Betting and sports trading spreadsheet
- Updated: 15th January 2020
The utilization of spreadsheets and betting trackers in online betting and sports trading is a very well-known resource and has a very large history.
Betting and sports trading spreadsheet
A simple google search will show you how this is such an extensive topic and can be utilized in several different ways: Whatever is the technology that bettors have to control their data, and whatever the objective they have behind the utilization of an electronic spreadsheet, which variables can and should be inserted, which statistics your spreadsheet can produce and how it can help you in sports betting, and if you should utilize a ready-to-use spreadsheet or developed by third-parties.
All of these questions have already been on the mind of bettors for quite some time.
Therefore, at the same time they need to discuss such an important topic in a critical fashion and that is interesting for so many traders and bettors, it is necessary to be careful with the huge variety of approaches and uses that this topic can have in our universe of knowledge.
Betting and sports trading spreadsheet – What is the objective of controlling your data?
The utilization of spreadsheets on online betting as we’ve said can contain a lot of uses and diversity.
It will be up to each bettor to customize it to its own needs. However, for both newbie and experienced bettors, the spreadsheet has an essential role in terms of organization, control and data record about your bets.
All of our development as bettor should necessarily go through the analysis, reanalysis and reevaluation of the bets made under the light of success or failure of our selections.
As I always say, we as bettors learn more with the losses and prejudice than with the bets won that can be illusory. Therefore, saving the information about our bets in an organized and systematic way is essential for this consistent learning.
With everything stored, it will be possible to tabulate this information and draw important conclusions from it and change courses when things aren’t going well.
Self-knowledge is essential in sports betting, but it is only possible when we have all of our important data stored in a spreadsheet so that we can always check it whenever we wish and also allow us to treat them statistically.
Therefore, it is essential that any bettor that intends to be profitable or have a career in this segment to control your data and your betting variables. It is like an X-Ray where we can analyze our soul as bettor.
Spreadsheet, table or database?
The word diversity can be utilized once again here. It is hard to indicate a prompt recipe for the bettor or trader to follow blindly. I believe that each one will have needs and demands that will be served by each kind of technology.
Each person will have more ease in utilizing certain kinds of data storage for their betting track record and for the purposes of each one in terms of data. In that sense, it is very important to reflect on that before starting.
Because the longer a bettor organizes his data in a specific fashion under the auspices of a sort of organization (table, spreadsheet or database) it will become harder to adapt to other type of organization in the future in case they wish to change the data structure.
Thinking about data storage, be it in any nature, it means thinking about its uses and the several ways that can be utilized looking ahead.
Without a doubt the electronic spreadsheet through the most popular programs like Excel or OpenOffice are the most widespread ways to utilize a spreadsheet.
Given the universality of these software, it is natural that when somebody gains interest in organizing its data, they end up resorting to this kind of offer.
But there are also specific programs of data organization that aren’t necessarily spreadsheets. Listen, I’m not telling you what program you should use to make your own spreadsheet.
But I’m speaking about ways bettors can organize their data. The utilization of the spreadsheets through that software is easy. But it is also limiting at the same time.
Because you end up being forced to follow the parameters utilized by them. For that reason, a lot of bettors have been preferring to program personalized databases in SQL so that the bets’ storing and consequently the tabulation of the stored data happens in the way the bettor desires.
But I should acknowledge that is an extreme for those that are looking to be almost perfect.
Most of the times, the most popular and widespread solutions end up serving even if partially the needs of bettors and trading professionals. And without a doubt the most utilized way by everyone is the electronic spreadsheet.
Which program to use?
Here we will speak about the technology that bettors and trading professionals can utilize to develop their control.
The most popular program to create spreadsheets and constant utilization of data is definitely Excel.
The program that is present on the Office package is the most traditional one in this segment and it is also the most disseminated one through courses and because of how easy it is to access.
That also happens because the program is very user-friendly and intuitive, which makes things easier for everyone to develop their recipes and spreadsheets without the process being too overcomplex.
The problem here is that it is not a free program and therefore, you have to purchase a license of the Microsoft program to utilize it.
But for those that don’t want to spend any money to create their spreadsheet, there are a lot of free alternatives. One of the most popular ones is the OpenOffice or LibreOffice.
