SP, or Starting Price, is the official odds of a horse at the time a race begins. These odds are set by on-course bookmakers and represent the final betting market conditions. SP is commonly used to calculate payouts for bets placed at “starting price.”
How Is SP Determined?
The SP is calculated by averaging the odds offered by a panel of on-course bookmakers. This ensures the figure reflects the overall market sentiment just before the race starts.
Why Is SP Important?
SP is an industry standard and ensures fairness and transparency when settling bets. It’s particularly significant for promotions like “Best Odds Guaranteed,” where bookmakers compare the SP to the odds taken at the time of bet placement.
Example of SP in Action
If a horse has an SP of 5/1 and you placed a £10 bet at SP, your return would be £50 (plus your £10 stake) if the horse wins.
Related Terms
- Fixed Odds: Odds agreed upon when placing a bet, which remain unchanged.
- Early Price: Odds offered before the SP is finalised, typically earlier on race day.
- Overround: The bookmaker’s built-in margin, included in SP calculations.