How to Track Your Bets: The Foundation of Profitable Betting

Why Most Bettors Don't Track (and Why That's a Problem)

Ask a casual bettor their lifetime ROI. They'll say "I'm probably about even" or "I'm up a bit."

Ask them for proof. They can't provide it.

The uncomfortable truth: without tracking, you have no idea if you're winning or losing. Memory is unreliable. We remember the big wins, forget the steady losses.

Professional bettors track every single bet. It's not optional. It's the foundation everything else builds on.

What to Track for Every Bet

At minimum, record these fields for each bet:

Essential:

• Date and time
• Sport and league
• Event (teams/players)
• Bet type (spread, total, moneyline, prop)
• Your odds
• Stake amount
• Sportsbook used
• Result (win/loss/push)
• Profit/loss

Advanced (highly recommended):

• Closing line odds (for CLV calculation)
• Your edge estimate at time of bet
• Reasoning/notes
• Market (where you found the bet)

Why closing line matters:

CLV (Closing Line Value) is the best predictor of long-term success. If you consistently beat the closing line, you're making +EV bets even if short-term results are rough.

Our free bet tracker automatically calculates CLV for every logged bet, so you can measure this without manual effort.

Choosing a Tracking System

Bet Hero's Free Tracker (Recommended)

Our bet tracker is built specifically for +EV and arbitrage bettors:

• Automatic CLV calculation - Closing lines are pulled automatically, no manual checking
• ROI breakdown by sport, sportsbook, bet type, and market
• Visual P/L dashboard with performance charts over time
• Sportsbook balance tracking across all your accounts
• Transaction history for deposits and withdrawals
• One-click tracking from our +EV scanner - find a bet, track it instantly
• Completely free

The integration with our value bet scanner is the key advantage. When you find a +EV opportunity, you can track it with one click. The closing line is recorded automatically, so you always know your true CLV without extra work.

Other Options

Pikkit - A popular mobile-first bet tracker with a clean interface. Good for bettors who want to log bets on the go. Offers basic analytics and P/L tracking.

Spreadsheets (Google Sheets/Excel) - Free and fully customizable, but manual entry is tedious and CLV tracking requires checking closing lines yourself. Works for low-volume bettors (under 50 bets/month) but becomes unsustainable at higher volumes.

Other paid trackers - Various options exist with different feature sets. Most charge monthly fees and may not integrate with your bet-finding tools.

Setting Up Your Tracking System

Step 1: Sign up for a tracker

Create your Bet Hero account to access the bet tracker. If you're already using our +EV scanner, the tracker is built right in.

Step 2: Track from day one

Don't wait until you're "ready." Start tracking immediately. Every untracked bet is lost data.

Step 3: Be religious about entry

Enter bets immediately after placing them, or at least daily. Backfilling from memory corrupts your data.

Step 4: Record closing lines

This is the step most bettors skip. Set a reminder to check closing odds 5 minutes before each game. Or use software that does it automatically.

Analyzing Your Data

Once you have 100+ bets tracked, start analyzing:

Basic metrics:

• Total P/L (are you up or down?)
• ROI (profit / total wagered)
• Win rate (wins / total bets)

Intermediate metrics:

• ROI by sport (where are you best?)
• ROI by bet type (spreads vs. totals vs. props)
• ROI by sportsbook
• Average stake sizing

Advanced metrics:

• Average CLV (are you beating closing lines?)
• CLV by sport/bet type
• Expected profit vs. actual profit
• Variance from expectation

What Your Data Tells You

Scenario 1: Positive ROI, Positive CLV

You're doing well. Your edge is real and sustainable. Continue your strategy.

Scenario 2: Negative ROI, Positive CLV

You're running bad but betting correctly. Variance is against you. Stay the course; your process is sound.

Scenario 3: Positive ROI, Negative CLV

You're running hot but betting poorly. This is unsustainable. You need to fix your bet selection.

Scenario 4: Negative ROI, Negative CLV

Your strategy isn't working. Re-evaluate your edge identification and bet selection process.

CLV is more predictive than short-term ROI. A bettor with negative ROI but positive CLV is in better shape than the reverse.

Common Tracking Mistakes

1. Tracking only some bets

Cherry-picking which bets to track makes your data worthless. Track everything.

2. Not tracking losing days

It's tempting to skip tracking after a brutal day. Don't. That's the most important data.

3. Rounding or estimating

"I think I bet like $50" isn't good enough. Record exact amounts.

4. Forgetting to record closing lines

This is the most common mistake. Without closing line data, you can't calculate CLV.

5. Not categorizing properly

"NFL" isn't specific enough. Track league, bet type, and market. The more granular, the more useful your analysis.

Using Tracking to Improve

Your tracking data reveals where to focus:

If your prop bet ROI is +8% but spread ROI is -3%: Focus more on props. You have edge there.

If your NBA ROI is +5% but NFL ROI is -2%: Maybe you understand basketball better. Lean into your strength.

If your CLV is best on bets placed Sunday morning: You're finding value in fresh lines. Make sure you're available Sunday mornings.

If your ROI craters on bets above $100: You might be chasing or overconfident on certain games. Stick to consistent sizing.

How Often to Review

• Weekly: Quick P/L check, ensure data is current
• Monthly: ROI by category, CLV trends, identify patterns
• Quarterly: Deep analysis, strategy adjustments, compare to goals

Don't over-analyze after every session. Small samples mean nothing. But regular reviews catch problems before they compound.

Integrating Tracking with Bet Selection

The best tracking systems connect to your bet finding process:

1. Find +EV bet via scanner or research
2. Record the bet and expected edge
3. Place the bet
4. Track closing line automatically
5. Record result
6. Analyze whether your edge estimation was accurate

This closed loop improves your bet selection over time. You learn which opportunities consistently deliver edge and which ones are fool's gold.

Don't Forget: Track Your Transactions

Bet tracking is only half the picture. You also need to track deposits and withdrawals across all your sportsbooks.

Why transaction tracking matters:

• Know your true bankroll — Without tracking deposits and withdrawals, you don't know how much you've actually invested or withdrawn
• Spot funding issues — See which books are draining capital vs. accumulating profits
• Rebalance intelligently — Know when to move money between books
• Tax reporting — Clear records of all money movement simplifies tax time

Our transaction tracker lets you log every deposit and withdrawal with the sportsbook, amount, date, and payment method.

Best practice: Log transactions immediately. When you deposit $200 at DraftKings, record it before you place your first bet. When you withdraw, log it the same day.

Key Takeaways

• Track every bet; memory is unreliable and biased
• Record closing lines to calculate CLV, the best measure of edge
• Track transactions too; deposits and withdrawals complete the picture
• Use Bet Hero's free tracker for automatic CLV calculation and one-click tracking from our +EV scanner
• Analyze ROI and CLV by category to find where your edge comes from
• Don't over-analyze small samples; wait for 100+ bets minimum
• CLV beats ROI as a predictor of long-term success
• Review weekly for data hygiene, monthly for trends, quarterly for strategy
• Tracking isn't optional; it's the foundation of professional betting