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п»їSports Betting 101: How to Properly Keep Track of Your Wagers.
Sports betting is similar to the rabbit hole you find yourself in on a random Tuesday night while browsing YouTube. First you play all the old 90's hip-hop jams you grew up with, then you start watching videos about who shot 2Pac and Biggie, then that spirals into some sort of Illuminati videos and so on and so on. The next thing you know it's 4 a.m. and your convinced we are not alone on this planet.
Sports betting is no different. Once you get hooked on the exhilarating ride that is placing a bet, watching the game and rooting for your selection, you are in it for life. The highs and lows of the actual game itself can sometimes be enough to overtake the sheer joy of winning a wager and cashing your ticket. When the picks are winning and the good times are flowing, sports betting can be extremely fun.
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However, similar to many things in life, in order to enjoy the benefits and the fun, you must first put in the hard work and show some semblance of dedication to the cause. Sports betting has a very boring side to it that not many causal bettors know about. It's called record-keeping. A successful sports bettor must be brutally honest with himself about whether he is a winning or losing player, and the only way to do so is by tracking each and every single bet that is made. Whether that's a $2 bet on a long shot of 1000/1 or a $1000 bet on a favorite of -1000. Each bet counts the same.
Look at Sports Betting as an Investment.
Regardless of if you are betting for fun and entertainment purposes, or if you are taking it more seriously in hopes of turning a profit, it would be foolish of you to throw around your hard-earned money without potentially seeing some sort of return on investment. There are two ways to see a return on your investment. The first is the hard part -- winning bets.
The second way to see any returns is by keeping daily records of your bets. There is no business in the world that does not keep records of daily transactions, expenses, and everything in between. If there is a business like that in the world, chances are it won't stay open for very long.
The whole idea behind keeping records is to help you succeed as a sports bettor. Once you have kept records for a few months or even years, you can look back on them and gain a valuable insight into your betting habits, trends, and win-loss records. Even if you are simply sports betting as a hobby, keeping records will keep track of the one stat that you need to know - your profits or losses.
How to Keep Track of Your Bets.
Record keeping can be as simple or as detail oriented as you want it to be. There are several online tools/mobile apps that you can download for free to utilize. The most basic way to keep track of your bets, however, is by hand writing them down in a notebook.
Here is a quick list at how your records might look:
Date: 08/11/18 Sport: MLB Type of bet: Money Line Amount wagered: $115 to win $100 Bet: Boston Red Sox -115 Home/road: Home Outcome: Win - Boston 4. Baltimore 0.
I would advise keeping a separate log for each sport. There are times where you will want to go back and look at your betting history and it will be a lot easier to look through one sport then go line by line and sift through eight different sports. If you decide to forgo the old school pen and notepad (welcome to 2018), I would highly recommend downloading an app or online software that does all the calculations for you.
Pros of Tracking Your Bets.
Tracking your bets to find out your bottom line is only half the story. Tracking your bets is helpful because it will allow you to look back at the data you have kept and analyze it to the point where you can learn what works and what doesn't work. Remember, the end game of a betting hobby is to turn a profit over time. This is not a get-rich-quick scheme.
Tracking your bets will also allow you to kick the habit of placing random bets without thinking twice about it. If you are honest enough with yourself and are dedicated to tracking every single wager, you will be hesitant to throw money away on stupid things like the Nathan's Hot Dog Eating contest or a random Japanese baseball game during the midnight hours. Once you look back at your data and see how much money you wasted on events that you have no clue about, you will look foolish and be pissed off that you threw money away aimlessly. Tracking bets keep you honest and it is important if you are serious about becoming a good handicapper.
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How to Bet on Sports for Beginners: 12 Tips to Know.
Suchat Pederson/The News Journal via USA TODAY NETWORK.
Over the past few years, the emergence of daily fantasy sports has led to a renaissance for conventional sports betting. The anti-gambling stigma that existed for decades is fading in American popular culture, opening the door for a massive, multibillion-dollar legal sports betting industry to emerge.
With sports betting now legal in many states, millions of sports fans will be looking to enter the betting market for the first time. But where do you begin if you’re unfamiliar with the terminology?