These are two free packages with Portuguese versions of very similar programs to the Microsoft Office ones, such as text editors, slide presentations and of course electronic spreadsheets.
The similarity with Excel is very big, which ends up making the transition of every user onto these platforms easier. To have access to them, you just need to download them for free and install them on your computer. It is unnecessary to say that these are open source programs, which means they are free to use.
There are other suites of utility programs like the ones I’ve mentioned here such as Free Office 2018, amongst others, but all of them end up following the same pattern of similarity with Excel and the fact that they’re free.
Mac users have at their disposal Apple’s version of Excel: Numbers. In a very similar way to Microsoft’s program, it offers every necessary solution in terms of electronic spreadsheets for the users of the Macintosh platform.
An alternative that has been becoming more popular because it is very useful besides being free are the Google spreadsheets or Google Sheets. Practicality here is huge.
You just need to have a Gmail account in order to access the Google Docs platform and consequently their spreadsheet solution.
The program is very similar to Excel and in some situations, it ends up even being superior to the Microsoft program. You can save your spreadsheets in the cloud and share them with work groups, allowing you to organize your data with collaborative editions.
All of that in a very accessible and free fashion. It is natural that this Google solution will end up becoming more and more popular.
There are other alternatives such as Zoho that due to their integration with the Astana collective work platform can be useful for a lot of bettors. The Thinkfree, BIRT and Quip with all the free offers in terms of spreadsheet solutions.
The fact is that the bettor has at its disposal free and paid alternatives to store their data in a satisfactory fashion through software developed specifically for that.
Control or Projection? What is the objective of a spreadsheet?
There is no right answer for this question. It can be one, the other, or both. Each bettor might want something from a spreadsheet. The ideal scenario is that the bettor should have the two kinds of control and data production.
A spreadsheet that stores information of all your bets made with the main control variables. But also, a spreadsheet with formulas and loads that allow the bettors to be able to help on the quest for value bets.
An integration between both is also very important because predicting the future on the case of sports betting is directly related to the patterns observed on your previous bets.
The question is that the complexity of one type and the other is a bit different. A spreadsheet destined simply to storing information doesn’t necessarily have to have formulas or more complex analysis structure.
Anyhow, a spreadsheet destined to help the bettor or trading expert producing fairlines will inevitably need formulae insertion so that the calculation of pros and cons can be done in a more precise way.
On this kind of spreadsheet, we are responsible for building the analysis formulas from the data we’ve inserted ourselves.
For example: team’s moment of form, home advantage, roster quality, importance of the match, amongst other aspects so that, through the formulas we’ve created and the importance we’ve assigned to each one of the variables above can help us reach values for our betting fairlines.
The fact is that, whether it is for control, projection or both, the use of the spreadsheets is essential for your work as bettor. It is not a dilemma but more of a complementary question since we can create specific spreadsheets for all those mentioned needs.
Additionally, we can speak about bankroll management.
A lot of bettors create spreadsheets exclusively to play this crucial role in sports betting: bankroll management!
Of course this kind of function can be inserted on a control spreadsheet but a lot of people decide to treat this so fundamental aspect of sports betting such as the control of money in an independent way.
An additional tip here is that course platforms sometimes offer free courses for the main spreadsheet programs available on the market.
Because of that, in case you still have difficulties to create and operate this software, Udemy, Youtube and other platforms can be very useful for you.
Which variables can you utilize to build your spreadsheet?
This might be the most important point when building your electronic spreadsheet. The future of your data tabulation and the results and conclusions that the bettor might draw from his set of information will always be directly related to the quantity and quality of this storing.
Therefore, it is crucial to choose variables and information that you consider essential for your betting method. Of course, it is always possible to recover information and add to your spreadsheet.
But it is always more complicated to make a reverse update of thousands of bets than adding all the necessary information as we go, and that way build an adequate database for our betting activity.
I’ll give an example: at the start of your storage, you ignore the ball possession of the match as essential information. But in the future, after thousands of bets, you start believing that this variable can have an important influence when determining a fairline.
If you had stored that information from the beginning, you could just check that data and draw the necessary conclusions from that.
