SP stands for Starting Price, the official odds of a horse at the moment the race begins. These odds are determined by on-course bookmakers and represent the last available price before the race starts. When you place a bet at “SP,” your potential winnings are calculated based on these final odds.
What Does SP Mean in Horse Racing?
The Starting Price (SP) is crucial for understanding how much you might win from a bet. It’s particularly useful for those who prefer to wait until just before the race to make their decisions, as it reflects the most up-to-date market information. The SP is widely used in the industry, often serving as a standard for calculating returns on bets made without fixed odds. Bookmakers also calculate the SP with an overround built into the odds to ensure their profit margins.
Why Is SP Important?
Understanding SP is key because it ensures transparency in how bets are settled. If you choose to bet at SP, you’re essentially trusting the final odds, which are considered fair and representative of the overall betting market. This is especially important when you’re trying to compare the value between different bookmakers or betting strategies.
Examples of SP in Horse Racing
For example, if a horse’s odds were fluctuating throughout the day, and you placed a bet at SP, you’d receive the odds as they are when the race begins. If the SP ends up being 4/1, then that’s what your payout will be calculated on, regardless of earlier odds.
Related Terms
- Fixed Odds: The set odds you agree to when placing your bet, unaffected by later changes.
- Early Price: The odds available before the SP is finalised, often offered earlier on race day.
- Best Odds Guaranteed: A popular promotion where, if the SP is better than the odds you initially took, you’ll be paid out at the higher SP.