Keep Track Of Sports Bets
Going hand in hand with financial management is record keeping. It’s not fun to keep track of your bets in detail, but it’s a must for any serious sports bettor.
If you don’t know how to track your sports bets, you’ll likely make errors that drain your bankroll.
How do you keep track of sports bets? There are many ways to track your sports bets, but the crucial thing is to be detail-oriented. Change the way you keep track of your wagers. Make use of a sports betting tracker. It’s a straightforward but crucial method for optimizing your betting ability.
Unfamiliar with sports bets tracker? Well, familiarize yourself with it as you read through this article. I will also discuss why keeping a tracker of your bets is crucial.
Keeping Records When Betting On Sports
You won’t know how much you’re up to or down if you don’t keep accurate records. It makes calculating your bankroll and, consequently, bet size much more difficult.
Additionally, failing to keep track of your bets will prevent you from accurately calculating your edge in betting markets.
Let’s face it. We know better than most that sports betting can be fun. Few things beat sitting down with a few beers and some friends in which you have a stake.
However, if you’re serious about making money betting sports, you’ll need to keep records at some point.
It’s the only way to accurately analyze your results and place wagers that match your bankroll requirements. It’s also a huge help and possibly a legal requirement when filing taxes.
How To Keep Track Of Your Wins And Losses
You can keep track of your wagers in a variety of ways. You can keep it old school with pen and paper. However, finding historical data can be difficult. This is not the best approach unless you can keep it well organized.
You might go old school and hold the data in a word-processing document. But I am telling you that it’s hard to sift through, just like with a pen and pad. As a result, we have two options left.
- The cheapest, but it will require some knowledge of how to use an Excel-type spreadsheet. You will need to use separate tabs and sort data. However, if you can figure it out, a spreadsheet will provide you with everything you need.
- You could invest in some record-keeping software. In contrast to handicapping services, this is a sound investment. A simple Internet search and review of programs should lead you to the appropriate software.
Sports Betting Tracker
Microsoft Excel is a fantastic tool for about anything, including sports betting. Keeping track of your wins and losses is as simple as entering your wagers daily with Excel knowledge.
It’s a few years old, but it’s still the best spreadsheet for keeping track of results.
The sports bet tracker is a simple but effective way to keep track of your bets. It gives you a complete and comprehensive overview of your betting history with statistical analysis.
People with multiple accounts could use this excel feature. It allows you to track each bet made with different bookmakers.
And when it comes to math, all the hard work has already been completed, and the built-in Excel formulas eliminate the need for any calculations.
Using The Sports Betting Tracker
There are six layers in the Excel spreadsheet. You can switch between sheets by clicking on the tabs along the bottom. The green excel tabs will enter your information, and the blue ones are used to generate betting statistics.
Keep in mind the existing data format when entering your information. There are examples to guide you when you download the spreadsheet. Remember to delete any previous entries to ensure that your results are accurate.
If you delete a column or a tab while entering data, the formulas and results will be affected. All of your betting results will come from the settings tabs. It is critical to enter as much information as possible to calculate your winnings accurately.
Sections In A Sports Bet Tracker
Bets
This section will tell you which bet type has been the most successful for you—for instance, single or handicap bets. If you don’t want to specify, type in to score for any bet.
Available funds
This section shows how you can track your credit with each bookmaker. It will provide the exact balance in each account displayed.
Deposits and withdrawals
It’s simple to see how much you’re winning and losing by using an excel betting spreadsheet. Something we’d all like to be aware of.
The Deposits & Withdrawals tab helps you avoid miscalculations, overspending, and figuring out how much money you’ve won.
Overall performance
- Your strongest and weakest sports.
- The most profitable type of wagering.
- Pre-match or in-play betting power.
- If you’re making money.
Creating Your Own Excel Spreadsheet Tracker
The Sports You Bet
This one may seem self-evident, but it is the only place to begin. It may seem like there’s much value in this column.
However, keeping track of which games you’ve played is crucial for several reasons. When you’re betting multiple games on the same day, losing track of your wagers is easy.
You want to be able to see where you’re succeeding quickly. Perhaps you’ll notice that betting on a specific team has helped you win most of your games, and you can incorporate more of their games into your overall strategy.
In addition to tracking the matchup, keep track of who was at home and away. It doesn’t take long to add a few details that may be useful in the future.
The Bet
This section is where things start to get a little more complicated. You’ll need to keep track of your bet using the numbers after writing down the teams in column 1.
Some people use several bets regularly, such as totals, spreads, money lines, and even prop bets. If you are one of them, it’s helpful to know which ones you’re winning and which you’re losing.
That isn’t to say you have to go all out, and it should be necessary to write down the bet similarly as it appears on a betting slip. You should be fine if you can easily recognize which plays you’ve made.
Risk-To-Win-Or-Lose
Want to know the most critical thing to keep track of? The one that tells you how much you’re losing and how much you might win. I think this column is crucial; it gives you a clear picture of how much you’re making high-value plays.
The risk-to-win numbers will or may not be noted on your betting slip, and you will need to calculate them at times.
There’s a reason why playing the odds is a tactic. It works over a longer time and benefits those who can tolerate a small risk.
It may appear to be more beneficial to concentrate on winning bets. However, betting on heavy favorites is usually not a profitable long-term strategy.
Remember, it does not matter how many bets you win but how much money you earn when placing bets. This column lays it out before you, making low-value plays even more difficult to overlook.
Sportsbook
If you’ve been betting with just one sportsbook, it’s time to switch things up. Not all sportsbooks offer the same odds.
If you don’t shop for the best odds for your particular wager, you’re wasting money. It may not seem significant initially, but it adds up over time, like everything else.
These deals may seem too good to be accurate, but they are genuine for the most part. Take advantage of them, and you’ll be able to reduce your losses at the very least.
Make a section to track which books you’re reading as you go. It will remind you to use the internet as a daily gambling strategy.
Win Or Loss
I won’t go into much detail on this one because it’s as evident as it gets. Also, it is imperative to remember that the + or – is in the money column, indicating how much money you’ve won or lost on any given play.
Bankroll Tracker
Nothing is more critical than getting a good bankroll management plan if you want to be a profitable gambler. You shouldn’t add any more capital until it’s depleted, which hopefully won’t happen.
Your bankroll is crucial because it keeps you from wasting much money without realizing it.
It would help if you thought about your betting budget and other aspects of your life. Make a section on your bet tracking sheet where you can always track your financial situation.
Conclusion
Doing something that works for you is all that matters. Not because other people feel comfortable using the first method, it means you will be.
The top priorities should be ease of use and accessibility. You should be able to save or back up data if something goes wrong and you lose it.