Ever wondered how you are actually doing in sports betting?
Just like tracking your finances can be an eye opening experience (I spent how much at restaurants last month?!), tracking your bets can shed some light on how you are doing.
Download the free sports bet tracking spreadsheet below to get started:
Bet Tracker Spreadsheet: Instant Insights
If you want to measure your performance and see where you are succeeding and failing, you need to track it.
With this free tool, you can see your performance broken down by various dimensions.
Have a great ROI on betting NBA 2nd halves? Getting solid closing line value on NFL point spreads? This spreadsheet allows you to answer questions like this and more.
How to use the spreadsheet
While the spreadsheet is pretty straightforward, I’d like to walk you through how it works.
How to track sports bets
Everything lives in the “Bet Log” tab. This is the only place information is manually entered. Once the data is entered there, all other tabs will automatically populate.
In the “Bet Log” tab, blue columns are required while red columns are optional. The more information you input, the more useful the spreadsheet will be.
Entering things like the closing line, while slightly annoying, will also be the most important to your success.
How to analyze performance
Each tab will have different graphs and tables that show your performance. The beauty of this is that you can filter the data by any dimension you like.
Any yellow cell is an “input” cell that can be changed. All of these are dropdowns that are pre-populated based on the information you enter in the Bet Log.
How to add more leagues and teams
To add new leagues and teams, you will do so in the “REF” tab. This tab holds all of the lookup information for the dropdowns throughout the spreadsheet.
Again, the cells available to modify are in yellow. You can add the following dimensions:
- Leagues (ex: WNBA)
- Teams (ex: Chicago Sky)
- Tags (ex: 2nd half)
Bet Tracker Spreadsheet Metrics
Deciding what to track is important in determining how you measure success. The spreadsheet tracks the following key metrics:
Closing Line Value
Closing line value (CLV) is a measure of how much better or worse the odds you bet at were compared to where they closed.
If you believe the markets you are betting into are efficient (NFL point spreads, MLB moneylines, etc.), then CLV is a great predictor of long term success.
All you need to do is input the odds you placed your bet at as well as where the odds closed. Preferably you use a market making sportsbook like Pinnacle to decide what the “true” closing line was.
Profit is about as simple as it gets. Are you making or losing money?
While this is the “bottom line”, surprisingly it isn’t always predictive of long term success. Still, you will obviously want to see how much money you have made or lost.
This is what most people tend to look at. It is a measure of how profitable you are relative to how much you are risking.
While at the end of the day, the money in your pocket is what matters, this metric focuses more on results rather than process and is a measure of efficiency.
ROI isn’t as predictive of long term winning as CLV, but is useful to track to see where you stand.
This one is simple, yet will likely give you insights into where you are putting your money.
If you have a model, does it consistently value the Dallas Cowboys differently than the market? Thus making many of your bets on the Cowboys? Analyzing your risk by league/team/bet type can give you these types of answers.
Bankroll will track our running total of how much money you have in your accounts across all sportsbooks. You can also see this trended over time to help you see any changes in your betting strategy and how that has affected your bankroll.
It is very useful to see, at a glance, where your money lies. Is 95% of our bankroll at FanDuel? Maybe you should shift some to DraftKings.
Bet Tracker Spreadsheet Dimensions
Having these metrics available is important, but insights really come from slicing the data by different dimensions.
Tracking your performance by league or team can give you clues into where your strengths or weaknesses are.
Do you watch every second of every New York Knicks game? Think you have an edge on Knicks games? You can find out using the spreadsheet.
Same goes for leagues. Do you follow NFL closely but use strictly numbers for NCAA Basketball? Compare the performance of the two and see what’s working.
Looking at performance by bet type can also shed some light on your process, especially if it is model driven.
Track your performance by the following bet types:
You can also use the “Tag” field to designate special types of bets. For example, if you want to see your performance on moneylines for NBA 2nd halves, you would put “2H” (or something similar) in the Tag field and “moneyline” in the bet type field.
A common way to analyze performance is to look at metrics trended over time.
Look at any of the metric/dimension combinations above trended over any time period you’d like.
Want to see your performance over the last 14 days? Or how about the last 12 weeks? Both are possible here.