How to Track and Analyze Your Betting Results in Canada

Why You Should Track Your Betting Results

While tracking your bets could take time, it’s worth putting in the effort. See why you should track your bets below.

• Better Bankroll Management: Bettors who track their bets can manage their bankroll properly. By tracking their bets, it becomes easier to monitor their finances, set limits on their stakes and avoid chasing losses. According to an online survey in Ontario, most bettors wager CA$25 or less per bet, typically 1-2% of bankroll. This is a sustainable approach to better bankroll management. 

• Identifying Strengths & Weaknesses: Tracking bets helps players to recognize their strengths and weaknesses. They can easily identify the sports or betting markets in which they perform best and the areas where improvements are needed. An instance is a bettor in Alberta who had been wagering on Soccer for over three months, with 80% of his bets ending in a loss. Once they realized that Soccer wasn't a sport they understood, they stuck to Ice Hockey, which they were very familiar with. This significantly increased their frequency of winning.

• Prevent Emotional Betting: Tracking betting results helps keep your emotions in check. Since the aim is to have long-term success, you will become more logical and strategic with your bets while holding yourself accountable for every decision. Additionally, you demonstrate discipline by adhering to responsible gambling practices rather than being driven by emotions.

Tools and Methods to Track Your Bets

You can either track your bets manually or by using bet tracking apps. With manual tracking, you can use basic spreadsheets like Excel and Google Sheets to compile and analyze your betting results. Alternatively, you can use tracker apps or software, such as BetStamp and Action Network, which are accessible in Canada.

In tracking your bets, whether manually or through software, consider key metrics such as Win Rate, ROI and Units Won. They will evaluate your performance and identify areas that require improvement.

If you prefer manual tracking, here are the advantages and disadvantages of using it.

On the other hand, using apps/software to track your bets has the following pros and cons.

If you’re wondering which tools to use, check how they compare below. 

Key Metrics to Analyze

There are key metrics to watch out for when analyzing your betting results. They provide a clear picture of your current state and help you identify profitable betting patterns.

• Return on Investment (ROI)

The ROI measures your profit in relation to the amount wagered. To calculate your ROI, divide your profit/loss by your total stake and multiply the result by 100. For instance, if you wagered $2,500 on NHL games over two months and got a $500 profit, then your ROI is (500/2500) × 100 = 20%.

• Closing Line Value

CLV compares the odds offered when placing your bet to the final odds before the start of a game. From tracking CLV, you can tell if the odds you've been getting are better than those of the closing line. For instance, let’s say you bet on the BC Lions at 2.40 odds, and the sportsbook eventually offered 2.20 odds before the start of the game. Your CLV will be (Your odds - closing odds) / closing odds ×  100. That is, (2.40 - 2.20) / 2.20 × 100 = 9.09%.

• Win/Loss Rate

Win/Loss rate compares the number of bets you've won to those you've lost. To determine your win/loss rate, divide your number of wins/losses by total bets and multiply it by 100. For instance, if you placed 70 NHL bets over a specific period and won 47, your win rate will be (47/70) × 100 = 67.14%.

• Units Profits

Unit profits demonstrate how effectively your betting strategy performs, regardless of the bankroll size. To calculate unit profits, you have to first define what your standard bet units will be. So if your unit size was $30 and you had a profit of $180 overtime, your unit profit is 180/30 = 6 units. If you had a loss of $180, your unit profit is -6 units.

• Average Odds

You can also track your average odds across all bets to show your risk level. To calculate average odds, sum up all the odds taken over a period and divide them by the number of bets. For instance, if you had 4 CFL bets at 1.80, 1.90, 1.95, 2.10, the average odds here will be: (1.80 + 1.90 + 1.95 + 2.10) / 4 = 1.94.

How to Identify Profitable Strategies 

One of the benefits of tracking your bets is to get insights to develop better strategies. During your analysis, you may identify trends where you had more profit from betting on certain days of the week, bet types, markets, and sports. You can test hypotheses and refine your strategy over time.

To identify trends that can lead to profitable strategies, follow the steps below.

1. Consistent and detailed data collection: Keeping accurate and consistent data of every bet helps you spot trends. Some of the key information to document includes date, sport, league, bet type, market, odds, and unit size. 

2. Analyze performance across key angles: After documenting your information, analyze performance by sports, date, and amount wagered. You can identify the sports you excel in or the market that works best for you.

