Why you should be tracking your sports bets
What data should you be tracking
What are the best ways to track your sports bets
When it comes to sports betting, there are a lot of things that go into being successful. You need to have knowledge about the sport, you need to understand the odds, and you need to make smart bets.
But another important factor that many novice bettors overlook is tracking their bets. If you don't track your bets, you won't know which ones are winning and which ones are losing. This can lead to disastrous consequences down the road.
Later in this post, we'll discuss how to track your sports bets effectively, but first, let's dive into the two major reasons why you should track your bets!
1. Manage your betting bankroll effectively 📈
Perhaps the most important reason for tracking your sports bets is that it allows you to manage your bankroll.
If you don't track your bets, it's very easy to lose track of how much money you're betting on each game. This can lead to disastrous results if you bet too much on a single game or if you have a losing streak.
By keeping track of your wins and losses, you can make sure that you are always aware of your current financial situation. This way, you can adjust your bets accordingly and avoid putting yourself in a hole.
2. Analyzing your betting performance 📊
For any sports bettor, knowing how to analyze your performance is crucial. Without this key piece of information, it's impossible to improve your betting strategy and make long-term profits.
Tracking your sports bets allows you to see which bets are working and which ones are losing money. It also helps you to identify patterns in your betting behavior.
Are you more likely to win when you bet on underdogs? Or do you tend to lose money when you bet on favorites when they are at home?
With this information at your fingertips, you can begin to capitalize on your strengths and adjust your strategy accordingly for your weaknesses.
By tracking your bets, you can begin to answer these questions and improve your overall performance.
What do I track when tracking my sports bets?
There are countless data points to track when tracking your bets. Depending on how serious of a bettor you are, use the following to determine what you should be recording for each bet.
As you progress in your journey as a sports bettor, you'll begin to add more and more data as you learn how to use it to your advantage.
At minimum track...
The teams you bet on
The amount of money you bet on each game
The outcome of each bet (win, loss, or push)
The profit or loss you made on each bet
More avid bettors track...
Everything in the minimum list
The league you bet on
The type of bet (spread, moneyline, total, prop, parlay, etc.)
The line and odds you placed the bet at
Hardcore bettors track...
Everything in the minimum list and avid bettors list
The teams' corresponding records, injuries, and general stats
The weather during the day of the even (for outdoor sports)
The location (home/away, and the venue)
The closing line of the book you bet on
The best available closing line across different books
The closing line value (CLV)
The level of confidence you have in the bet
Any notes that you might want to look back on
What is the best way to track my sports bets?
Depending on how serious of a bettor you are, or how serious you want to become, there are four different ways to track your bets.
1. Tracking directly on your sportsbook
If you are a novice sports bettor with only one book, then tracking on your sportsbook app may be sufficient. DraftKings, FanDuel, and most major sportsbook apps provide a list of your past bets so you can view your history.
There are two underlying issues with this method. First, your sportsbook is only going to show you basic data (sportsbooks would prefer you to know as little as possible about how you bet, that's how they make money!). Second, if you decide to become more serious, you're going to want at least two sportsbooks, and tracking across 2+ books is a hassle.
DraftKings sportsbook app interface displaying my past bets. Helpful information for novice bettors, but serious bettors need more information than this.
2. Paper and pencil
Although this method is starting to go to the wayside, it's a no-brainer way to track your bets, and can be done quickly! This is a great method for when you're in a pinch and don't have your phone or computer nearby, and plan to transfer to your usual bet log later.
3. Tracking in a spreadsheet
Many hardcore, serious bettors use spreadsheets religiously. The customizability of a spreadsheet, and the freedom of being able to track what you want, make it a popular tool for some.
Spreadsheets do come with some issues. The most obvious is having to manually track everything by hand.
Excel and Google Sheets are the most popular options. Create a spreadsheet from scratch yourself and track the items mentioned above, or check out a few of these free bet tracking spreadsheet templates:
4. Tracking with a bet tracking app
Bet tracking apps have become the most popular option for bettors in recent years. A bet tracking app allows you to track all of your sports bets from one place, across multiple sportsbooks, without needing to manually enter bets in by hand.
Many of these apps help you manage your bankroll and even analyze the data for you!
There are a few different bet tracking apps on the market, but one that most bettors are starting to use is Vault. It's free to use and does everything mentioned above and more!
If you're looking for more tips on how to become a better sports bettor, check out the rest of our content on our resource page.
And if you are looking for a seamless way to track your bets...
Download Vault for iPhone now!