Record keeping

As a rule, it’s safe to say that the longer time goes on, the more likely you are to remember your big wins than your regular losses. This means that you can tend to look at your past performance through rose tinted glasses and gloss over the performance of any persistently bad bets you tend to make.

Therefore, whatever gambling form you decide to undertake, you should be a conscientious and diligent record keeper.

You should list not just wins and losses, but the different playing conditions encountered and how you reacted to them. This information will be invaluable when determining playing strategies for future sessions. It will also help in keeping check on your finances. Without a record, it is easy for a player to lose track of their financial situation.

As well as the above, you should also maintain two easy-to-measure performance statistics: the percentage return and the percentage strike rate.

To calculate the percentage return, you need to keep a note of the running total of returns, which should include the return of any stake money, as well as a running total of the amount paid out in stages. You calculate the percentage return by dividing total returns by total stakes and multiplying by 100. You can perform this calculation for your overall activity, for certain types of bet, or for bets on certain sports or casino games.

The percentage strike-rate is the number of winners per 100 bets and is more useful for betting than for casino games, though you could use a casino session to represent a single bet. To calculate this figure, you should divide the running total of winners by the running total of bets and then multiplying by 100. The strike rate helps to establish an average probability for the punter’s betting selections. Again, you might find it useful to maintain this figure separately for different betting and gambling disciplines.

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