There is a reason every entrepreneur or any financial establishment keeps records of all the moves they make about their business. They do this to determine if the business is in a good state or otherwise, so it can keep serving the purpose it was built for. The same goes for sports betting, it should be treated as a business enterprise to have a chance of making a profit from it. Whether it is a side hustle for quick cash or the main source of income, betting is an activity that demands full attention and due diligence on checks and balances. This may sound tedious, but you can find detailed instructions on how to do it on stakers.com.
Just like any other business enterprise, it would be impossible to make the right decision in crucial moments without knowing the preceding events and the outcomes of previous similar investments or attempting to ascertain the results if ever such decisions have been made before. Betting records is like an x-ray of the past events in gambling, which helps in predicting the future. Without knowing the amount of money in the betting account, the number of bets that have been placed, or any other valuable information, there will be no way of knowing how much to bet, when to bet, and if profits have been made or otherwise over a certain period.
Keeping betting records is a step that can’t be skipped or done with a nonchalant attitude by a professional gambler whose main goal is to maximize profits. Even if gambling is done as a recreational activity, it would not hurt to get better at it or know how much money is spent to have fun, perhaps there is a better way to have fun without losing so much money.
One can say keeping records is the little time that is spent to get your betting house in order, which results in sharpening your skills as a gambler, knowing your weakness and strengths, and keeping tabs on your finances. All of these can be done just by making short notes every time you place a bet. The benefits of doing so outweigh the repercussions of not doing it.
Through honest bookkeeping and assessment of betting records, a gambler will be well-informed about overall performance, wins and losses will be clear as day, and expenses will be tracked to the last dollar. When creating records for sports bets, the most important parameters to be taken into account are:
- the date of match fixtures;
- the teams that were bet on or against;
- the odds;
- type of bet;
- amount invested;
- how close was the bet if it was a loss;
- the level of certainty of your pick (rated from 1 to 10);
- reasons for your bet;
- reasons for the loss.
When implementing this tracking scheme, it is important to use a large sample size to obtain the right information. Also, profit should be calculated using return on investment (ROI). Contrary to popular belief, a win/loss record will not be an effective tool to track your profits in sports betting. ROI is the definitive statistical value of the profits made from investments.
Lastly, it is significant to track the trends, which may be positive or negative, especially in football league matches. Trends indicate strong and weak points. It helps to decide where to be aggressive in betting and where to exercise patience and caution.
Without betting records, a gambler is like a good pilot flying blind into the gambling airspace without a GPS or a map.