You’ve been asked to place a wager on a sporting event, and now you’re wondering if you should accept the bet. If it’s a parlay, you may be wondering how to keep track of your records.
You’ll need to keep track of your sports betting records for at least three reasons. First, you’ll need proof of your wagers. Second, you’ll want to be able to verify your winnings and losses. Finally, you’ll need to be able to determine your profit or loss for tax purposes. If you’re wondering how to keep track of your sports betting records, then continue reading. We’ll discuss how you can properly record and verify your wagers so that you can properly track your wins and losses. We’ll also cover how to properly calculate your profit and loss for tax purposes so that you can report the correct amount of tax on your income.
Record Your Wagers
The first thing you’ll need to do is record your wagers. This can be done on a piece of paper, in a notebook, or through a software application. When entering your wagers in your records, be sure to use a method that will let you verify them correctly later. For example, instead of writing ‘the Giants played the Redskins’, you could write ‘Giants – Redskins’ and sign your name or some other form of ID next to the entry.
The reason for this is easy to understand. If later you’re asked to prove that you had a certain amount wagered on some game or event, you’ll need to have the record to show it. You can use the same method to keep track of your bets on other sports or games as well. If you’re new to sports betting, you may find it helpful to enter your wagers in this manner to start with, and then switch to a different bookmaker or exchange after you’ve become familiar with the operation.
Keep Track Of Your Winnings
Once you’ve recorded your wagers, you can start tracking your winnings. Since you had a profit on some of your wagers, you’ll need to subtract your losses from your winnings. To keep track of your winnings and losses, you can use the same method as before, but with different bookmakers or exchanges. When you’re on the payout page of a bookmaker or exchange, you’ll see a section at the bottom called ‘withdrawals’. This is where you’ll enter your bank information so that you can receive your winnings. To prevent theft, never give out your bank information to anyone. Once you’ve logged in with your bank details, you can proceed to the confirmations page to view your earnings. You’ll need to keep track of your earnings for tax purposes, so it’s essential that you do this accurately. As with your wager entries, using a unique method here will help you prove your earnings when queried by the IRS or similar authorities.
Record Your Losses
If you’ve lost money on a wager, you’ll need to track this loss, just as you did for your winnings. To do this, you can use the same method as before, but with different bookmakers or exchanges. Once you’ve logged in with your bank details, you can navigate to the ‘losses’ page to record your loses. As with the other pages you’ve been to so far, this one will also have a section at the bottom where you can enter your withdrawal details. When this is done, you can click the confirmation button to proceed to the final page. Here you can assess your profits and losses for the day, or for the period.
Report Your Income And Expenses
Since we’re now going down the path of looking at how to keep track of your sports betting records, it’s worth mentioning that this will also allow you to report your income and expenses on your tax returns. This is not something that’s automatically taken care of when you file your taxes, so it’s a good idea to keep track of your sports betting income and expenses anyway. You can use the same method as before, but with the exception of entering your income and expenses on a different line. When you complete your taxes, you can download a W-2G form (or an equivalent foreign form) to allow the IRS or similar authority to verify your income.
As this article has hopefully convinced you, keeping track of your sports betting records can be rather tiresome. Even though the information you gather may be entirely factual, the process of entering this data into different tools and applications can be painstaking. To speed up this process, there are a few tools and applications that can be used to generate reports and summaries of your wagers. These can make the process easier and more convenient, while at the same time preventing mistakes due to forgetfulness or poor record-keeping.
A good example of a tool that can be used for this purpose is the SportsWager™ Repositoriesearch™ tool from CEPT Sportsbook Technology. This is a stand-alone software application that connects to your social media accounts or to one of over 20 different bookmakers and exchanges, allowing you to access your betting records from any device. It then collates this information in a format that can be easily understood and used. After you’ve entered your betting data once, it will automatically sync and update with all the other bookmakers and exchanges you’ve linked to it. This gives you the ability to quickly and easily access your betting records from any device or location, and ensures you never lose any data due to being offline or on a different network.
Another great tool for keeping track of your sports betting records is a notebook or desk diary. Simply note down the dates, scores and results of the sporting events you’ve bet on, along with any other useful information. You can also keep track of your winnings and losses in the diary, just as you do in other areas of life. If you want to be able to look back on this information in the future, or if you’re ever asked by the IRS or similar authorities to justify your wagers, you’ll have all the proof you need in the form of your notes and records.
The key point to take away from this article is that you should never rely on just one source of information when entering or keeping track of any kind of data. Inaccurate or incomplete information can have disastrous consequences. To ensure the highest level of accuracy and completeness, it’s always best to consult a number of different reliable sources, and to double check the information against at least three of them. Inaccurate data can lead to significant financial losses and inconvenience, so it’s worth taking the time to ensure the information you use is as accurate and complete as possible. With modern day technology, the ability to enter and access data remotely is greatly facilitated. This means you can keep track of your sports betting records and be sure of their accuracy from anywhere, at any time. To use a smart phone or tablet to access your records on the go is simply a matter of connecting to the internet and searching for the correct app.