cold sweat, there is no need to worry. Plenty of templates for betting spreadsheets can be easily found and downloaded from the internet‚ making it even easier!
3. Analyzing Your Sports Bets After Tracking Them
Keeping track of sports bets is just the starting point. It would be best if you also thought about how you are going to analyze this data. For example, are you interested in finding out the overall return on investment – ROI for short – you are achieving? Setting targets can be very important when trying to win sports bets. So having an idea of your ROI can help a lot here.
Find a way to sort your bets in different ways. One might be to split them up by sport. By doing this, you might find you have a strong record in tennis bets but usually lose your golf bets. Bet type is another filter you might want to include in your spreadsheet. The good news is you can dive as deep into the detail as you wish. But there is no doubt that keeping track of your sports bets can be very useful indeed!
