Keeping records of all your bets is always a good idea so you can closely monitor your wins and losses, plus to identify any trends that may eventuate over time. This consequently allows you to recognise where your strengths lie and where improvement is needed.
While it can appear over the top and unnecessary to record every single bet on a spreadsheet to many, the positives attached to this can be huge if you’re diligent and serious about being successful.
Trying to be a profitable punter? Check out our guide to becoming a professional sports bettor.
Why use a Betting Spreadsheet?
Recording your bets also gives you an idea of what your overall win percentage is and presents you with the information you need in terms of managing your bankroll and sticking to your principles. Seeing as losing track of your wagers can often lead you down the path of betting more than you should be, entering everything on your spreadsheet prevents you from losing discipline and falling into bad habits.
Another crucial element this gives you is that you can properly analyse your bets in an easily readable format, thus meaning you can see what type of bet you placed, on what sport, at what odds and even gives you scope to note down the reason behind your selection. This subsequently allows you to evaluate regularly how you’re going and notice if you need to make any adjustments to any aspects of your selections.
Gaining vital conclusions can be very important towards your success in the long run, so you can recalibrate your selections and avoid repeatedly making mistakes. To give further detail to your spreadsheet, you can even write down factors why you lost or won certain bets, as you never know when this information could come in handy in the future.
Once you’ve gotten into the groove and have a strong sample size to look at, this is when you should really begin to see the benefits of your record-keeping and how successful you are. One excellent metric to use for measuring how you’re travelling is looking at your return on investment, which will alert you to the percentage of return you are winning on the amount you are betting.
Maintaining your honesty is an additional thing you need to consider, for it’s no use omitting bad losses from your spreadsheet to make your overall figures look better, as this defeats the purpose of using this tool efficiently.
All in all, if you’re serious about winning, astute at spotting patterns and dedicated to persistently updating your records, there’s every reason to suggest using a spreadsheet will enable you to gain an edge on your way to becoming a successful bettor.