It is a rule of thumb for serious bettors to keep track of your gambling activity by owning a betting record. This is utmost useful especially when you want to maximize profit. Ultimately, you can be the best gambler in every casino but still not have accurately calculated how much you are actually gaining and losing. You could be losing more money than it may seem or be spending more money than you think.
The actual task of recording and listing things down seems like a tedious task but is essentially simple to do. It is just a good habit to practice and develop over time. Recording your wins and losses is as easy as noting down the when and how much you wager. This is a task that may present more benefits when achieving the goal of maximizing profit. Whether you are placing wagers in a live casino or online at W88 sportsbook, it’s essential to know the patterns of your betting behavior.
3 Key Vital Points to Remember
Keep Track of Wins and Losses
For serious players who can actually afford to lose money, losing money is not entirely a problem. This doesn’t excuse the need to keep a betting record though. It is important to keep track of the numbers involved in every win or loss. Doing this also gives you leeway to weigh your actions and maybe even lessen your stakes or how much you usually bet.
Winning consecutively and consistently than you notice may be a good sign to take recording seriously. There is a chance that you could be winning more money than you ought to, which can ultimately turn to a way of making a great amount of income.
Although, you must also consider that tax implications apply as well. Certain rules and regulations regarding tax from gambling wins can depend on your prime location. Keeping complete records of your bets is utmost significant when you are potentially liable for the tax, so start now while you can.
Know Your Strengths and Weaknesses
Knowing what you are good at and what you need improvement on is something record keeping can bring out. Noting down which sports and the various events you take interest in can guide you in placing several types of wagers with strategy and technique.
Keeping track of your betting habits can help identify which two sports you do well in. It can also show you success when placing point spread bets, as well as the tendency of losing when it comes to cumulative bets. Spotting where you’re good at and where you need improvement on enables you to simultaneously improve the outcome of your gaming strategy.
Concentrating on your strong points helps you analyze which sports you have more success betting on and how much effort you will need to place on other sports. Essentially, this boosts your chances of increasing profits and lessening your losses in the long run.
After assessing how much effort you must dedicate to the sports you lose more at, you can analyze in detail the wagers placed on wonky bets. Observe the errors and be keen on where you tend to go wrong or lack. Investing time in doing this may require some patience. Although, in due time this will guide you to make better bets and even minimize your chances of losing by adding as much information as you can
Practical Advice for Keeping Useful Betting Records
Accuracy when noting down your bets and wagers is necessary for keeping it useful for future references. As an absolute minimum, recording the selection, stake, odds, result (won/lost/push) and return if won is mandatory for each wager you place.
To keep your betting records more organized and numerically accurate, using Microsoft Excel is one practical way. Right after setting up proper columns with corresponding inputs. Adding significant parts of every bet made is the only thing you’ll have to do.
In order to see where you’re getting the best outcome from, adding more columns to your spreadsheet with the following categories is also highly suggested.
- Event/ Competition/ League
- Type of Bet
- Reasons for Betting
Recording your wagers is step one in sports betting 101
Noting the reason behind every bet will ease the source of your gains. Record keeping of bets can also teach you how to improve data analysis. This is highly advised for serious bettors than recreational bettors, since it can be time-consuming in the long run. Either way, developing this practice will only help you in clarifying which areas need improvement and which ones need consistency.