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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 only as applicable to punters wagering on betting exchanges since they are to brokers and traders dealing on the financial markets. The difference is the fact that many brokers and traders are operating with other folks money, meaning that they must exercise strict discipline since they are liable to their clients. On the contrary, the independent punter can be only using his own money and it has few restrictions about 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 amount of cash with which to bet (commonly known as a "betting bank"); require that some manner of analysis or review accompany each bet; and dictate specific amounts, relevant site percentages, or odds. Many of these systems only work if 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 same hit and miss ratio as any random gambler.
The whole concept of system discipline is fundamentally counter intuitive to the standard punter. In the end, he wagering on the outcome of an event that has not been determined yet. Nevertheless, sport betting is just not like casino gambling where the outcome is totally random; instead, research and experimentation can - and does - end in the development of systems that can radically improve the chance of winning. That said, 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 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 is the primary factor necessary to maintain steady winnings. Any and all variation from that system changes the total amount of cash won or lost, rendering the outcome derived exclusively from the system moot. Random betting on sports is a fool's game because with just a little time and effort 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 prior to making, refusing to get too greedy and accepting many small payouts over a few large ones are signs of a serious bettor that intends to make money. While anyone can get caught up in the excitement of wagering and clever bookmakers constantly make offers that seem very good, the professional with a proven system knows better.