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Why does keeping a sports betting record important?

Do you keep a sports betting record spreadsheet? You’re making a mistake if you bet on sports regularly and do not keep the sports betting record of your wagers. Keeping betting records is critical if you want to optimize your winnings, which is why almost every serious bettor does it. Even if you only wager for fun, it’s still a good idea. Although in our experience, many recreational bettors fail to do so.

Keeping records is not difficult. All you need to do is make a few brief notes every time you place a wager. This is well worth doing because investing a little extra time has a variety of advantages. In this article, we describe the advantages of keeping sports betting records below. Also, we include some tips for keeping accurate and useful sports betting record-keeping spreadsheets.

What is the advantage of keeping a sports betting record?

Have you ever wondered how much money you managed to make or lose during your football betting session at top online betting site? Furthermore, do you know whether you have made a profit so far or whether you are at a disadvantage? You might be surprised to learn that, most soccer bettors fail to answer these questions. Or, at the very least fail to provide any correct data.

However, this may not be a big deal if you are just a recreational sports bettor and want to wager just for fun only.

If you want to make a lot of money from football betting, you should remember that keeping a sports betting record is essential. Thus, soccer bettors will be able to have a better understanding of their overall performance. Moreover, they will also have the opportunity to cut their expenses if they are prone to overspending.

Why you should track your betting?
Why you should track your betting?

At first, keeping betting records may appear to be a waste of time. However, it is far from it. Rather, record-keeping will surely assist you in determining which areas of your betting session should be improved.

The Importance of Maintaining Sports Betting Records

One of the best ways to ensure that you are taking sportsbook betting in Singapore seriously is to be aware of whether you are up or down. It also helps in assuring that you will go to any length to achieve fantastic results. 

Keeping Sports Betting Record Helps In Tracking Profit/Loss

In sports betting at top online betting site, the very least that you can do is to keep track of your overall results. Even if you merely gamble for fun, it’s a good idea to keep track of how much money you’re gaining or losing. Perhaps you’re losing more than you realize and need to cut back a little.

Maybe, you are also losing LESS than you believe. And with a little more work, you could become a profitable bettor. In either situation, you should be aware of your profit and loss.

Are you betting online in a sportsbook in Singapore?

If so, then the simplest way to measure your overall profit/loss is to record all of your deposits and withdrawals. You could accomplish this using a pen and paper. However, creating a spreadsheet in Microsoft Excel (or equivalent software) is much better. Besides, you don’t have to create a complicated spreadsheet. Here’s an easy-to-follow example.

sports betting record keeping spreadsheet step 1

It just takes a few minutes to create a spreadsheet like this. Then,  another few minutes to update it each time you make an online deposit or withdrawal. This is a very simple way of keeping sports betting record of your activities. Yet, it’s sufficient to keep track of how much you spend (or win) each month.

However, we advise that you should also take a step further. The above sports betting record keeping spreadsheet has a flaw. This is because it does not account for any balances in your online betting accounts. You should also record this information to provide a more accurate picture of your overall profit or loss. Thus, we recommend creating a spreadsheet with a little more information.

Here’s an illustration of what it may look like.

sports betting record keeping spreadsheet step 2

This sports betting record will show you just how much you’ve won or lost each month. In addition, you can then record the applicable sum at the end of each month in a separate spreadsheet to keep track of the overall amounts. However, the sum of these amounts may not be what you expect. You must know exactly how much you’re winning or losing. Thus, keeping the required documents will help you do so.

Keeping Sports Betting Record And Categorizing Individual Wagers

It is significantly more beneficial to keep some basic financial records than not have them at all. However, they don’t tell you anything other than your overall profit or loss. As valuable information as this, there isn’t much to evaluate and learn from it. Therefore, financial

Keeping some basic financial records is more beneficial than keeping no records at all. However, they don’t tell you anything other than your overall profit or loss. As vital as this information is, there isn’t much to evaluate and learn from it. Financial records on their own will not help you improve.

This is why we urge keeping MUCH more extensive records.

If you want to accurately examine your betting performance, you should save more than just the basic financials. Specifically, you should keep track of every wager you place. This certainly takes time, but it is not difficult to accomplish. Besides, the prospective rewards are undeniably worthwhile.

Here’s a list of the information we recommend keeping a sports betting record and tracking each of your wagers.

  • Selection
  • Odds of selection
  • Stake
  • Result of the wager (Win/Loss/Push)
  • Payout
  • Profit/loss
sports betting record keeping spreadsheet step 3

Sportsbook Betting Singapore: Why keep your betting record?

Again, keeping a basic sports betting record spreadsheet is the simplest way to keep track of this data. You only need to create a column for each of the elements listed above. Here’s a basic template to get you started.

After you’ve set up the spreadsheet, whenever you place a bet, you should enter the relevant information in a new row. Again, this is incredibly simple to accomplish and will only take a few minutes of your time.

How To Categorize Your Bets?

The following step will be to determine how to categorize your bets. We’ll go over how we organize ours before getting into why categorizing your wagers is so crucial in the first place.

