Why you should record every bet you place?

Why you should record every bet you place?

I am treating my betting as my investment. I need to know how much money I spend and how much money I receive back.
In the beginning, I was just recording my starting bank at the start of the new football season and amount of money I have in each of my bookies. Monthly I was updating my stats and checking how much I am winning/losing. Main calculations I was doing at the end of the year.
I was recording my bets on and off – it is time-consuming and especially painful when you are hitting losing streaks. Yeap, losing streaks will happen even to the best punters. It is absolutely impossible to avoid them. The only thing you can do, keep calm and don’t let it mess up your brain. You need to accept it – you might even lose 8-10 bets in a row, this is part of the business. Ups and downs. Just think positive – you didn’t become clueless just because you lost few bets in a row. Attitude and positiveness are very important in betting.
Let’s go back to the topic – recording bets. Usually, I had enough patience to do it for 3-4 weeks. One of the reasons why I was stopping doing it – I was using the wrong format. I couldn’t see any value in these stats. The main point in recording bets is to see markets/leagues which are most profitable and vice versa.
There are few online platforms which offer free service for recording your bets and I reviewed them in my previous article. Quite nice platforms – the only problem – you can’t analyze anything here, you see only your balance – profit/loss figures by sport or by a period. Same goes to other free platforms. The only use of these platforms is probably for creators – if someone is good tipster, creators can follow their bets – if bets are recorded before games start. More advanced bets recording platforms are paid.
That’s why I asked my colleague Excel guru to create bets recording file with mine specifications applied. I am willing to share it with you, just sign up to my newsletter and you will receive it for free.
The main difference compared to most free platforms: it is very detailed and you can analyze your bets in many different angles. It is not enough just to see league/sport or market type. You need to go even deeper. My main question regarding my profitable markets was – am I making the same money betting on Over goals as on Under goals? Which market is more profitable – plus handicaps or minus handicaps in basketball or football? Do I make or lose money betting on 1st half Over goals? Am I making money betting on Away teams? Am I making money on 3rd qtr live basketball markets? Maybe my expectations about teams turning over the game after halftime are too big? All the information in your bets recording file should answer these questions and help you skip unprofitable market betting. Why would you keep on betting on markets which are losing money for you?
As mentioned above recording bets it is time-consuming but after 3-4 months or 500+ bets you can start making conclusions and change your betting pattern. Like I said – treat betting as an investment or small business. You need to find a profitable niche and take full advantage of it. At the same time stop betting on markets which are just waste of money and time.

Brief explanation how to use this file:
First sheet – Settings. The biggest part of the job is done. Just add bookmakers and currency you are using. I have accounts in euros and pounds hence it is important for me to have a final summary in one currency which automatically will be applied in the end. In column X you can see exchange rate which you can update if needed but keep in mind that if you update currency exchange rate all information will be updated too. If you are using just one currency no need to do anything.
Sports/leagues/Market Type/Period/Tipsters/Win Options/Dates/Bet type – are added, just add more leagues/tipsters and you are set.

Some explanations:
HW – half win/half void for Asian handicap
HL – half lost/half void for Asian handicap
(+) – positive Asian handicap
(-) – negative Asian handicap
Hwin – Home team wins
Awin – Away team wins
Column Y – 5% Betfair commission (change number if needed)

Second sheet – Bets. Obviously, you need to add your bets here. Looks like a lot of columns but it will take you 10 sec to record your bet as most of the columns have drop-down boxes.
Why the first line have 3 different colors?

Orange – add your information manually.
Blue – use the drop-down menu and choose what you need.
Green – automatic calculations, do not touch!

Once you will be adding new bets – in green columns you need to drag formula’s down to create new calculated cells. When you will be adding your own bets instead of mine – do not delete formulas in green columns!
I don’t think you need more explanation here. Y/N – obviously means Yes or No. In the comments column, you can add your personal comments if needed.

Third sheet – Performance. If you have a bit of Excel knowledge you can see that this is basic Pivot tables. Click and drag anywhere you want and you can analyze your bets in hundreds of different scenarios: by bet type, by sport, by a tipster, by period – you name it. If you are not sure how to do it ask Google or me.

The main point of this file – to find your weak points and get rid of them. Find your strong points and use them!

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If you have any questions regarding my file, just give me a shout via Facebook messenger or sent me email – [email protected]

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