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Why You Should Keep Betting Records

Why You Should Keep Betting Records by 11ic blog
If you bet on sports regularly and are not keeping records of the wagers you place, you're making a mistake. Keeping betting records is very important if you want to maximize your profits, which is why it's something that pretty much every serious bettor does. It's still a good idea even if you just bet mostly for fun, but in our experience many recreational bettors fail to do it.

If this sounds like you, please read on. Keeping records is not at all difficult to do; you just need to make some brief notes every time you place a wager. This is well worth doing, as spending this little bit of extra time comes with a number of benefits. We discuss the biggest of these benefits below, and also provide some advice for keeping accurate and helpful records.

Track Your Winnings/Losses

First, you might be losing more than you think. It's not uncommon for bettors to remember the times they win, and forget the times they lose. Losing money is not necessarily a problem if you're gambling with money you can afford to lose, and getting some entertainment in return, but you should still keep track of the numbers involved. It's possible you are actually spending more than you really want to, in which case it could be time to reduce your stakes or the number of wagers you place.

If you're winning money, then there might be tax implications too. This depends on the rules relating to taxing gambling winnings where you live, but if you're potentially liable for tax then it's vital that you have accurate records.

Find Your Strengths & Weaknesses

Many recreational bettors bet on a range of different sports, and a range of different events. They also tend to place several different types of wagers. There is absolutely nothing wrong with this approach, but if you're not keeping records of your betting then you probably have no idea where your strengths and weaknesses lie.

First, you can start to focus primarily on the areas where you are strong. If you concentrate your efforts on betting on the sports you have some success with, and stop betting on the sports you don't, you should see an increase in profits. At the very least, you should hopefully reduce your losses.

Advice for Keeping Useful Betting Records

As we've already mentioned, keeping betting records is not difficult. You need to make sure your records are accurate though, and you want to make them as useful as possible. As an absolute minimum, you should record the following information for each and every wager you place.
  • Selection

  • Stake

  • Odds

  • Result (won/lost/push)

  • Return if won

Ideally you want to go a little bit further though. You could also add the following columns to your spreadsheet.
  • Sport

  • Event/Competition/League

  • Type of Bet

  • Reasons for Betting

This way you can sort your wagers by category, which makes it much easier to see where you're getting the best results. For example, you'll be able to quickly look at all of your wagers on a particular sport, or of a particular type. This is very helpful for analyzing where you win or lose the most.

By recording your reasons for betting, you can really get into some detailed analysis. This is perhaps something you don't want to do as a recreational bettor, as it can be time consuming. However, you will find it a great help if you're serious about wanting to be successful. By analyzing your results based on your reasons for betting, you will get a much clearer idea of what you're doing right and where you're going wrong. This in turn will enable you to develop and adjust betting strategies which work for you.

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