One of the major characteristics resulting from the realization of regular and constant sports bets is that you are your own boss. Therefore, in addition to being able to enjoy an ample range of advantages and ease, a series of obligations must be added that become indispensable if we wish to have success in sports betting.
One of these obligations is, without a doubt, maintaining a rigorous and trustworthy accounting records. In spite of how heavy and tedious it can become to account for all of our bets, as much keeping a record of our predictions like we do with the predictions of those we normally follow, this task can be one of the most useful tools when talking about analysis of strengths and weaknesses and the improvement of results.
We don’t need powerful statistical programs to keep an accounting record of sports bets, but just an Excel spreadsheet, which we can customize to our liking. Excel has a multitude of functions and formulas that we can use in accordance with the time and knowledge we have.
Nevertheless, there are a series of recommendations and basic advice for when we create our accounting sheet:
-Basic Columns: There are a series of basic fields that I don’t suggest you leave out, because they can be very useful when breaking down statistics, which we can highlight:
Date of event, Game, Prediction, Odds, Stake, Result (if the bet was won or lost), G/P Stake, Amount Betted, G/P Amount Betted, Tipster, Sport, Competition, and Segmented Odds. Obviously these fields are just a suggestion and in practice, you should add those parameters that you find useful, and remove those that you deem useless.
-Establishing Filters: The application of filters lets us select the statistics of a tipster or a determined group of tipsters. In addition, we can select and study the selections of a determined sport or competition, completed bets during a selected period of time, etc.
-Make regular evaluations: It’s very important to make these evaluations at least every two months. Monthly is recommended. In my opinion, between 600 and 1300 annual bets is an acceptable volume of bets if you want to focus your path on sports betting in a professional or semi-professional way. Comparing month to month our journey through the world of gambling can be very useful in identifying possible mistakes we’re making or determine the impact of luck, because a very basic mistake is not looking at it with perspective, concentrating on the short-term.
-Assessing all completed bets: Another very common mistake among gamblers, in beginners as much as experts, is make bets outside of our chosen system and that we make only because we have a hunch. These bets, like the rest, should be documented and assessed for post-analysis. If when we have sufficient samples that these bets are not profitable, we will need to eliminate them from our behavior.
By Matt Sacoche