Keeping track of your winnings
Today I want to talk about keeping track of your winnings, I am going to explain why I think it is important and also dig into some tools you can use to track your bets. Including a spreadsheet template we have made just for you!
If you are here just to grab the template, here is the link.
Why it is important to keep track
So, lets start by talking about why it is important to keep track of your winnings. There are several reasons I want to highlight;
- You will know which bets make you long term profit.
- You will know which bookmaker is making you the most profit.
- If you manually track how much money should be in each bookmaker, you can always query with them if something doesn’t look right.
- It is easy to remember the wins, it is not so easy to remember the losses.
- You will know when it makes sense to be more conservative with your bets or more liberal.
- You will know which games or types of games consistently under perform for you.
- It offers proof of your performance over time – if nothing else this can serve as a useful tool for bragging rights!!
At its core, tracking your winnings on a spreadsheet is about doubling down on what works and cutting out what doesn’t work. This might feel like extra work and I would be lying if I said it wasn’t, but it does lead to long term improvement in how you bet.
Hopefully I have sold you on the idea that keeping track of your winnings is a good idea, so lets talk tactics on how to do it.
I personally think a spreadsheet is the perfect tool for keeping track of these types of things. They make it simple to perform the (relatively straight forward) additions and subtractions you will need in order to keep yourself right.
As I mentioned at the start of this post, we have put together a spreadsheet template that you can use to help get up and running quickly.
What I would suggest is keeping it simple, initially at least everything should be kept very simple. Here are the columns I recommend you start with;
- Date (important for sorting your bets)
- Home Team
- Away Team
- Odds you bet on
- If you Won or Lost
You can build out these columns more as you perfect a system which works for you. Some examples might include;
- The sport (if you want to bet on more that football)
- The bookmakers you used
- Columns specific to other sports (for example a placed field for horse racing)
If you don’t like the idea of using a spreadsheet to track things, there are other tools you can consider.
One that I found was BetBind, this is a free service which lets you;
- Keep a eye on your bankroll – they make it easy to see your daily, monthly (or any timeframe) win/loss.
- Learn which sport book company works best for you. You can compare with others, and see what works best for them
- Find out what others bet on, see their bet history and get tips. (I love this social aspect)
- Have a complete detailed record of all your betting.
- View your customisable betting stats broken down by time and games.
What do you use?
If you have been keeping track of your winnings I would love to know what techniques or tools you use to do it, let us know in the comments.