Submitted by rsteel on
I know the actual calendar has 3 days left in 2014 however for sports betting bookkeeping purposes today represents the last betting day. We close off every week on Sunday nights. We track our overall stats as well as the same stats broken down for each individual sport. The overall stats are closed off and started anew every calendar year while the individual sports stats are closed off when that sport ends for a particular season.
Bookkeeping is critical to your success in this business. You need to be able to tell where you are doing well and where improvement is needed. Administration takes me 5 minutes on a regular day and 10 minutes on a Sunday. It really is not that big a deal. You would not operate a conventional business without financial statements and cash flows nor should you this business.
For each individual sport and overall you should track $’s risked, profit/loss, return on investment, and +/- units. If you are unsure of any of the calculations or how to do this you can contact me.
2014 was a good year. Another profitable year. We only had 2 losing months. May the loss was minimal November was horrible. Our return on investment (ROI) came in at 5.401%. Within our expected range and although we only had 2 losing months the profits each month were well within our positive range they were not extreme except for October which was huge.
I would like to tell you that each year is the same and your bankroll and profits will grow in a straight line. That would be lying. Every year is different however the finish line is very similar with a bottom line ROI range that usually falls within 3-7%. Some years we get off to fast starts and then go sideways, other years we are in a loss position past the half-way point before we turn the corner. In over 20+ years of doing this I have experienced many different paths to the finish line.
So set up your 2015 admin system and follow along with me. Your results should be very similar to mine. The ONLY way they are not is if you miss plays or you do not effectively shop at enough sports books to get the best line possible. Regardless of the dollar size of your unit you should be dealing with at least 3 sport books in order to diversify your risk.
Patience, proper money management, discipline and shopping are the keys to long term success.
Let us take this journey together and have a great 2015 with massive profits!