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Why Track Your Bets? Part 2

If you are just getting serious about betting on sports, it makes sense to think about starting a log. This can take the form of a spreadsheet where you take notes about the wagers you have won and lost, what types of bets they were, and why you took them. A detailed journal to go along with this spreadsheet is a great idea.

 

Why keep these records? There are a lot of great reasons. As discussed in Why Track Your Bets? Part 1, keeping track of your bets allows you to figure out what types of bets you are good at, filter out misconceptions which are causing you to lose money, and keep track of how you manage your money. Here are several more reasons!

 

  • You always understand what is happening in your bankroll. While your sports betting site will tell you how much money you have in your bankroll, the software will probably not give you all the information you need to keep track of what is really going on. When you maintain a spreadsheet tracking your bets, you not only see how much money is in your account, but also your net profit and loss after every bet that you take. You will also be able to see how much you're paying for your bets, and how the juice is impacting your bottom line. Oftentimes, punters do not realise just how much their bets are costing them, and they are not making enough money to compensate and still pull in a healthy profit.
  • You will be able to spot recurrent mistakes you are making. Everyone makes mistakes when betting, and most likely patterns of mistakes. It can be very difficult to spot these errors without careful notes. When you track your bets and also maintain a journal, you can discover where you are going wrong time and again. Once you identify a pattern, you can take action to prevent these mistakes in the future. Eliminating even one recurring mistake will have a big impact on your bottom line.
  • You can use your records to track your strategies and improve your methods, leading to better results. One of the most useful things about tracking bets is that you can also track the performance of the strategies you are using to place your wagers. You can experiment with new techniques and test out adaptations to old techniques.

 

As you hopefully see now, tracking your bets is not just helpful; it is vital if you want to profit regularly and reliably from sports betting. If you are just getting started, I recommend that you start a spreadsheet in Excel. Just doing this will make a huge difference in your performance. When you feel ready, you can start keeping a journal as well. Eventually, you may want to invest in software designed specifically to track sports bets. This software can help you run analysis and make improvements in your techniques.

 

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