Last updated on November 9th, 2021
Any serious bettor tends to keep track of their records. Recreational bettors should also start having one. While it’s not the most enjoyable thing to do, keeping accurate and organised records of your bets and properly evaluating them is one of the keys to success in the industry.
Trying to be a profitable punter? Check out our guide to becoming a professional sports bettor.
Importance of keeping track of your betting history.
Track your profits and losses
A lot of bettors, especially those who bet only for leisure, don’t really know how much they are winning or losing with complete accuracy. You might think this doesn’t matter but it’s actually a good idea to have a clear picture of how much you’re earning or losing.
Maybe you’re losing more money than you think. It’s common for punters to only remember the times they won and forget the times they lost. Losing is not necessarily a problem if you’re losing the money you can afford to lose.
Maybe you’re losing less than you think and could actually become more profitable with a little more work. However, it’s still important to know precisely how much you’re gaining or losing, and keeping records can help you do that.
Finding strengths and weaknesses
Many punters bet on multiple sports and/or multiple events. They also have a habit of placing different kinds of bets. There’s actually nothing wrong in doing these; however, if you’re not keeping track of your bets, you might not have a clue what your strengths and weaknesses are.
It’s possible to bet on multiple sports. You can also be good on one or two particular events but not so well on the others. Being aware of your strengths and weaknesses can give you an advantage since it will improve your overall outcome.
You have to give your attention to the areas where you are strong though. If you focus your efforts on betting on the sports you’re most successful with, and stop betting on the sports you’re least profitable, you should see an increase in your winnings, or reduce losses.
Then again, you can also improve on your weakest areas. If you’re not doing well in some of your bets, look through your results and analyse the mistakes you’re doing.
Create new strategies
Keeping track of your records can also be used to analyse your strategies and improve on them. If you were able to consistently win using one strategy, then obviously you will want to continue with it. If an approach doesn’t seem to help you win your bets, at least you’ll know where you can improve.
Keeping tracks of your methods is a way for you to know which one is working out great for you. By keeping track of your betting history, you’ll get a clearer idea of what you’re doing right and where you’re going wrong.