3. Test your trends as hypotheses: Subject your data to testable hypotheses. For instance, if you notice from your data that you've better returns from betting during the weekend, you can put it to the test over the next few weekends. Once you confirm the authenticity of this theory based on this pattern, you may develop a strategy to wager only on weekends.

4. Refine and adjust strategy over time: After establishing a strategy that works best for you, ensure that you constantly review your data. You may need to adjust specific areas to help you stay sharp and continually improve your betting performance.

Common Pitfalls to Avoid When Tracking Results

Tracking and analyzing betting results require putting in the time and effort, which most bettors shy away from. Players who try to invest their energy often fall off or make mistakes, which could affect their betting decisions. That's why we've detailed how to avoid some common mistakes. 

• Incomplete records: One of the common pitfalls bettors make is failing to document every bet, including winning and losing ones. This leads to a deficiency in their data analysis as well as a false sense of profitability. To avoid such situations, they need to track both winning and losing bets. They must also update their tracking daily to maintain consistency. Only bettors who are honest with themselves can get a full picture of their current state.

• Emotional filtering: Another common mistake is letting your emotions influence your analysis. This draws false conclusions, makes you unaccountable and leads to self-deception. To prevent this, be objective when tracking your data. Treat it like some financial records that require no emotional attachment.

• Ignoring small sample sizes: If you only record and track a handful of bets, you'll get incorrect analysis. You need sufficient data to get meaningful results that could shape your betting decisions. Therefore, we encourage analyzing only when you've placed 50 or more bets.

Best Practices for Long-Term Betting Success

The purpose of this guide is to help you obtain long-term betting success. We've outlined some of the best practices to help you below.

• Review data regularly: You must consistently review your betting results to facilitate easy data compilation. Regular reviews also help you identify your strengths and weaknesses, which is crucial to making informed betting decisions.

• Sticking to units: Bankroll management is one of the best betting strategies worldwide. It helps you gamble responsibly. We recommend using flat betting to set a unit size for each bet and adhere to it throughout all your bets. This prevents you from chasing losses or over-betting.

• Setting loss limits: Loss limits also help you control your bankroll by preventing you from chasing losses. Once you’ve reached the limit you set, take some time off and reassess your strategy. This idea is to prevent you from making further poor decisions.

• Staying disciplined: Discipline is undoubtedly a key factor to attaining long-term betting success. Ensure that you have a clear strategy for every bet you place instead of making impulse or emotional bets.

• Keep learning & adapting: To become a successful bettor, you must continually learn and adapt. Consume enough sports content, follow betting professionals and stay up to date with market trends. The goal is to improve your strategy to achieve your long-term success.

Canadian-Specific Betting Tips

The betting landscape in Canada differs from that in other parts of the world. Keep the following in mind when betting and tracking your results.

• Use legal and regulated sportsbooks: Before choosing a sportsbook, ensure it holds a valid license with a reputable body. Target betting sites licensed by the Alcohol and Gaming Commission of Ontario, Loto-Quebec, or BCLC. Regulated betting platform protects your interest, ensures fair play and offers secure payment options. Bet99, NorthStar Bets, and BetMGM are notable regulated betting platforms you can opt in for. 

• Bet in Canadian dollars: We recommend signing up with a sportsbook that accepts bets in Canadian dollars. Betting in your local currency helps you avoid conversion fees. It also supports swift deposits and withdrawals. 

• Get familiar with your provincial rules: Know the regulations guiding betting in your province and ensure that your betting site operates under these rules. For instance, you can only wager in Ontario if you’re 19 years of age or above.

• Bet on sports you’re familiar with: For a sustainable long-term success, focus on the sports you’re already familiar with. If you prefer CFL, take a closer look to learn more about the teams and review their history. If you follow the NBA, NHL, and NFL, be sure to do your due diligence as well.

More Betting Guides from our Expert in Canada:

• How to Develop a Value Betting Strategy with Canadian Sportsbooks - Click here.

• How to Use Casino VIP and Loyalty Programs to Your Advantage in Canada - Click here.

• How to Combine Casino Bonuses with Low House Edge Games for Maximum ROI - Click here.

Responsible Gambling

One of the key benefits of tracking and analyzing your betting results is to wager responsibly. It not only helps you develop betting strategies but also informs you about when to take a break. 

To promote responsible gambling, legal Canadian betting platforms offer tools to help you stay in control. You need to submit your ID documents to confirm your identity and age. Tools like deposit limits and loss limits can help you manage your betting activity.

You may also opt in for self-exclusion to take an extended break for up to 5 years. If you require additional assistance, consider utilizing resources such as ConnexOntario.