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re return on investment & profit on turnover.
I often see confusion over this with people quoting figures and then calling it in words one thing when it should be the other.
Info on the difference with worked example at
http://www.sports-betting-blog.co.uk/roi-in-horse-racing/PS going back to Professortrubshawe’s original question
Personally I find spreadsheets a great help.
If you have a spreadsheet with all the base data it is easy enough to do calculations based upon it.eg strike rate, total profit , ROI percentages etc.
I can give you sample simple spreadsheets if you like Professortrubshawe.
If not too clued up on excel or open office spreadsheets there are plenty of cheap beginners guides on amazon etc.
Get in touch if you want a sample spreadhseet.
One way would be to open an online betting account (horses only), then open a bank account that you use purely for gaming.
You can then keep an accurate account of your activity throughout the year with transfers to your allocated online account and withdrawals of winnings returned to your bank account, hopefully at the end of the year you will be in profit…good luck
Things turn out best for those who make the best of how things turn out...I used to keep track in my Laddies diary (other diaries are available), which used to go swimmingly until I invariably lost it around a fortnight before the festival.
…but can anyone take me through the best ways and the pitfalls of tracking your own profit, to a pound stake and all that. I am finally disciplining myself in this department and I want to make sure I’m doing it right and not kidding myself.
With the double act of Hurdygrudyman and Gingertipster I bet you’re sorry you asked that question.
Tracking bets to a hypothetical pound is easy just keep a paper trail of your bets. Either by what’s been suggested online, even using other selections of this forum or much more easier some kind of ledger.
Singles are the best bets, but keep a full record of selection (usually horses, but could be other kinds of bets). Write a loss as a minus pound, a win would be written excluded stake back.
Eg two losers, and a 13/8 winner would be….
loser -£1.00
loser -£2.00
winner 13/8 (+£1.63) -£0.37The 13/8 winner would actually return £2.63 but a pound is actually your stake money so profit from this bet is £1.63 which bring the example total to a loss of 37p over the 3 bets.
Example 2
loser -£1.00
loser -£2.00
winner 13/8 (+£1.63) -£0.37
winner 11/8 (+£1.38) +£1.01.Do hope this helps
…but can anyone take me through the best ways and the pitfalls of tracking your own profit, to a pound stake and all that. I am finally disciplining myself in this department and I want to make sure I’m doing it right and not kidding myself.
With the double act of Hurdygrudyman and Gingertipster I bet you’re sorry you asked that question.
Well sorry for trying to help.
Value Is Everything…but can anyone take me through the best ways and the pitfalls of tracking your own profit, to a pound stake and all that. I am finally disciplining myself in this department and I want to make sure I’m doing it right and not kidding myself.
With the double act of Hurdygrudyman and Gingertipster I bet you’re sorry you asked that question.
Well sorry for trying to help.
Ginger you’re make a great politician,
, as the question was how to record profits and loss to a pound unit and you answer with how to judge value.Great to know but hardy answering the question in hand.
Did like Hurdygurdyman’s biscuit tin answer which is a tongue in cheek answer. All I have left in Hurdys tin is crumbs.
Well sorry for trying to help.
Ginger you’re make a great politician,
, as the question was how to record profits and loss to a pound unit and you answer with how to judge value.Great to know but hardy answering the question in hand.
Did like Hurdygurdyman’s biscuit tin answer which is a tongue in cheek answer. All I have left in Hurdys tin is crumbs.
RR,
I suggest you read my posts again Sir. They’re nothing to do with "how to judge value".First post responds to Hurdy’s post about
staking
, rather than the original poster. And as I said at the start of that post, I was not sure the OP was asking about staking anyway.
Hope my second post went some way to answer the OP’s question about "
the pitfalls of tracking your own profit
"/loss account. Pointing out how doing a
profit/loss
can affect both confidence and my studying / working out (ie value). Like how confidence can affect anyones working out (whether they’re studying involves "value" or not).
Value Is Everything
, as the question was how to record profits and loss to a pound unit and you answer with how to judge value.
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