If you are like most people then there is a chance that you have regretting something that you did in the past. Heck, you probably even wish that you could go back and redo it. What if you could go back and change your current career path? Maybe have a second or third child. Well, hindsight is 20/20 and this is a theory that can be applied to sports betting as well.
However, in this specific case, you can actually use this hindsight to improve your sports betting strategy. And, this is exactly where backtesting comes into play.
What Is Backtesting?
If you do any research into sports betting or sports betting strategies there is likely a chance that you will come across something called backtesting. It probably doesn’t seem important or didn’t seem important at the time you saw it, but it is! When you hear someone talking about backtesting, they are simply talking about the process of evaluating a sports betting strategy based on relevant historical data. This is the very same technique that is applied to a lot of other fields and industries. For instance, people use backtesting every day when trading cryptocurrencies and stocks. Backtesting is basically a simulation of a strategy in play over a certain period of time. When you apply this strategy correctly in the right settings it is more than entirely possible that it could help you determine the success of a specific strategy.
How To Use Back Testing
Before you can take advantage of backtesting and everything that it has to offer, you must first have a strategy. It doesn’t matter if you are betting with an online quality bookmaker like Betninjas or you are betting locally, you must have a sound strategy. For this purpose, this article will use the strategy of covering the spread after a loss with the favorite. This is a very common yet simple strategy and this is why many people use it every day. The very first thing that you want to do is create a spreadsheet so that you can track your data. The information on the spreadsheet should include all the relevant games, the dates of those games, the bets that you made, and the actual results of these games. Now it is just simply a matter of looking at and evaluating the results.
Evaluating The Good And Bad
At the end of the day, you can see that backtesting is fairly simple. However, just like every betting strategy out there, it does come with its own positives and negatives. One positive is that you can actually influence your long-term chances of winning by consistently finding value in lines. This will give you the ability to test out betting strategies with the previous games that you have collected here. The best part is that you won’t be risking any actual money. The biggest downside to the strategy is that it is going to take tons of time to compile all this information. You will literally have to compile data and stats from every game of the team that you are betting on. If the season is nearly over, you could be looking at over 100 games or more.