Here’s an introduction into how to bet on sports. We’ll be adding to this series in the coming weeks.
How to Bet on Sports for Beginners: 12 Tips.
Use the links below to jump to each section.
1. Favorites vs. Underdogs.
When the oddsmakers release a betting line on a game, the first thing they do is decide which team should be the favorite and which should be the underdog.
The favorite is the team that is expected to win the game and will get a minus sign next to its odds, while the underdog is expected to lose and gets a plus sign. If the game is a toss-up, books will open it as a “pick” or “pick’em.” Click to return to table of contents .
2. Spreads.
There are two main ways to bet on a favorite or an underdog. The first is the point spread, which is a bet on the margin of victory. A favorite “gives” points, while an underdog “gets” points.
For example, say the Patriots are 7-point favorites (-7) against the Jets.
If you bet on the Patriots, they need to win the game by 8 points or more for you to win your bet. If the Patriots win by 8 points or more, you “cover.” If the Patriots win by exactly 7 points, that is called a “push,” which means you get back the money you originally bet.
If the Patriots win by 6 points or fewer (or lose the game straight-up), you lose your bet.
Spreads are available for all sports, but they are predominantly used when betting on higher-scoring sports like football and basketball.
3. Moneylines.
The second way to bet on a favorite or an underdog is on the moneyline. This is based solely on which team will win the game.
Favorites are given a “minus” designation, such as -150, -200 or -500. If a favorite is -200, that means you have to risk $200 to win $100. If the favorite wins, you get $100, but if the favorite loses, you’re out $200.
Because favorites are expected to win, you assume more risk when betting on them.
Moneylines are available for all sports, but they are predominantly used when betting on lower-scoring sports like baseball, hockey and soccer.
4. Over/Unders (Totals)
In addition to setting a line for the favorite and the underdog, oddsmakers will also set a total number of points scored in a game by both teams combined. This is called the total or over/under.
Bettors can then wager on whether or not the game will go Over or Under the total.
For example, an NBA game between the Celtics and Bulls might have a total of 215. You could either bet the Over 215 or the Under 215. If you bet the Over 215 and the total points scored end up being 216 or higher, you win your bet. If the total points scored are 214 or fewer, you lose.
5. What Is the -110 Number Listed Next to My Bet?
The oddsmakers put a “tax” on every bet, which is typically called the “juice” or “vig” (short for “vigorish”). The juice is the commission you have to pay to the sportsbook for them to accept your wager.
Say the Duke Blue Devils are -5 (-110) … that means if you want to bet on Duke as a 5-point favorite, you need to risk $110 to win $100.
You always have to risk more on a favorite than you’d win on an underdog…otherwise, sportsbooks would be out of business.
6. How to Place a Bet.
With legalized sports betting spreading across America, sports bettors have never had more options to take advantage of. To see if sports betting is legal where you live, check out our state-by-state tracker.
Some of the biggest states that have legalized mobile wagering include Colorado, New Jersey, Pennsylvania, Indiana and West Virginia. The sportsbooks highlighted below are all trustworthy legal shops that take bets online.
Keeping Track Of Your Sports Bets.
Since sports betting involves a lot of very fine margins, the difference between winning and losing can come down to a single point or even half a point. As a result, a tiny increase in your overall win rate can boost you from losing to making a profit. The same applies for obtaining slightly better odds or practicing better bankroll management. With this comes the need to analyze your performance on a consistent basis in order to maximize your chances of success. The only way to do this is to maintain accurate records in order for you to be completely honest with yourself when it comes to your true performance. In this article, we’ll take a look at how to properly track your bets and ensure that records are updated and maintained accurately.
Why You Should Keep Betting Records.
Regardless of why and how you’re betting, it’s crucial to always know exactly how much you’re winning or losing so that there’s no surprises. Without a record of your bets, it’s hard to know exactly how you’re doing in terms of profits and winning percentage. As a result, individuals tend to overstate their performance in the absence of detailed betting records, presenting a false sense of confidence and ability. As a starting point, it’s important to know how much you’ve bet and how much you’ve won or lost.
How You Should Keep Betting Records.
