Nobody can deny that we are living in the era of information. Data is everywhere around us, either readily available to be analyzed or available to be searched, collected and then processed. And it all comes down to making more effective and more efficient decisions.
This is universal. And of course it applies to sports betting as well. We select online betting sites or sportsbooks offering online betting in PH, let’s say, based on our research and we place bets based on some kind of information that we’ve got, which has helped us form an opinion. As you can see, data and information interfere with our decisions and choices all the time.
If this is so, then why shouldn’t information and data be used for developing or improving our betting strategy?
The first and most important thing that all bettors need to realize is that they need to maintain a detailed record of their bets. Keeping record of wagers is critical because it allows them to have an overview of their whereabouts at any point in time.
Having a picture of where you stand is then very helpful for assessing your current performance and making decisions on whether you need to change something or not.
But what is more essential in keeping records of all bets is that it allows for statistical analysis to be made. And what about statistical analysis? Why is it important?
Through statistical analysis we can make more informed decisions by exploring possible relationships between variables. But what kind of relationships can be explored in sports betting?
To be honest the list of possible relationships is non-exhaustive, but the thing is that not all are of equal importance. Basically, we want to test whether some of our decisions are more effective than others in leading to winning bets, whether some factors affecting our choices have greater predictive validity (they are more accurately predicting the outcomes) or if there are specific patterns which are typically manifested in our betting performance.
Such a statistical analysis is feasible through data processing, which in turn can be done only via recording in a detailed manner (as much as one can do) our betting activity. From factors affecting our selection of bets to the specific sportsbook the bet was placed on and from the bankroll strategy used to the final outcome.
In fact, the more details we add to our records the more we can statistically process the data and the more possible it becomes for conclusions to be reached.
Through exploring statistical relations or patterns, then, we can make decisions which move our strategy toward one way or another and so we gain conscious control of our betting actions and strategy as well.
Some of the simplest, yet very useful methods of analysis include descriptive statistics, multiple regression analysis, probabilities as well as general correlation analysis. With these tools you can easily examine whether there are factors which are related to the outcome of the bet (for example, you can examine whether a particular tipster loads positively on the outcome of the bet) and therefore have a predictive impact on the outcome.
Or you can also examine which factors are mostly influencing your success in betting. Or you can find patterns of bet outcomes which might be due to some independent variables and so on.
Overall, statistical analysis needs not to be fancy or complicated to give you substantial results and increase your knowledge and understanding of your betting strategy. You can certainly improve both your strategy and your effectiveness as a bettor if you manage to use wisely and properly simple statistical tools.
