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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 working with other’s money, meaning that they will exercise strict discipline as they are liable to their clients. On the flip side, the independent punter will be 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 become successful. Most successful systems advise the bettor to possess a fixed amount 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. The majority of these systems only work should 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 aspects of their system. The result tends to be betting with no proven system and usually means the exact same hit and miss ratio as any random gambler.
The whole concept of system discipline is fundamentally counter intuitive to the common punter. Of course, he wagering on the outcome of an event which has not been determined yet. On the other hand, sport betting just isn’t like casino quality online gambling agent where the outcome is totally random; instead, research and experimentation can – and does – lead to the creation of systems that can radically improve the chance of winning. With 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 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 required to maintain steady winnings. Any and all variation from that system changes the exact 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 just a little effort and time 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 you make, refusing to get too greedy and accepting many small payouts over a number of large ones are signs of a serious bettor that intends to make money. While anybody can get caught up within the excitement of wagering and clever bookmakers constantly make offers that seem good, the professional with a proven system knows better.
