Investing behavior is a popular topic among financial experts and economists trying to learn how and why investors and markets behave the way they do. Many of their discoveries and conclusions will be only as applicable to punters wagering on betting exchanges since they are to brokers and traders dealing on the financial markets. The difference is that many brokers and traders are operating with other people’s money, meaning that they have to exercise strict discipline since they are liable to their clients. On the other hand, the independent punter is normally only using his own money and it has few restrictions on what he can do with it.

System discipline refers to fighting the temptation chase every seemingly good bet in favor of sticking to a system which has been tested and shown to be successful. Most successful systems advise the bettor to possess a fixed quantity of money with which to bet (often called a “betting bank”); require that some manner of analysis or review accompany each bet; and dictate specific amounts, percentages, or odds. Many of these systems only work in the event the punter follows them perfectly, as adding variation changes the equations upon which the system is based. Nonetheless, since best systems only provide small but steady profits, many punters become overconfident, impatient, or greedy and begin discarding elements of their system. The result tends to be betting without a proven system and usually means the exact same hit and miss ratio as any random gambler.

The entire concept of system discipline is fundamentally counter intuitive to the typical punter. Of course, he wagering on the outcome of an event that has not been determined yet. On the other hand, sport betting isn’t like casino great gambling where the outcome is totally random; instead, research and experimentation can – and does – contribute to the development of systems that may radically improve the chance of winning. Having said that, these systems are just as good as the punter is at employing them. Failing to be consistent, chasing after non-system bets that appear reasonable, and betting beyond one’s means all cause removing any advantage that a well thought out system may offer.

Once a betting system has been developed and proven, maintaining system discipline will be the primary factor required to maintain steady winnings. Any and all variation from that system changes the exact amount of money won or lost, rendering the outcome derived exclusively from the system moot. Random betting on sports is a fool’s game because with a little effort and time the punter can do much better.

The professional punter knows and understands that system discipline will be the key to success. Using his system consistently, patiently analyzing each bet before making, refusing to get too greedy and accepting many small payouts over a couple of large ones are generally signs of a serious bettor that intends to earn money. While anybody can get caught up in the excitement of wagering and clever bookmakers constantly make offers that appear very good, the professional with a proven system knows better.