Starting Price (SP) Explained: A Bettor's Guide

Starting Price (SP) Explained: A Bettor's Guide

In horse racing betting, SP refers to the horse's 'starting price' which is the last available odds of a horse at the start of the race. Horse racing odds are often volatile and the market can shift dramatically from when it opens until the off. SP is the final price determined by the UK bookmaking industry using a regulated formula.

What is the Starting Price (SP) in Horse Racing?

In horse racing, the Starting Price (SP) is the odds of a horse at the time the race begins, determined by the average of the final available odds from on-course bookmakers when the race starts.

When betting on horse racing, punters have the option of 'taking a price' at the current odds available or backing at SP. They must try to determine which price might be bigger. Any bets where a punter does not 'take a price' are settled at SP.

How is the Starting Price Determined?

The on-course bookmakers at the racecourse effectively determine the starting price. Their collective odds are used to create a representative sample and, thus, determine the industry SP.

The SP is an average of these odds, designed to reflect the state of the market as the race goes off.

The Starting Price Regulatory Commission (SPRC) is an independent body responsible for regulating and overseeing the integrity and transparency of the Starting Price (SP) system in horse racing in the UK, guaranteeing fairness for punters.

Taking a Price vs. Betting at SP

Whether you bet online, in an off-course bookmakers or at the racecourse with on-course bookmakers, punters betting on any horse racing betting market can choose to 'take a price' when placing their bet, or bet at SP.

Taking a price provides certainty about the potential return on your bet, but the SP could end up being higher (or indeed lower) than the currently available odds.

If you back a horse taking a price at 5/1 and it duly wins with an SP of 2/1, you will get the bigger odds. If that same horse drifts to 7/1 and wins, in many cases the punter is paid at 5/1 having 'taken a price' – as opposed to the greater SP.

The Impact of “Best Odds Guaranteed” (BOG)

The hugely popular 'Best Odds Guaranteed' (BOG) promotion is offered by most UK bookmakers, whereby if a horse racing bet is struck by 'taking a price', the bookmaker will pay out at the extra odds if the SP is in fact bigger.

This promotion has largely removed the risk of taking a price, as the punter gets the better of the two odds, for online bettors, but betting with on-course bookies it is much less commonplace.

Why is the SP Still Relevant?

Even with the prevalence of BOG in modern betting markets, the SP remains the definitive industry price for a horse, a key indicator of its chances, and the benchmark against which all other odds are measured. It is also still the default option for many betting shops and for certain types of bets, such as Lucky15 and other exotic bets.

The SP system is more than 100 years old and is embedded in how punters, bookmakers, and the racing industry operate. It remains a core principle for horse racing.