Tracking Bets – Reasons to Keep Betting Records

Smart bettors are tracking bets.

Key Points

– Tracking bets is one of the habits of winning bettors.

– Tracking bets is easy given today’s technology.

Tracking Bets – Reasons to Keep Betting Records

You’re doing it wrong if you bet on sports and are not tracking bets. Keeping betting records is something that pretty much every serious bettor does in an effort to optimize profits. It’s one of the biggest betting mistakes made by sports bettors today.

Maintaining records is quite simple to do. All you need to do is jot a few quick notes after each bet. This is definitely worthwhile because taking the extra time has a number of advantages. The most significant of these advantages are covered below, along with some suggestions for maintaining precise and beneficial records.

Tracking Bets – Wins & Losses

Most bettors don’t know how much they are winning or losing. This is especially true for people who simply gamble for fun. Even if you might not believe it matters all that much, there are still good reasons for tracking bets.

One big reason is that you might be losing more than you realize. It’s not unusual for bettors to recall their victories while forgetting their losses. If you’re gambling with money you can afford to lose, losing money is not necessarily an issue. 

However, you should still keep track of the amounts at stake. It’s likely that you are actually spending more than you would prefer. In that case, it could be time to cut back on the size of your wagers.

Of course, there’s also a good chance that you’re actually winning money. In fact, you might be winning more cash than you realize. It could be time to start treating your betting more seriously in this situation. 

Think about what you could accomplish if you put in the necessary work when you are already making a steady profit. You might be able to earn a very excellent living by investing a little more time in your betting.

Don’t forget about the tax man. Depending upon your local laws, you may be required to pay taxes on your winnings. In that case, tracking bets will be critical. 


Strengths & Weaknesses

What are strengths? Are there bets that you consistently win? Maybe you enjoy betting on the NFL, but you rarely win point spread bets. You won’t know how many you lose unless you are tracking bets.

Many people who partake in recreational gambling wager on a variety of sports and events. In addition, they frequently make a variety of bets. There is nothing wrong with this strategy, but if you aren’t tracking your wagers you probably don’t know which ones suit you best.

It’s entirely possible that you perform really well in one or two specific sports but not as well in the others. It’s possible that you do well when betting on point spreads yet consistently lose when betting on totals. 

Having this information is vital. You can use it to take action that could improve your overall betting performance. 

You might start by concentrating mainly on your strong points. You should see an improvement in profits if you focus your efforts on placing bets on the sports where you have the most success. At the very least, you can eliminate some of your losses.

You may spend some time researching your mistakes in the areas where you fall short. Review your results and identify any errors. The only way you will be able to do this is by tracking bets. 

New Betting Strategies

Even if you are just a recreational bettor, betting is way more fun when you win. You don’t want to be the losing sports bettor. As a result, bettors should always seek ways to improve performance.

The first step is tracking bets. You have to have background information in order to determine which strategy will be most effective. Continue tracking bets to determine if the new strategy is working. If not, it’s time to move on to the next one, like the Martingale Betting System.

Tips for Tracking Bets

As mentioned, maintaining a betting log is simple. However, you must ensure that your records are correct if you want to maximize their value. You must at the very least keep track of the following details for each wager you make.

  • Selection
  • Stake
  • Odds
  • Result
  • Return winnings

The simplest way to do this is to build a spreadsheet using software like Microsoft Excel. When you create columns for each of the aforementioned items, all you have to do is input the pertinent information each time you place a wager. This will be sufficient to guarantee that you maintain simple and precise records of your betting activity.

Tracking Bets – Reasons to Keep Betting Records

You can go even deeper if you like. You can add each of the following to your spreadsheet.

  • Sport
  • Event/Competition/League
  • Form of Bet
  • Motives for Gambling

By categorizing your bets in this manner, it is much simpler to determine where you are performing best. You may easily view all of your bets, for instance, that were placed on a specific sport or category. This is useful to find out where you win or lose the most.

You can really delve into some in-depth study if you are tracking bets. As a casual bettor, you might want to avoid doing this because it can be time-consuming. If you’re sincere about trying to succeed, you’ll find it to be a huge aid. 

You will have a much clearer understanding of what you’re doing properly and where you’re making mistakes if you analyze your performance in light of your betting motivations. As a result, you will be able to win more bets.