There are several options for keeping betting records, with the three popular methods being pen and paper, electronic notes (Microsoft Word), and spreadsheets (Microsoft Excel). While the first two options are quite limited in scope, they’re better than nothing. From our viewpoint, we highly recommend using a spreadsheet as it makes it much easier to organize all relevant data, with the ability to sort data as well. Formulas can also be included to speed up and automate any required calculations. For example, a spreadsheet can easily calculate your winning percentage and profit or loss.
What Data Should You Include In Your Betting Records.
While it’s important to not include too little data in your betting records, it’s equally as important to not include too much data since some data may prove irrelevant in the bigger scope of things. For beginners, it’d be prudent to include the following information: date and time of wager, relevant competition/event/league, type of wager, wager selection, odds of selection, amount waged, result of wager selection, and the return/payout on the wager. While this seems like a lot of information, it’ll only take a few moments to detail this information within a spreadsheet. While some people recommend including the sportsbook where the bet was placed, this is more or less up to your personal preference. It might be a good idea if you’re juggling between five or more sportsbooks, but is definitely not a must-have since you should already have a good idea of which sportsbooks provide the best odds just from personal experience.
What To Do With Your Betting Records.
With a wealth of information at your disposal, the next stage is to analyze these records. Your analysis should provide you with answers to the following questions:
1. Which sport produces the best results? 2. Which sport produces the worst results? 3. Which type of wager produces the best results? 4. Which type of wager produces the worst results? 5. Are results better when betting on favorites or underdogs? 6. Are there any selections that are wagered on too often or too little? 7. What was your average stake on your winning wagers?
Track Your Sports Betting Results & Performance In Excel.
Чему вы научитесь.
Требования.
Описание.
Are You A Professional Or Amateur Sports Bettor?
Do You Want To Use Analytics To Improve Your Performance and Track Your Results?
Do You Want To Be Able To Compare Your Results To Previous Periods Such As Last Month, Last Year?
Are You Frustrated With The Lack Of Tools Available Specifically Designed For Sportsbettors?
If You Answered "Yes" To Any Of The Above, Look No Further. This Is The Course For You!
*** Updated in January 2021 with new content! ***
Three reasons to TAKE THIS COURSE right now:
You get lifetime access to lectures, including all new lectures, assignments, quizzes and downloads.
You can ask me questions and see me respond to every single one of them thoroughly!
You will are being taught by a professional with a proven track record of success!
Bonus reason: Udemy has a 30 day 100% money back guarantee if for some reason you don't enjoy the course!
Bonus reason: I am a sports bettor just like yourself! I understand the metrics you and I want to track to improve on our success.
Recent Review:
Bradin D. says "Just what I needed! I can bet sports all day and I know I'm making a profit, but wasn't truly tracking my performance. I knew I should be though, and wow was I right. So glad I took the course. I have a whole new perspective now on where the money is being earned more efficiently, was able to clean up my betting and become even more profitable by ditching the low return bets and habits I had, and improving on the good ones!"
Why You Should Take This Course:
If you are a professional sports bettor, casual bettor, or an amateur on the rise, this is the course for you! No doubt you are great at betting on sports, but do you truly track your results over time to see what your profitability is? Take your game to the next level and treat your sports betting like the business it is.
In this course we start with a blank workbook, and by the end we will have a fully functioning sports bet tracking spreadsheet. With only a few minutes a day to update, you will always be on top of your profit per day, week, month and year, your win/loss ratio, profitability, and more!
What We Do In The Course:
Learn the basics of Microsoft Excel.
Build a spreadsheet to track your daily results.
Understand your day, week, month and yearly profitability.
Know your win/loss ratio by bet and by day.
Interpret the data to make even more profitable bets in the future.
At any point if you have a question, please feel free to ask through the course forum, I'd be happy to answer any and all questions.
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About The Instructor.
Chris Benjamin, MBA & CFO is a seasoned professional with over 25 years experience in accounting, finance, Microsoft Excel, data analysis and sports betting. Having spent the first 10 years of my career in corporate settings with both large and small companies, I learned a lot about the accounting process, managing accounting departments, financial reporting, external reporting to board of directors and the Securities and Exchange Commission, and working with external auditors.
Thank you for signing up for this course on Udemy. I look forward to being your instructor for this course and many more!
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