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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 just as applicable to punters wagering on betting exchanges because they are to brokers and traders dealing on the financial markets. The real difference is that many brokers and traders are working with other people's money, meaning that they have to exercise strict discipline because they are liable to their clients. In contrast, the independent punter will be 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 that has been tested and shown to become successful. Most successful systems advise the bettor to have a fixed quantity of money with which to bet (popularly known as a "betting bank"); require that some manner of analysis or review accompany each bet; and dictate specific amounts, percentages, or odds. Most of these systems only work if the punter follows them perfectly, as adding variation changes the equations upon which the system is based. Even so, since most beneficial systems only provide small but steady profits, many punters become overconfident, impatient, or greedy and begin discarding aspects of their system. The result tends to be betting with no proven system and usually means the same hit and miss ratio as any random gambler.
The whole concept of system discipline is fundamentally counter intuitive to a normal punter. in the know the end, he wagering on the outcome of an event which has not been determined yet. Nonetheless, sport betting is not like casino gambling where the outcome is totally random; instead, research and experimentation can - and does - contribute to the development of systems that can radically enhance the chance of winning. That being said, these systems will be just as good as the punter will be at employing them. Failing to be consistent, chasing after non-system bets that appear reasonable, and betting beyond one's means all contribute to 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 total amount of money won or lost, rendering the end result derived exclusively from the system moot. Random betting on sports is a fool's game because with a little time and energy the punter can do far better.
The professional punter knows and understands that system discipline is 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 several large ones are signs of a serious bettor that intends to make money. While anyone can get caught up within the excitement of wagering and clever bookmakers constantly make offers that seem great, the professional with a proven system knows better.