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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 are just as applicable to punters wagering on betting exchanges because they are to brokers and traders dealing on the financial markets. The main difference is the fact that many brokers and traders are operating with other folks money, meaning that they will exercise strict discipline because they are liable to their clients. Alternatively, the independent punter is normally only using his own money and 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 that 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 (popularly known as a “betting bank”); require that some manner of analysis or review accompany each bet; and dictate specific amounts, percentages, or odds. These types of 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 effective 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 entire concept of system discipline is fundamentally counter intuitive to the standard punter. After all, he wagering on the outcome of an event which has not been determined yet. Nevertheless, sport betting just isn’t like casino gambling where the outcome is totally random; instead, research and experimentation can – and does – result in the creation of systems that may radically improve the chance of winning. That 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 seem reasonable, and betting beyond one’s means all lead 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 exact amount of cash 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 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 prior to making, refusing to get too greedy and accepting many small payouts over a number of large ones are all signs of such a good point 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 seem excellent, the professional with a proven system knows better.
