You can unlock a wide range of benefits by keeping a meticulous record of your wins and losses at online sportsbooks.
Bet tracking allows you to evaluate your performance, learn from previous mistakes, and identify your key strengths as a handicapper. This can boost your chances of earning a profit when betting on your favorite sports.
Effective bankroll management will also be easier if you track your bets, and it can be helpful when you file your annual tax return, too.
This guide highlights the key pros and cons of bet tracking. We will explain how to make your own bet tracking spreadsheet and highlight some free apps and websites that offer bet trackers.
What Is a Bet Tracker?
A bet tracker is a spreadsheet or document that allows you to keep a detailed record of your wins and losses. Learn how to bet before you get started. Be sure to collect your welcome bonus from the best online sportsbooks.
Previously, handicappers used pen and paper to track their bets. However, modern technology has provided more sophisticated options. You can create your spreadsheet in Excel or Numbers or use a free app or website to track your bets.
That is helpful, as you no longer need to worry about physical documents being lost or damaged. You can regularly back up your bet tracker and use advanced analytical tools to gain insights from your bet tracking and adjust your wagering patterns accordingly.
How To Track Sports Bets
Tracking sports bets is pretty straightforward when you get into the swing of it. You just need to make a note of these details:
- The date of the bet
- The sport you wagered on
- The league or event you placed the bet on
- The type of bet (such as a spread or moneyline) and your pick
- The amount you wagered
- The odds of the bet
- The result
- The amount you won or lost
This will allow you to track your overall profit and loss over a prolonged period of time, such as a season or a calendar year. You can pull out useful trends, such as your most successful sports, leagues, and bet types. You can then use those insights to tweak your approach moving forward.
If you are tailing picks from handicappers, you can also measure their performance and determine whether they offering value.
Pros and Cons of Bet Tracking
There are lots of advantages/disadvantages to bet tracking.
One additional benefit concerns taxes. You can deduct any gambling losses from your winnings when filing your tax return. That can reduce or eliminate any tax liabilities. However, it requires you to keep a detailed, itemized record of your wins and losses, which won’t be a problem if you have been tracking your bets each year.
These are some of the key benefits:
Identify Your Strengths and Weaknesses: You can accurately assess your long-term performance as a handicapper by keeping a detailed record of your wins and losses. This allows you to pinpoint your strengths and weaknesses, and you can then adjust your approach in the future. Spot Patterns: You may notice certain patterns. For example, you may struggle during the first few weeks of the NFL season when teams are still finding their feet and new players are adapting to different systems. You may then enjoy a profitable period during the middle of the regular season when you have more data at your disposal. Toward the end of the season, you're swinging to a loss when some teams lack motivation. If so, you will know when to increase your bet sizes and when to proceed with caution in the future. Bankroll Management: It is easier to manage your bankroll effectively if you keep a detailed record of your bets. Effective bankroll management is crucial from a responsible gambling standpoint, but it also helps to separate sharp bettors from their recreational counterparts. Learn From Your Mistakes: You can identify bad handicapping decisions by tracking your bets. For instance, you may have been betting mindlessly on your favorite teams or ignoring key trends. You may also notice that placing prop bets or parlays has been an ineffective strategy. When armed with this information, you can adjust your strategy. Boost Confidence: Taking a data-driven approach to performance evaluation can boost your confidence as a handicapper. If you can see tangible success on certain sports and bet types, you will be confident when placing those wagers in the future.
few potential downsides to bet tracking
Time-consuming: Bet tracking is a time-consuming process. If you are a casual bettor who simply enjoys placing a few sides or totals each weekend, you may lack the inclination to build up a meticulous spreadsheet, as it can feel tedious. Recency Bias: Just because a strategy worked in the past does not necessarily mean it will continue to do so. There is a danger of falling for recency bias if you make all your decisions based on past results. Removing Spontaneity: Sports betting is designed to be entertaining. It can be fun to place a spontaneous prop bet or a long-shot parlay, but bet tracking may dissuade you from doing so.
Best Sports Betting Trackers
You can easily create your bet tracking spreadsheet. We have discussed how to do so in the next section.
However, some bettors may prefer a ready-made sheet within a dedicated app or website. If so, here are some of the best options at your disposal:
- BetDiary: This is a helpful resource for anyone interested in bet tracking. You can easily enter each bet you placed, along with the odds and the result. You can then access a range of charts that highlight your performance. The site also allows multiple bettors to track bets on the same sheet, so you can get your friends involved and make it a fun contest.
- Pikkit: A high-quality app that allows you to synchronize a wide range of legal online sportsbooks, including FanDuel, DraftKings, BetMGM, Caesars, bet365, and BetRivers. That makes it easy to automatically track your bets if you hold accounts with multiple sportsbooks. The app is free to download and use.
- Heatr: This is another free app that offers real-time results and bet tracking. You can upgrade to Heatr Pro for a modest monthly fee, which will remove the ads, but the app is free if you don’t mind a few ads popping up.
How To Make Sports Betting Tracker
It is pretty simple to make a bet tracking spreadsheet. Just follow these steps:
Create Columns
For the date of the bet, the sport, the league or event, the bet type and your pick, the odds, the amount wagered, the result, and the amount you won or lost.
Log In
Each of your bets after you place them.
Enter the Result
And the amount won or lost after the bet is graded.
Keep a Running Tally
Of your total wins, total losses, and overall profit/loss.
Review Your Performance
On a periodic basis and adjust your approach based on the insights gleaned.
Tips and Strategies for Tracking Bets
Follow these tips to track your bets effectively:
- Upload each bet on your tracker immediately after you place it. If you do not add it straight away, you may forget to do so at a later date.
- Use the “Sum” tool in Excel to calculate the amount you have wagered, won, and lost, as that will remove the potential for human error.
- Consider using an automated bet tracker that will remove the need for manual updates.
- Practice sensible bankroll management. Keep your bet sizes consistent, as that will make it easier to identify patterns in your betting history.
- Use analytical tools to highlight your strengths and weaknesses as a handicapper.
- Adjust your strategy based on the patterns you identify and the insights you gain when tracking your bets.
- Remember to factor in any sportsbook bonuses and loyalty rewards received when calculating your overall profit or loss.
- If you are following picks from a handicapper or multiple cappers, consider creating a separate bet tracker with their picks to see if they are helping you earn a profit.
Bet Tracking FAQ
Some bettors simply use a pen and paper to keep track of their wagers, but it is safer to use a spreadsheet. That will reduce the risk of human error when making calculations, and you can also keep backup copies of your betting history. You can create your spreadsheet, or you can use a site like BetDiary.
Yes, most sharp bettors will keep a meticulous record of their wins and losses. This allows them to evaluate their performance, learn from their mistakes, and effectively manage their bankrolls.
Pikkit is an app that offers free bet tracking. The app allows you to synchronize picks from all the leading online sportsbooks, including FanDuel, DraftKings, BetMGM, bet365, and Caesars Sportsbook. Alternative apps and sites for tracking winnings include Heatr and BetDiary.
No, it is not strictly necessary to track your sports betting results. It can be time-consuming, so bet tracking may not appeal to recreational bettors. However, if you are serious about earning a long-term profit as a sports bettor, tracking your wins and losses is important.
Yes, you can deduct any gambling losses incurred from your winnings before paying federal and state income taxes. To do so, you must keep a detailed, itemized record of your wins and losses, which is why tracking your bets each year is helpful.
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