All you need to do is input the odds you placed your bet at as well as where the odds closed. 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.
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? 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.
Maybe you should shift some to DraftKings. 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. Looking at performance by bet type can also shed some light on your process, especially if it is model driven.
Want to see your performance over the last 14 days? Or how about the last 12 weeks? Both are possible here. See Dutch book and coherence philosophical gambling strategy. This is achieved primarily by adjusting what are determined to be the true odds of the various outcomes of an event in a downward fashion i. The odds quoted for a particular event may be fixed but are more likely to fluctuate in order to take account of the size of wagers placed by the bettors in the run-up to the actual event e.
This article explains the mathematics of making a book in the simpler case of the former event. For the second method, see Parimutuel betting. It is important to understand the relationship between fractional and decimal odds. Multiplying both a and b by the same number gives odds equivalent to a-b.
Decimal odds are a single value, greater than 1, representing the amount to be paid out for each unit bet. The equivalent decimal odds are 2. Hence, fractional odds of a-1 ie. In considering a football match the event that can be either a 'home win', 'draw' or 'away win' the outcomes then the following odds might be encountered to represent the true chance of each of the three outcomes:. These odds can be represented as implied probabilities or percentages by multiplying by as follows:.
The bookmaker, in his wish to avail himself of a profit, will invariably reduce these odds. Consider the simplest model of reducing, which uses a proportional decreasing of odds. For the above example, the following odds are in the same proportion with regard to their implied probabilities :. Examining how he potentially achieves this:. In reality, bookmakers use models of reducing that are more complicated than the model of the "ideal" situation. Bookmaker margin in English football leagues decreased in recent years.
When a punter bettor combines more than one selection in, for example, a double , treble or accumulator then the effect of the overround in the book of each selection is compounded to the detriment of the punter in terms of the financial return compared to the true odds of all of the selections winning and thus resulting in a successful bet.
To explain the concept in the most basic of situations an example consisting of a double made up of selecting the winner from each of two tennis matches will be looked at:. In Match 1 between players A and B both players are assessed to have an equal chance of winning.
The situation is the same in Match 2 between players C and D. In a fair book in each of their matches, i. However, a bookmaker would probably offer odds of for example on each of the two possible outcomes in each event each tennis match. This results in a book for each of the tennis matches of The decimal odds of a multiple bet is often calculated by multiplying the decimal odds of the individual bets, the idea being that if the events are independent then the implied probability should be the product of the implied probabilities of the individual bets.
This represents an implied probability of Thus the overround has slightly more than doubled by combining two single bets into a double. This is why bookmakers offer bets such as Lucky 15 , Lucky 31 and Lucky 63 ; offering double the odds for one winner and increasing percentage bonuses for two, three and more winners. In general, for any accumulator bet from two to i selections, the combined percentage overround of books of B 1 , B 2 , In settling winning bets either decimal odds are used or one is added to the fractional odds: this is to include the stake in the return.
The place part of each-way bets is calculated separately from the win part; the method is identical but the odds are reduced by whatever the place factor is for the particular event see Accumulator below for detailed example. All bets are taken as 'win' bets unless 'each-way' is specifically stated. Non-runners are treated as winners with fractional odds of zero decimal odds of 1. Fractions of pence in total winnings are invariably rounded down by bookmakers to the nearest penny below.
Calculations below for multiple-bet wagers result in totals being shown for the separate categories e. Each-Way multiple bets are usually settled using a default " Win to Win, Place to Place " method, meaning that the bet consists of a win accumulator and a separate place accumulator Note: a double or treble is an accumulator with 2 or 3 selections respectively.
However, a more uncommon way of settling these type of bets is " Each-Way all Each-Way " known as " Equally Divided ", which must normally be requested as such on the betting slip in which the returns from one selection in the accumulator are split to form an equal-stake each-way bet on the next selection and so on until all selections have been used. Double  . Note: " Win to Win, Place to Place " will always provide a greater return if all selections win, whereas " Each-Way all Each-Way " provides greater compensation if one selection is a loser as each of the other winners provide a greater amount of place money for subsequent selections.
Treble  . Accumulator  . Note: 'All up to win' means there are insufficient participants in the event for place odds to be given e. The only 'place' therefore is first place, for which the win odds are given. Trixie , Yankee , Canadian , Heinz , Super Heinz and Goliath form a family of bets known as full cover bets which have all possible multiples present.
Examples of winning Trixie and Yankee bets have been shown above.
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