Record Keeping: Thoughts and Tips on How to Keep Track of Your Wagers
by George Monroy - 3/20/2013
Sports betting can be a ridiculously exciting undertaking at times. The adrenaline rush of placing a bet could be enough to get a player hooked for life. And that is not even mentioning the highs and lows of the actual game itself and the sheer joy of winning a wager and cashing to your ticket. Sports betting can be the ultimate proving ground to testing your sports and gambling knowledge. There is nothing like putting your money where your mouth is and actually showing that you know what you are talking about. Sports betting, at times, can be the utmost fun.
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However, similar to many other things in life, in order to get to the fun part, you have to put in hard work and show some dedication. Yes, I know I am ruining all the fun, but sports betting has a very boring and tedious side that is just as important to your future success as the actual betting is. What I am hinting at is record keeping. A successful sports bettor needs to be brutally honest with himself and about whether or not he is a winning or losing player.
Sports betting is an investment
There are two ways to view sports betting: as just a fun, entertaining hobby, or as a serious investment. However, no matter which way you view it, one of the most fundamental and important things you can do is start keeping records of your wagers. There is no business in the world that does not keep records of their daily transactions and expenses — and if there is one, it won’t stay open for long.
The whole idea behind keeping records is to help you succeed as a sports bettor. Once you have kept records for a few months or even years, you can look back on them and gain a valuable insight into your betting habits, trends, and win-loss records. Even if you are simply sports betting as a hobby, keeping records will keep track of the one stat that you need to know — your profits or losses.
The most important thing to know when sports betting is whether or not you are making money. Many times, if a sports bettor is not keeping records, he can just bury his head in the sand and pretend to not know how much money he is losing. Keeping records will show you a truthful picture of your betting habits.
A few tips
Record keeping can be as simple or as detailed as you would like it to be. The basic things to include are the date, sports, type of bet, amount wagered, the spread, where the game was played and the final outcome of the game. I would advise keeping a separate log for each individual sport. There a few great online sites that offer free record keeping software that will categorize all of your data and present you the information in a sleek and easy-to-understand format. However, keeping records in a simple word document or an actual note pad would work just as well. The whole point is that you are keeping the records in the first place.
Here is a quick list at how your records might look:
Type of bet: spread bet
Amount wagered: $330 to win $300
Bet: Baltimore Ravens +4
Outcome: win—Ravens 34. 49ers 31
The second part of the record keeping process is to actually take a look at your data and analyze the information that you have kept. There is no point of keeping records and then storing them away in a closet. The information that you have kept can be vital toward your improvement as a sports bettor.
Analyzing your records can bring to light trends or bad habits in your sports betting. Maybe you love to bet larger spreads that do not cover enough or you love to bet the Lakers on the road. Knowing your bad habits is the first step toward improving and becoming a successful bettor. Knowledge is powerful when it comes to sports betting. Remember to bet wisely, and may the spread be with you.
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Read more articles by George Monroy