Whether you’re a casual bettor or a professional punter, unlocking the full potential of your betting activities should be top of the agenda. As such, any tool or resource that can be used to improve your performance (and, more importantly, bankroll) should be grabbed with both hands. A profit/loss record is one of the most common.
But is it a worthwhile investment of time, or will it needlessly complicated the situation? Let’s find out.
Recording Bets: A Brief Look At Betting Logs
A betting log is quite simply a record of all your betting activities. It should cover selections, stakes, results, and returns while more advanced logs may look at other factors.
Online bets are automatically recorded with each bookmaker, allowing you to quickly drag up your results of the last day, week, month, or year in a matter of seconds. However, there are clear limitations of using this method;
- You can only see the results for the individual online bookmaker.
- It won’t track the bets you’ve place in store, unless you have a members card.
- You’ll only see the full results rather than being able to categorise by sport or market.
So, while it is possible to let the automated log sheets created by the bookmakers do the work for you, creating a betting log of your own will generate a more accurate and comprehensive facility. But do you actually need it?
Why Record Your Wins & Losses?
Betting can be a fun activity but the bottom line is that you want to make money. While recording the results of your bets won’t directly impact whether a selection wins or loses, there’s no doubt that it can be used to help you stay on track.
Record your results in an effective manner, and the following rewards will enable you to become a better bettor.
- Monitor which sports and markets are providing the best profits and ROIs.
- Pinpoint areas that need improving or even dropping from your betting strategy.
- Analyse whether selections gained from a tipster are working.
- Track how much of your bankroll is currently exposed with active bets.
- Learn how often you are betting per day/week/month.
With the right record in place, the findings will help you manage your staking plans and bankroll while helping you think about which sports and markets are most likely to bring positive outcomes.
Besides, seeing the ROIs can also vindicate the time you’ve dedicated to the betting activities. If you’re serious about making money from betting, recording your bets will be essential.
How To Record Your Results
The best way to log your results is with a Google spreadsheet. Some punters still choose to use a notepad and paper, but this serves up a number of difficulties when looking to analyse bets on particular sports and markets.
There are several ways to tackle a spreadsheet, but here are the suggested columns for your spreadsheet.
Bet Number: This will simply allow you to record how many bets have been placed.
Bet Date: The date you placed the bet (not the date it settles).
Market: The market that your selection is on (I.e BTTS or Match Result).
Selection: The choice you’ve made (I.e Home Win, Draw, or Loss).
Stake: A record of the money placed on this selection. (Total stake for multiples, not line stake)
Bonus Stake: If this was a free promotional bet, the stake won’t impact your bankroll. Record it.
Odds: A record of the odds, presented in your favourite format.
Current Status: Whether it’s Active or Settled.
Result: Whether the bet Won, Lost, or Pushed (refund).
Returns: The returns from your bet, including stake.
Profit/Loss: The + or – change in your bankroll from this bet.
Those 10 elements should cover everything in terms of individual bets. However, you may wish to consider having separate spreadsheets for different sports / tipsters (or including an extra column) to help differentiate how you are performing on each game.
Most importantly, you’ll want to keep running totals to track the overall profit/loss. This can be done daily, weekly, monthly, yearly, and overall. Most will record their monthly returns on each sport and keep those on a separate page to track long-term progress. In addition to the profits, you’ll want to track the ROIs.
Profit Vs ROIs
Ultimately, the idea of recording your results is designed to help you win more money as a punter. However, there are two common ways to track your progress; the profit/loss and the ROI.
The profit/loss part of a spreadsheet is quite simply the amount of money you’ve won (or lost) over a period of time. This is a financial value. For example, if you played three £10 bets at 2/1 and two of them won, you’ll have gained £60 back from your £30 outlay for a profit of £30.
The ROI (Return on Investment) is a little different in that it works as a percentage. In the same scenario, you’ll have doubled your bankroll from £30 to £60. This gives you an ROI of 100%.
Both metrics are useful while any profit is good profit. Nonetheless, most professional punters believe that an ROI of above 10% can be viewed as success. Anything less can be considered risky as a bad run will quickly wipe out those returns.
Ultimately, it is a personal decision, but we’d advise tracking both items at all times.
Creating a log to record your bets does take a little time, but it will help you become a far more organised bettor. The rewards of knowing exactly where you stand across all sites can be particularly useful in today’s climate where most punters are in double figures for active accounts. Moreover, the ability to identify your strengths and weaknesses far sooner can only lead to positive outcomes.
Once the spreadsheet has been created, the data entry and analysis aspects are very easily managed. And if you don’t have the time or skills to create the spreadsheet yourself, there are plenty of websites that provide templates at a small cost.
Either way, this is a crucial weapon in your betting arsenal.