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What does SP mean in horse racing? The starting price explained
SP is a horse racing term that stands for starting price, the odds on a horse at the start of the race in which it is running.
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How is the SP worked out?
Traditionally, determining the starting price (SP) for horse races has involved a group of officials on the course, basing their calculations on the offers available with fixed-odds bookmakers physically present at the event.
In the United Kingdom, this process involves arranging the SP offered by on-course bookmakers in ascending order and dividing them into two equal parts, where the SP is the shortest price from the half that provides the lengthiest odds.
However, if there are no bookmakers actually at the track, the Starting Price Regulatory Commission (SPRC) turns to a selected list of online bookmakers to compute the SP.
You can back the SP for a lot of the horses running at the Cheltenham Festival this week, with its four days of racing.
Why would I bet using the SP instead of fixed odds?
Bookmakers will now normally offer the punter the choice of either backing a horse at the odds quoted when you make the bet (taking a price), or backing the horse at the SP.
Given the popular best odds guaranteed promotions offered by the vast majority of betting sites, there is little reason to back a Cheltenham runner at SP.
If you place a bet at a certain price with a bookmaker that has a best odds guarantee, and your selection drifts before the race so the SP is higher, you will be paid out at the higher price. If you opt to just back the SP the odds could shorten and you could miss out.
The majority of bookmakers will run this promotion on bets placed after 9am on the day of the race but this time could vary from firm to firm so it is worth double checking with your bookie of choice.
Some bookmakers don’t offer best odds guaranteed, and if you’re backing your horse looking for the best odds, backing at SP may be an appealing option if you feel confident that the horse will drift in the betting before the off.
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How does the SP differ from the BSP or Betfair SP?
When pundits or ITV Racing presenters discuss the SP they may also mention the Betfair SP (BSP), which is a horse’s starting price on the Betfair Exchange. The BSP is a bit different because it is calculated using the bets that are both backing and laying the same horse.
Why is the SP important in horse racing?
Although betting on a horse at the SP may not always be advantageous, it is employed for various calculations that affect race odds. These include:
Forecast and tricast bets:
Some bookmakers use the SP and the number of runners to settle these types of bets after the race.
Tote betting:
In several multi-leg Tote bets, such as the Placepot or Scoop 6, if a non-runner is declared after you pick your horse then your selection will be changed to the SP favourite.
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