But if that wasn’t stored from the beginning, you will need to review all of the bets made and insert this information on the system so that you can have that data in your set of information.
The difference in terms of work volume and the risk of not being able to check this information in the future is a lot bigger.
Therefore, before starting to store data or organize them on a spreadsheet, you should think very well about the variables you will utilize. Think about the concept.
And in this point, you can even exaggerate in the quantity, because in the future having more information will be more important than having less information.
On this case, information like:
• bet type,
• a field to evaluate the quality of the bet made as aftermath
• period of the year
• interest of the team in the league, etc.
The options here really are unlimited, and it really depends on the kind of data your analytical method in sports betting considers to be important.
But that is when we are speaking about a storage spreadsheet. However, what about when we are speaking about a spreadsheet that is made for projection, that takes into consideration weights and measures? Which variables are more relevant on one case and the other will vary a lot from bettor to bettor.
Especially because on the more predictive spreadsheets, the approach is completely different, since you prioritize different data and also because you will depend on the customization of formulas so that data can be handled.
But we can name a set of essential information that we should keep track of in our spreadsheets.
Since a predictive spreadsheet needs to help us make decisions by creating updated indicators, the contextual variables end up gaining more importance:
• Team’s momentum
• Team’s form
• Quality of the roster
• Team’s financial situation
• Interest in the game
• Focus in the league
• Home advantage
• Offensive potential
• Defensive potential
All in all, there are several aspects that can have an impact on a team’s performance and that way have an influence on the production of the betting line. But it is also worth reminding that the importance assigned to each one of them will always be evaluated through your analysis method.
Developing your own spreadsheet or utilizing one created by others?
This is the million-dollar question. Whenever it is possible, you should develop your own spreadsheet. The reasons to do that are already implied on the arguments we used above.
Firstly, if it is a storing spreadsheet, the ideal is that it should be developed under the criteria of your analysis method and your needs. Utilizing variables that the bettor considers to be important for his activity as bettor.
Of course it is always possible to utilize the material produced by others.
In fact, a lot of people even try to sell spreadsheets for bettors and trading professionals. Or they try to lure in careless ones to their courses and WhatsApp groups offering versions of electronic spreadsheets.
But when utilizing a third-party spreadsheet, you should know that was created under specific criteria of a person and not following the parameters that you consider important. Those variables and aspects were important for someone else.
And what’s the importance of that? The importance of that is that each bettor is a universe, creating his own method and spreadsheets according to what they consider to be relevant, and what other people consider to be relevant will generally not make you feel comfortable or be useful for you.
Besides that, when using spreadsheets to make better predictions, they can mislead you and calculate lines that aren’t good for you or that would have no value for you. Do it yourself, and if you’re not sure how to do it, do some research!
The miracle of spreadsheets – Do they offer fairlines and value bets? Or do they indicate selections?
As I’ve tried to demonstrate in this text, a spreadsheet is a customizable mechanism that can be built according to your preferences and what you consider to be important when analyzing a sports event in order to analyse a certain selection.
They can help the bettor or trading professional build fairlines or evaluating the lines that the bookmakers offer. But imagining that spreadsheets will offer you winning selections is an illusion.
Worse, some people believe that when taking spreadsheets that some bettors offer, they can use them to emulate their bets and that way be better when making value bets. That couldn’t be further from reality.
The spreadsheet is a structure that the bettor fills and that’s when it can help you make decisions in the world of sports betting and trading. But it is not an entity that will be capable of offering winning bets.
Don’t believe in miracles in sports betting. A lot of bettors are always looking for a Holy Grail or an illusion that will be capable of producing winning bets. That doesn’t exist. And it will never exist.
Winning bettors are the result of hard work, thousands of bets, building a method, applying it, reviewing it, analyzing data and consistent study and enhancement.
Of course that in this path, the spreadsheets can be a very interesting ally so that the bettor can store his data to study or to help him determine his fairlines and find value odds in an easier fashion. But it is not a miraculous tool, it’s more of a helping hand.
Therefore, you should obviously use spreadsheets for online betting and trading. But don’t expect them to do more than what they can offer: a technical help, but never a miracle!