Sports Betting: Record Keeping and Data Analysis

In serious sports betting, it is imperative that you keep accurate records or your selections, wins and losses. With detailed records, you can assess how well you are doing with your selection system.

Bear in mind that a selection system must first be tested before you use it for real. This means you make selections and record them as you would in actual sports betting, yet you do not participate in any real wagering at all. You are to monitor the results as diligently as you would a real betting. That way, you will have a feel for how the selection system works without risking your money.

Your betting records should be as detailed as possible. The more data you put in it, the more accurate your analysis will be. So for example, if you're sports betting for tennis, you will include such basic information as:

- player - tournament - type of court (grass, clay, etc.) - date of match - ranking - seeding - winning/losing streak - weather - your stake, win/loss

These are only the most basic data. You can also add, court number (Roland Garros? Center Court?), racquet brand, length of break between tournaments, number of sets, duration of match, injuries, etc. Not only on-court factors, but other issues that affect tennis players should be noted. For instance, poor facilities and bad weather can make player performance suffer in a given event.

Once you have gathered your data, you can enter them into a database. Ideally you should have both printed or handwritten copies and electronic copies. Your electronic copies should be in a spreadsheet program like Microsoft Excel. You should print them and store them in a safe place where you won't lose them.

After a period of betting, sit down and analyze your data. What you want to know first is the success rate of each factor, say for example, the tournament. You may find that your selection system has a higher success rate with some tournaments than others. You may not know why, but mark it off as unsafe anyway, and do not bet on them for real. However, do keep on monitoring and play-betting on those items you mark off. A more favorable time may come when your sports betting system does better and you can try your luck with them.

You may wonder how to find out the success rate of a selection system. It is simple. Divide your winning bets by your total bets, and convert the result to percentage. So, if you won 40 bets out of 100, that's:

40 / 100 = 0.4 * = 100 = 40%

Thus, your selection system's success rate or "strike rate" as it's called, is 40%.

This is how you begin sports betting. As you can see, it takes a lot of practice, study and patience. Make it a habit to record your wagers and to study the results.


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