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Once you begin placing bets on multiple bookmakers and betting exchanges, it can be quite easy to lose track of profits and become disorganized. Knowing the actual profits earned will help you gauge your progress and improve your decision making.
So what can you do to track everything in one place and refer back to it anytime you need to? Create a matched betting spreadsheet that includes all of the essential information. We’ll discuss what a matched betting spreadsheet is, how to create one, and other alternative solutions to make tracking a piece of cake!
What is a Matched Betting Spreadsheet?
A matched betting spreadsheet is a tool you can utilize to measure your progress in matched betting. The only way to improve is to track and quantifiably see your results. If you notice you’re making way too little money from one bookmaker, it may be worth cutting out those offers and switching over to other styles of betting or other bookmakers.
What Should You Record?
You don’t have to record everything, but it’s important to record the account information and each offer that you bet on. Account information is incredibly important to record because you may have over 100 different accounts, which means you have a lot of usernames and passwords. Create an efficient system to remember all of the important information. You’ll be able to know your balances without logging in to check.
Here are the following items you’ll need to keep track of:
- Name of bookmaker
- The date that you opened the account
- Your matched betting bank account balance
- The amount of money you began with
- Total deposited and withdrawn
- Pending deposits
- The balance amount in every bookmaker you’ve signed up with
- Bets that are currently open
- Balance at every exchange you use, such as Matchbook, Smarkets, Betfair, and BetDaQ
- The date that the offer started
- Bookmaker account the offer started from
- Description of the offer
- Your profit or loss from each offer
- Total running profit
- Additional notes
Make sure to create separate sheets for these two categories. Sheet one can be bookmaker and casino accounts, while sheet two can be offered. Just remember that it’s meant to be easy to record and retrieve information from. If it’s too complex, then you’re doing something wrong.
Try to create monthly profit and total profit chart graphs. This gives you a visual indication of your progress. On the bottom axis, record the month, and the vertical axis should record the amount of profit. Due to the nature of matched betting, it won’t be realistic to see a status profit. Your profit will likely vary month to month. However, over the long run, you should see an upward trend in profit. Refer to your profit graphs and tracked bets, so you can understand what areas you need to improve on. If you notice your profits are down, you can take a look at your bets. Maybe it’s due to a particular sport like golfing, football or horse racing that is causing a dip in profit.
Other Ways to Track Progress
Luckily, you won’t have to manually record these items yourselves. Doing these for every bet can be quite tedious and time-consuming. Most matched betting services such as OddsMonkey or Profit Accumulator will have their own built-in profit tracker. Whenever you place bets using their service, all of the details will be recorded for you. You’ll even be able to export the data in your account to an excel spreadsheet for you to copy and paste. In case you are using a service that doesn’t offer a profit tracker, you can use the templated Profit Accumulator matched betting spreadsheet.
Some spreadsheets and trackers are more comprehensive than others. Some will include free bet offers, matched betting calculators, and automatic graphs, while others will only have your balances and track your bets.
OddsMonkey Profit Tracker
With OddsMonkey Profit Tracker, you get an automated system to help you track profits. The tool shows you where you need to concentrate your efforts to increase profits. You are able to filter and view profits by a specific sport or month. This allows you to double down on the betting tactics and sports that are earning you the most money. Users can also compare their expected profits against what their actual profits are. You’ll be able to add items automatically or manually. Furthermore, this software helps you automate the tracking process, so you don’t have to spend time manually tracking.
See What Works Best For You
Ultimately, you’ll see what works best for you. We feel that using a tool such as OddsMonkey or Profit Accumulator will make your life ten times easier. Manual recording can lead to mistakes and waste hours every month just entering your numbers. Use an automated system to reduce the amount of admin work that you have. Reallocate that time to find and complete more offers and earn more profit!