To begin, you should keep a separate spreadsheet for each sport you wager on. Therefore, we have one for football, one for soccer, one for tennis, and so on. Also, we include some further information for each wager placed by adding some extra columns to the template seen above. These columns differ slightly depending on the sport. Although, they usually include one for the appropriate event or competition.

In our football spreadsheet, for example, we keep track of whether a bet is on NFL or college football. This is broken down further as follows.

  • Super Bowl
  • Regular NFL season
  • NFL playoffs
  • College Football Playoffs
  • Regular college football season
  • College Football Bowl season

Furthermore, you should carefully analyze how to break down each sport you wager on.

In addition, add a column for the type of bet. This allows you to keep track of whether each bet was a:

  • Point Spread
  • Totals bet
  • Futures bet and more

These additional columns are incredibly helpful. Why? Because they allow you to accurately track your performance more. Also, you can see exactly where you are receiving the best outcomes and where are not. Thus, this can be extremely valuable to you.

You may acquire this kind of information in your betting performance by keeping records. Moreover, you’ll be able to determine your strengths and shortcomings. As a result, it will help you decide how to move forward.

What additional information you should keep a record of?

Are you struggling to find the motivation or desire to keep an additional record to win in sports betting? If so, then you might want to reconsider your goals in sports gambling.

For starters, sports betting is difficult. Moreover, becoming a winner and how to become a professional sports bettor necessitates going above and beyond it. If you aren’t up for the task, you should consider returning to sports betting as a recreational interest.

Why keep a record when betting on sportsbooks in Singapore?
Why keep a record when betting on sportsbooks in Singapore?

So, let’s speak about something else that you should consider while keeping sports betting record. We mentioned above the fundamentals that you need to keep track of. What we’d like to go through now are the additional elements we recommend you track to aid with data analysis. These data points will assist you in better understanding what is and is not functioning. Also, this information will enable you to make more informed decisions about which bets to continue making. Moreover, it helps you identify which aspects of your strategy need to be tweaked.

  • How Certain You Were About Your Selection
  • Why did you choose that type of sports bet?
  • Mark any reasons why you may have lost the bet.

It’s worth noting that none of these are numbers. Rather, they are additional notes that you’ll need to take on each wager. To maintain it as a numerical data point, you may rate your confidence on a scale of 1-10. In the following part, we will discuss why this knowledge is significant.

Be honest with yourself when keeping a sports betting record

Before we get into the various methods you can track your data, there’s one thing you should know. When you’re writing down your bets, be sure you’re being honest with yourself. This implies you should make a point of writing down and recording every single wager you make. Some bettors have a habit of inventing reasons why a bet they placed “didn’t count”.

You don’t get to magically erase anything silly you did or a stake you made with a sloppy amount of investigation. Also, you’ll want to keep tabs on who you are as well as how you act while betting.

Do you believe a stockbroker has the right to undo a trade they made while intoxicated?

No way. They must accept it and live with the consequences.

If you choose to lie to yourself only to make your metrics look better, you are only hurting yourself. So, take the plunge and be truthful on your monitoring sheet. It will help you become a better sports bettor in the long term.

What are the ways in keeping a sports betting record spreadsheet?

When it comes to tracking your sports betting data, you have numerous alternatives.

What are the tools you use when betting on sports?
What are the tools you use when betting on sports?

Use Pencil and Paper

The first is the most traditional and certainly the least recommended — pencil and paper. If you aren’t skilled with technology and aren’t interested in learning, you can always store your records in a notepad. This has many disadvantages.

First, if you lose your notebook, you have no backup and have lost all of your data.

Second, you lack the technology to double-check your calculations to determine whether you made any errors. We’re confident you’re a math expert, but everyone makes mistakes.

Third, the only way to assess your data is by scanning it with your eyes. Moreover, you have no method of extracting conclusions from your data by executing functions or programs on it.

However, if it is your only option, it is preferable to nothing.

Use Spreadsheet Tool

Have you ever used a spreadsheet tool?

If you’re not familiar with it, it’s the spreadsheet tool that comes with Microsoft Office. Usually, you can find Excel programs on most PCs. Excel allows you to easily enter a large amount of data and then sort and sift through it. We strongly advise you to select this option if you are familiar with Excel.

If you’re unfamiliar with it, there are plenty of internet resources that can readily teach you.

Use Sports Betting Apps In Keeping Sports Betting Records

The last alternative is to use sports betting applications that do the tracking for you. These are convenient because you can have them on your phone, but they lack the versatility that we prefer.

Typically, you are limited to tracking only the data that they deem important. They sometimes do a good job of filling in the correct fields, but we prefer to make our own decisions on that. They also don’t always have the compatibility to switch from one phone to another.

So, if you upgrade your phone, you risk losing all of your data and having to start over, which is inconvenient.

What Should You Do With Your Sports Betting Analysis?

So, let’s imagine you’ve discovered some trends and data that you believe will be valuable.

What will be the next step?

It all relies on whether the trends are positive or negative.

If you discover areas of betting in which you excel, you might try betting more on these bets or extend to other related bets. For instance, you are crushing NFL total bets on the games you’re betting on. Then, you might want to explore betting on more games.

However, only do this if you believe it will be profitable. Extending the number of games you wager on might sometimes work against you. It will be entirely up to you to determine how to proceed.