I got a few emails in response to the last post about the importance of tracking your betting results.
Most of them asking the exact same question.
“How much information about the bet should I be recording?”
It’s a good question.
Ideally you would record as much information as possible as this would allow you to look back and analyze it in greater detail.
But doing so would be very time consuming, so your best option is to record the essential information that is going to be the most useful to you when you are looking back on it.
Here’s all the info that I record when placing a bet, that you can copy for your own spreadsheet.
- Name of bookmaker or exchange
- Event Time
- Event Name
- Total Stake
- Bet Type (back, lay, each way etc.)
- Selection (what I’m betting on)
- Result (win, lose, draw etc.)
- Profit / Loss (with commission deducted if betting at an exchange)
- Reason for placing the bet (Your own reasoning or the name of tipster that advised the bet)
These few things will give you enough information to really dig into your betting results and see what’s working and calculate important figures such as:
Profit / loss… number of winners… number of losers.. strike rate… average odds… total staked and return on investment.
These figures will come in handy when evaluating a tipsters or systems performance and making decisions on whether or not to keep following a tipster and whether or not a betting system might need some tinkering to be made more profitable.
Back em and track em! – http://winnersodds.com/tipster-portfolio
Until next time,