Measuring performance in sports betting: why is it essential?

For every punter who wants to develop an effective betting strategy, monitoring and assessing their betting game is of vital importance. That is because being able to monitor their performance gives them the chance to identify failures and problems as well as strong points in their approach and accordingly make informed decisions, which will only take them a step further in advancing their game. 

Betting with absolutely no strategy or no control is just like throwing away your money. You are deemed to lose in the long run, even if you do everything else correctly – you decide to wager on an MMA fight for example, then you choose the best site offering ufc betting Philippines, you get regular updates and you make informed decisions, you bet when you have an edge etc. 

If you are a regular bettor you need to keep track  of your bets just like you need to keep a record of your profits and losses. In the long run, this is the only way to gain a rounded and more holistic perspective on your strategy, your strengths and weaknesses and as such obtain a more realistic evaluation of your game. Measuring your performance is the vehicle that can drive success in betting. 

What is involved in performance measurement?

First of all, in order to be able to measure your performance in betting you need to maintain a detailed -as much as possible – record of every bet you place. All your bets should be logged into a database that contains all information including: the bookmaker (betting site), the bet type, the league, the odds, the price, the bet amount, the outcome and the reason or the source of information for the strategy or for that bet. 

The more detailed the database you maintain about your bets, the more you will be able to measure your betting performance. And the more you measure your performance the more you get to improve your game. After all, isn’t this the ultimate objective you want to achieve in betting? 

Having all that information available for every bet enables you to conduct statistical analysis to examine whether some factors influence the outcome of the bet. For example you can investigate whether betting on a specific league comes more profitable for you than betting on other leagues or you can examine whether there is a pattern in your profits – let’s say regarding a betting amount below or above a certain level. 

The things that you can do with data and statistics are incredible. You will be surprised to see how deep you will be able to dig into patterns and possible relationships between variables in order to understand your game and consequently to improve your game. 

Being able to measure the effectiveness of your betting game gives you an absolute advantage in controlling your strategy and changing it when this is deemed necessary. Reviewing and changing becomes an integral part of your strategy and it is this which keeps your betting game going on. 

If keeping records of your bets and measuring your betting performance is so vital, then why is it that many bettors ignore this process? The truth is that for many punters, keeping records and conducting a statistical analysis seems like a lot to do and they also might not have the know-how. But the reality is that the benefits are so important and what you gain eventually outweighs any additional effort, that it is simply naive to ignore it. 

There is plenty of material on the internet that can give you proper guidance regarding the record-keeping process, the development of the database and above all the analysis of the data available to reach meaningful conclusions. You can easily get started and once you do, you will realize that it will become a routine. 

If we are to give you one piece of advice regarding your approach to analyzing and measuring your performance in betting, then this is it: always be honest. When recording your bets you should be accurate. There is no point in trying to embellish your statistics by leaving out a lost bet you made after incomplete study, for example. 

After all, one of the purposes of maintaining records is exactly that:  to learn from your mistakes so that you can avoid them in the future. So if you decide to tamper with your archive in any way, know that you are sabotaging yourself and that is something that won’t get you anywhere but a false assessment of your actual game. 

Vivek is a published author of Meidilight and a cofounder of Zestful Outreach Agency. He is passionate about helping webmaster to rank their keywords through good-quality website backlinks. In his spare time, he loves to swim and cycle. You can find him on Twitter and Linkedin.