Keeping Betting Records



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Keeping Betting Records

Whether you are a serious punter or only someone who has a few bets a week for fun it is certainly worth keeping a record of all the bets you place and the returns you make.

Advantages Of Keeping Records

Sensible Betting

One of the most important aspects about betting is to keep it sensible. That means only ever betting amounts you can afford to lose and not letting betting take over your life. It can be fun but it can also lead to depression so keeping a record of how much you are betting, winning and losing should encourage sensible betting. You will be able to see how much you are winning or losing each day, week or month and you should be able to spot it early if you are betting or losing too much. The earlier you can spot a problem the easier it usually is to fix.

Find Your Strengths

Betting School ImageIf you are betting for ‘fun’ rather than doing it seriously it is always more fun when you are winning so the same principles apply as if you were doing it on a more serious level. By keeping a record of what bets you placed you can find out which types of bets work best for you and which are less profitable. For example you might find that you make a profit when betting on rugby but not on football, even though you consider your level of knowledge to be equal on both. This is rarely down to luck or coincidence and it is likely that these trends will continue over time so you should concentrate more of your betting capital on rugby in this example rather than football. Your level of knowledge might be similar on both sports but the bookies may have more information and knowledge about football rather than rugby which is why you’d be getting the edge on your rugby bets.

Over time you might even be able to delve further into your betting records to see what types of bets are more profitable on each sport. You may find that your accumulators don’t produce a profit because the teams you are including are too short a price whereas your correct score or goalscorer bets at bigger odds do produce a profit. Alternatively it could be the other way around. The better records you keep the more information you will have at your disposal about your betting and that can only be a good thing as anything that helps you place more winning bets and less losing bets can make a huge difference to your betting strategy and finances.

Find Your Weaknesses

The same applies to weaknesses as strengths. By keeping records you can cut out as many mistakes as possible. You may find that when betting on football you often place bets on a Sunday when chasing Saturday’s losses. A record of how these bets have got on might show the ‘chasing’ bets are costing more than the initial losing bets which should be motivation enough to cut out the chasing. You may also find that certain sports or markets are unprofitable and when you can see that on paper it is easier to make a case for no longer betting on those sports or markets.

There is a thread on the OLBG forum about keeping betting records, click here to contribute to the thread or to check out what advice other OLBG members have about keeping records.

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Comments from the Forum

  • monkeytennis

    <r>Can you still make a profit from betting without keeping records? Are punters who don't keep records throwing money down the drain? If you don't keep records why do you choose not to?<br/>
    <br/>
    <URL url="http://www.olbg.com/school/lesson65.htm"><s></s>Keeping Betting Records<e></e></URL><br/>
    <br/>
    Think this Betting School lesson needs anything else added to it? Disagree with anything written above? Let us know your thoughts and your insight could be included in the OLBG Betting School!</r>
  • MLT822

    <t>I think some of the bettors keep records when they are winning,but most of them when they are in a loosing streak they just ignore most of their records just to catch up for the loss.keeping records could come in handy,you could see your strong and weakest pt.or in what game a bettor is winning. 1 to 2 months of records could not be that realiable,but 1 year of betting record could set a more profit in your next bet.</t>
  • MLT822

    <t>I think some of the bettors keep records when they are winning,but most of them when they are in a loosing streak they just ignore most of their records just to catch up for the loss.keeping records could come in handy,you could see your strong and weakest pt.or in what game a bettor is winning. 1 to 2 months of records could not be that realiable,but 1 year of betting record could set a more profit in your next bet.</t>
  • the runner

    <t>Very important to keep records of your bets.i have over 40yrs of records.thro time some types of bets have been stopped and you soon find the best type of sport ( horseracing for me ) to bet on to give you the best long term profit.<br/>
    For me I can make a profit on Novice Hurdles Win Only.</t>
  • logical1

    <t>Any one who bets regulary ( not the Grand national and Derby once a year) with out keeping records has to lose - they they cannot prove other wise</t>
  • Bonp3re

    <t>I started betting for fun, with small amounts, lost money, made all the usual mistakes, learnt from mistakes, took a year off betting... Thing is, I made so much when I returned without the benefits of record keeping as I rode win after win. Mostly accumulators. I know this because my bookmaker kept records and I wanted to review how much I\'d staked over time and how much I\'d withdrawn. <br/>
    It\'s bad advice not to keep records and I was only lucky because I was disciplined, a trait you need to keep records in the first place. Now, I know better.</t>
  • toadie21

    <t>I agree keeping betting record is a must. It shows your profit or loss and also shows your strengths and weaknesses.<br/>
    Its also very useful for keeping tabs on your spending and keeping yourself within your budget. This way you can keep some of your betting pot to 1 side during quite weeks to build a bigger betting pots for busier weeks.</t>
  • Shanelangan90

    <t>Hi guys, first post here and I really like the site. <br/>
    <br/>
    How are people tracking their bets? I have been tracking mine via excel spreadsheet but I am just looking to improve how I track my bets, any advice would be appreciated.</t>
  • Callingnumber6

    <t>It is very very easy to keep records when your winning, much much harder when losing. And what can't speak can't lie. If you don't keep records you can't know your own strengths and weaknesses. I only discovered my strengths (3yo group class fillies and 2m chasers oddly) about 6 years ago after painstakingly keeping records for about 15 years. And this was after about 10 years of haphazard record keeping. Obviously as computing has progressed record keeping is much easier with direct account downloads to xl possible.<br/>
    Ultimately the business of making money comprises exciting bits and dull bits. Most gamblers crave the excitement and ignore the dull; lets be honest whats not to like about nipping down the shop and having a lump on one we fancy? Win or lose we get 'the buzz'. But in reality we should be looking at the 80:20 rule (or maybe 90:10?????) - 80% dull boring nonsense like record keeping and 20% actually having a go.<br/>
    Can I also point out that a 6% return on investment is exceptionally good? That means for every 1000 pounds you invest you will get 1060 pounds back whatever your base stake! You can only know this by keeping records.</t>

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