Once you have mastered the art of bankroll management it is time to start tracking each bet you make. In the world of sports betting, numbers are king. And tracking your bets properly makes you gambling royalty.
In short, bet tracking is the practice of tabulating your betting history. Serious bettors will tally every “who”, every “when”, and every “how much” for all of their wagers. This allows them to look over their betting history, learn from any potential mistakes, and keep a careful account of their finances.
Average gamblers “track” their bets by looking at their bottom lines. For those of us who don’t want to be average, that’s not enough. Sports gamblers, novice, and veteran alike are guaranteed to improve their game with this simple hack.
How To Start Bet Tracking
The easiest way to begin tracking your betting is to download an existing Excel spreadsheet. This takes out much of the legwork needed to create your own tabs and internal calculations. Once you have your spreadsheet up and running, you can quickly navigate between tabs and begin plugging in your information.
The first sheet (in the spreadsheet linked above) helps you establish some basic information, like where you bet and what sports you bet on. It is important to fill this part out because your answers will populate dropdown windows in the rest of the spreadsheet.
This tab also allows you to determine your odds type (American, for most of us) and what your unit bet size will be (e.g. $20).
Deposits And Withdrawals
The next sheet provides you an easy way to track how much money you have put into and taken out of your betting accounts. If you put, say, $200 into your DraftKings and FanDuel accounts, you would put that info there.
This sheet also lets you track any bonus offers or free bets you may have received. This can be extremely helpful as it will enable you to keep track of the number of times you have rolled over your bonus offers. That way, you know when you can finally withdraw those funds.
The real action takes place on the Bets sheet. First, plug in the background information – the bookmaker, sport, time, type, and selection for each bet you place. Next, plug in how much you staked (probably one “unit bet”), the odds you received (e.g. +120 or -110), and the outcome.
The final section on the Bets sheet cranks the numbers out. It displays what you risked, what your payout was, and what your profit or loss from each of your bets was. Besides tracking your finances, these columns will also help you to be mindful of how much you stand to lose and gain before you place any bets with your sportsbook.
This sheet simply lists your net winnings and tells you how much you can withdraw at any given time. However, if you utilized a bonus offer it will be important to remember how many times you need to bet it through to withdraw (hence the deposits sheet).
When it comes to improving your abilities as a gambler, the Performance Summary sheet is your greatest asset. This sheet breaks down your gambling history across different betting categories and gives you the chance to see where you’ve been falling short and where you’ve been most successful.
The insight needed to improve your game comes from studying your past performance. This sheet gives you the vital stats to do just that. It quantifies your performance across sport and bet types, giving you a clear way to assess your winning percentage and net profit in each domain.
Once you have bet for a long enough time to accurately evaluate your strengths and weaknesses, you can decide when and how to tweak your strategy. Maybe you win most of the time when betting on MLB but lose on the NFL. Maybe you outperform betting the moneyline rather than betting the over/under. Now you can use this info to tweak your strategy as needed.
The last sheet provides you with a graph to see how your betting performance has oscillated since you began. Visual aids like this showcase your trajectory as a gambler. It also serves as a potent reminder that we all go through ups and downs in our betting – so no need to get emotional.
Why You Should Start Now
If you’re serious about improving your game, the effort required to track your betting is well worth it. It helps you break bad habits and cement good ones. It helps you keep a careful eye on your finances. And, yes, it will probably help to make you a better gambler in the long run.