Sports betting has become mainstream in recent years as the internet and mobile accessibility have made it possible for millions of more people to bet on their favourite sports. At the same time, there has been an explosion of new betting sites as the fast-expanding betting sector competes for custom.
Many sports betting customers have contemplated the idea of becoming a professional sports bettor, and the few notable success stories that become public can serve as encouragement or inspiration. Very few punters can be successful in this endeavour, however, and the work required to make a success of sports betting is enormous. There are, however, some steps that you can take to boost your chances of success, including the use of sports betting spreadsheets.
The humble spreadsheet
The spreadsheet has developed from a specialist business tool to a widely used form of record-keeping and in some cases, a rudimentary form of computer programming. Everyone who has a computer likely has access to some form of a spreadsheet programme.
The most popular and best known is Excel, and the various updates of this successful piece of software are eagerly awaited, but there are many other spreadsheet versions out there, all of them offering the tools needed to become more organised, whatever your area of activity.
Betting is business
If you think of betting as a glamorous pastime, made up of late nights, big bets and lounging by luxury hotel pools, you’re in for a rude awakening. Betting is demanding, unforgiving, and above all, hard work. The best and most successful punters treat it like a business, as should you.
One of the most important aspects of business life is accurate record keeping. If you have no idea what is coming in and going out of your business, you won’t last long whatever your sector. Betting is the same. Spreadsheets can be as invaluable to a punter as they are to the average accountant, small business owner or marketer.
Keeping betting records
The most common use of the sports betting spreadsheet is arguably the most important component of hitting more winners than losers. Many professional punters use a spreadsheet to keep track of their bets. But you may be asking why this is important? Isn’t it enough to know roughly how much you are winning or losing?
The short answer is no! There are many advantages to keeping a spreadsheet of your bets. Perhaps the most important is psychological. Much of the challenge of professional sports betting is down to the mental side of things. Can you cope with a losing run? Do you let success go to your head? Writing down every bet you have may be tedious at times, but it is a vital record of how exactly your betting is going, there in black and white, which can be a vital reality check.
Keeping a record of all your bets will also enable you to identify where you might be going wrong or where your strengths are. What sort of events or bets do you regularly lose? Are some bets more successful than others? Keeping accurate records is the foundation of all betting analysis and analysis is one of the keys to continually improving your betting.
What betting records should I keep?
How detailed you want to be in your record-keeping is up to you. Some punters keep a simple win/loss record, while others go in for deeper analysis. At a minimum, your betting record spreadsheet should incorporate these details:
- Date of bet
- Event you are betting on
- Your selection
- The odds you were able to take
- Your stake
- Your profit and loss for each bet
- A running profit/loss total
These aspects, however, are just the beginning. You may also want to use your spreadsheet to calculate your strike rate, your turnover, your ROI, or any other factor that you think will give you a clearer picture of your betting and enable you to sharpen your skills.
Other uses of sports betting spreadsheets
A spreadsheet isn’t only useful as a record-keeping device. It can also be used in a variety of ways that can help your betting.
Some punters use spreadsheets to produce rating systems. Most spreadsheets provide access to a host of mathematical and statistical functions, which can enable you to fine-tune your betting systems or to import results and analyse data. Your spreadsheet is also likely to include an extensive help section so you can find out how to get the most out of it.
Those with the most developed spreadsheet skills can find they can effectively use it as a combination of database and computer analysis platform. With a spreadsheet and some programming skills, you can tap into many of the latest forms of analysis and data manipulation that are at the cutting edge of sports betting.
Using sports betting spreadsheets isn’t essential to success, but spreadsheets are some of the most commonly used sports betting tools that you will come across, enabling you to keep better records, fine-tune your betting strategy, develop your own ratings and more. Whether you are new to sports betting or have been at it for a while, you can take advantage of Betfred’s Introductory offer. Don’t forget to put your spreadsheet knowledge to good use