Bettors often track their performance based on how much money they are making from sports gambling. But going strictly by profits and losses may not tell the whole story when assessing a sports bettor’s performance. Those who want to get a better idea of how their bets are performing can use a bet tracking spreadsheet to get a clearer picture.
Why Track Your Bets?
There are a few key reasons to track bets. The most glaring reason for doing this is to get a clear picture of what sports a bettor is turning a profit in and what sports they are failing to turn a profit in. Understanding which sports are generating money and which are not can help bettors to make adjustments to their betting strategy, such as betting more or less on specific sports to enhance profitability.
An additional benefit of tracking bets is developing a system of accountability with yourself. Tracking every bet placed requires bettors to write down what they have wagered and how much they are wagering each time. Bettors who may be susceptible to poor bankroll management can help alleviate that concern by logging their wagers and motivating themselves to bet in sustainable increments.
What Can Bettors Learn?
Bettors can learn a lot about their tendencies as a bettor when they track their bets via spreadsheet. For example, if a bettor plays a lot of favorites or underdogs, tracking their bets can show them that in a spreadsheet. That evidence can help bettors figure out why they are betting so heavily on one side of a bet on a regular basis and if they have any blind spots causing that.
Another item that bettors can learn from tracking their wagers is whether or not they are struggling with a particular wager type. If a bettor is struggling with spreads or totals specifically, for example, they can see that in one convenient location over an extended sample size. This can again prompt an internal investigation of sorts, where bettors can look inward to figure out what they need to change in their approach.
What Metrics to Track
The most important metrics to track are wins and losses across each sport, along with the amount being won and lost each time. Separating each tracked wager by sport, preferably using separate tabs in a spreadsheet, gives bettors the chance to identify their strongest and weakest sports so they can allocate their bankroll and focus accordingly.
In addition to which sport is being bet on and how much is being wagered, bettors should also track whether they are placing bets for a full game, just one half, or if they are placing in-play wagers. Some bettors are better at full game bets than bets that cover just a half and vice versa. Bettors who track their wagers and make a note of those details can identify those strengths and weaknesses so they can take advantage of the strengths and work to correct the weaknesses before continuing their betting.