Keep Track of Your Betting Bank

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I opened my Betfair account on 22nd April 2003. I was one of the first subscribers to Adam Todd's BetTrader and was a founding partner of JuiceStorm.com on 17th February 2007.

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Video by Howard Hutchinson.A good way to keep track of exactly how much you are winning from trading free bets is to enter the details on a spreadsheet.

Keep it up to date, and you can see exactly how much your betting bank has grown each month, and how much you have won overall.

Also, it is very important to keep track of exactly where your money is at all times.

If you don’t keep accurate records, it’s easy to forget that you have left some winnings in a bookie account.

Also, some bookies delay payments whilst they verify your address etc.

You may think you have made a successful withdrawal, but in fact your money will be held whilst the bookie sends you an e-mail requesting documentation, and then you will have to make the withdrawal a second time.

If you don’t keep an eye on delays, such as those, you may have to back track through bookie accounts to see if you have left any money anywhere, and then sort out the reason for non-payment of your winnings.

In my experience, bookies are extremely honest, but they have rules and enforce them.

A good idea is to keep a record of

* winnings that are in bookie accounts,

* winnings that are in transit between bookie and your bank account,

* what your bank balance is

* and how much you have in your Betfair or other exchange account.

Total those 4 things up on a regular basis using a spreadsheet and you can eliminate Betting Bank mistakes.

You won’t leave money in a bookie account by mistake, and you won’t have to trawl through your accounts looking for missing funds – You will know exactly what your betting bank total should be at all times.

Keeping accounts is just good business practice.

Download a spreadsheet to keep track of your Betting Bank and transactions.

Discussion from BetSeventyTwo forum

Keep track of your betting bank by dakc47 » Sat Aug 08, 2009 2:01 pm

Howard, I found your spreadsheet for keeping track of a betting bank to be very informative. I’ve been scribbling down notes here and there for ages, simply because I’ve never gotten to grips with spreadsheets (one of those things I’ve always promised myself I would look into)…and I have been known to ‘forget’ funds laying around in a bookies before now

I use two exchanges, BF and BetDaq (I’m sure some people have even more). Would it be possible to update the spreadsheet to accomodate more than one exchange?

by Betformulas » Mon Aug 10, 2009 9:57 am

The “Bank” sheet has 2 spare columns F & H, so you can Type anything you like at the top at row 1 and use those.

If you need more columns highlight a column by clicking on one of the letters at the top of any column.

Then click “Insert” right at the top of your screen, and “Column”.

On the Transactions sheet, just overtype “Betfair” at F3 with “Exchange”, and use that column for both.

Good luck with that, Howard.

by dakc47 » Mon Aug 10, 2009 12:21 pm

Thanks for the reply Howard,

I was thinking more along the lines of knowing exactly how much money was where? So, I’d like to know how much money is being held at each exchange at any time…would this be easy to incorporate?

Cheers..

by Betformulas » Tue Oct 20, 2009 3:16 pm

I’ve updated this spreadsheet so that we can now keep track of transactions in more than one betting exchange, and also in casinos.

Download the latest copy via the link in the above article.

Instructions are on the new sheets.

There are some demonstration transactions entered into the sheets that will need deleting before you get started with these new sheets.

Good luck with your trades, Howard.