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Analyzing Results: How to Know That Your Sports Betting is Profitable

Analyzing Results: How to Know That Your Sports Betting is Profitable

Published by Programme B

Sports betting is a fun and profitable craft. But to make it so, you need to approach it mindfully. This might include many things. But your result analysis stays on top of them. What is it? Why do you need it? How to do it? Answers to these and other important questions are in the following guide.

Who Needs to Track Their Betting Results?

Do you want to make money from betting? If your answer is “yes,” then you should definitely track and analyze your results. However, only in case you bet frequently and consistently. 

Hence if you like to throw a couple of random bets occasionally, this is not worth it. You will simply waste more time analyzing than betting and watching games. 

What is the Result Analysis 

Betting result analysis is a process aimed at reviewing your past bets. Consider it as homework in school or university. You do it in your free-from-betting time to make your future bets more profitable.

You get a better image of your betting performance when doing result analysis. It lets you see your betting flaws and avoid them when wagering. Plus, it tracks your income.

To conduct a good result analysis, you need to collect some information. This includes:

  • Matchup and its details (teams’ strengths, weaknesses, previous matches, mental and physical states, etc.);
  • Betting line;
  • Odds;
  • Bet amount;
  • Outcome;
  • Profit.

Also, don’t forget to track your deposits and withdrawals too. They will serve as a conclusion to your betting session (consider 1 deposit as it). 

Yeah, it seems like a lot of information. And it really is. However, if you use a proper bookmaker like GGBet Canada, managing it will be effortless. This site has a bet history. It shows you all your previous wagers with information about them. This section will help you find all the information we’ve just discussed.

How to Analyze Results

So what do you do with the collected data? You must engage your brain and see how to improve your next bets. It’s like you are a detective standing above the desk with case-pertinent facts. He must think about them and understand how to extract the value of each.

Let’s clarify this by taking a few examples. For instance, you’ve wagered on the match-winner line in a basketball game. The thing that pulled you into a bet was 2.5 odds. You thought that they were worth the risk. But you were wrong. Your next step would be thinking, “Why was I wrong?” And there can be many reasons for that. But let’s imagine you haven’t done a good matchup analysis. 

So now you know that before being lured by profitable odds, it is better to double check the matchup and pre-game factors.

Interestingly, analyzing the bet outcome will often take you back to the match and its details. So you’ll understand how crucial analyzing it is.

Organizing Your Result Tracking 

You may be thinking, “How do I deal with all this information?” At first glance, it seems like a hell of a task. But once you start noting it, the process will be very easy.

You can do it in many ways. However, the most popular one is through Excel tables. It has many benefits:

  • It allows you to sort tracks by days, weeks, months, tournaments, or deposits;
  • It has formulas for a quick income/losses calculation;
  • It is free in free online access;
  • Even weaker modern gadgets can run it;
  • All the data is saved in the cloud, so it doesn’t take up your memory space.

On the other hand, you can use a banal notepad for your tracking and analysis. Even though it doesn’t have as many benefits as Excel, it’s still a good and reliable method. It’ll work best for bettors unfamiliar with Microsoft Office Apps who don’t want to learn them.

Pros and Cons of Result Analysis 

An obvious benefit of result tracking is knowing your profit. Active bettors often get lost in their losses and income. So at the end of the week/month, they don’t even know if they earned something. If you find yourself in this scenario, it is time to implement result analysis in your routine. 

Another benefit that you could probably notice from reading is a betting improvement. Seeing how you’ve wagered and what it resulted in allows you to catch mistakes. And so you can get rid of them in future. 

If you do so, you’ll also see how your results change through the tracking. And it not only feels great to know that you have improved, but it also fattens your wallet.

Speaking about cons, there is just one: time consumption. You need to regularly fill your notepad/tables and analyze what you did wrong. Yeah, it feels like a routine. But always remember how many bonuses you get in return. That’s definitely at least worth trying out.