Ladies and gents, whether you’re a casual punter or a professional bettor, the name of the game is to maximise your returns and boost that bankroll. And trust me, any tool or resource that can help you achieve that should be grabbed with both hands and not just one, unless you are a one-armed punter!
Keeping a betting log is one such resource. But is it worth the effort, or will it just needlessly complicate matters? Let’s find out.
Why Keeping a Betting Log is Essential
Now then, let’s take a closer look at betting logs, shall we? A betting log, in layman’s terms, is simply a comprehensive record of all your flutters and wagers. It should cover the who, what, when, where, why and how much of your betting activities.
The bookies do make it easy for you with automatic records of your online bets, you can simply pull up the results from last week, month, year or even just yesterday with a few clicks. But let’s not forget, there are a few catches to this method. It only shows results for that particular online bookmaker, it won’t show you the results of the bets you placed in-store unless you have a membership card, and you can’t categorise by sport or market.
All in all, while it’s very convenient to rely on the automated logs created by bookmakers, creating your own betting log will give you a more comprehensive and accurate account of your betting performance. And really, who doesn’t want to be in control of their own betting destiny?
The Advantages of Using a Personal Betting Log
Why bother with recording wins and losses, you might ask? Well, betting can be a jolly good time, but let’s not forget the ultimate goal: to turn a profit. Now, keeping a record of your bets may not directly affect whether your selections come up trumps or not, but it can certainly help keep you on the straight and narrow.
Keep your records in order, and you’ll be able to reap the rewards of a better bettor. Monitor which sports and markets are bringing in the best returns, identify areas for improvement or to drop altogether, evaluate the performance of tipsters and track your bankroll exposure. Oh, and you’ll also get a better understanding of how often you’re placing bets.
With all this information at your fingertips, you’ll be able to fine-tune your staking plans and manage your bankroll with ease. And let’s face it, seeing positive returns will make all those long hours spent studying the form feel worth it. If you’re serious about making money from betting, recording your bets is non-negotiable.
Recording Your Results: A Step-by-Step Guide
So, you’ve decided to take the plunge and start keeping a betting log. Good on you! But how to go about it? The easiest and most efficient way is to use a Google spreadsheet, old schoolers may prefer pen and paper, but it’s a bit of a faff when it comes to analysing bets by sport or market.
Here’s a list of suggested columns to include in your spreadsheet:
- Bet Number: Keep track of the number of bets 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.
These ten elements should cover everything for individual bets. You may want to consider having separate spreadsheets for different sports or 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.
Tracking Your Progress: Profit vs. ROI
So, you’ve been keeping your betting log, but how do you measure progress? Two common ways are to track your profit/loss and ROI (Return on Investment).
The profit/loss column on your spreadsheet is straightforward, it’s just the amount of money you’ve won (or lost) over a specific period of time. For example, if you placed three £10 bets at 2/1 and two of them won, you would have gained £60 back from your £30 outlay for a profit of £30.
ROI, on the other hand, is a bit different as it’s expressed as a percentage. In the same example, you would have doubled your bankroll from £30 to £60, giving you an ROI of 100%.
Both metrics are important, but while any profit is good profit, most professional punters consider an ROI of above 10% to be a success. Anything less could be deemed risky as a bad run of bets could wipe out those returns.
Ultimately, it’s a personal choice, but we recommend keeping an eye on both figures at all times.
The Verdict: Putting Your Betting Log to Work
Unlocking the full potential of your betting activities should be a top priority for both casual and professional punters. Keeping a betting log is one way to improve your performance and increase your bankroll. A betting log is simply a record of all your betting activities that covers selections, stakes, results, and returns. While bookmakers automatically record online bets, creating your own log will provide a more accurate and comprehensive view.
By recording your results in a Google spreadsheet, you can monitor which sports and markets are providing the best profits and ROI, pinpoint areas that need improvement, analyse the effectiveness of selections from tipsters, track your bankroll, and learn how often you’re betting. Keeping running totals of overall profit/loss and ROI will help you manage your staking plans and identify your strengths and weaknesses.
Tracking your profit/loss and ROI is crucial in determining your progress. The profit/loss column is straightforward as it’s just the amount of money you’ve won or lost over a specific period of time. ROI, on the other hand, is expressed as a percentage. Most professional punters consider an ROI of above 10% to be a success.
Creating a log may take a little time, but it’s a worthwhile investment. The rewards of knowing exactly where you stand across all sites and being able to identify your strengths and weaknesses far sooner can only lead to positive outcomes. Templates are available online if you lack the time or skills to create your own. A betting log is a crucial weapon in your betting arsenal.