In horse racing, SP is the phrase used for the Starting Price of a horse.
This is the odds for each runner in a race that are the prevailing odds for that runner across the different on-course bookmakers.
The SP is only decided when the race begins, with the prices of the runners able to fluctuate right up to the moment that the bookies stop taking bets and the race starts.
Who Decides The Starting Prices in a Horse Race And How?
In Great Britain, the Starting Price Regulatory Commission (SPRC) determines the SP in horse racing betting.
They view how the odds on a horse fluctuate on the day of the race as punters place their bet on a horse in the race.
By the time the race starts, the prices on offer for each runner from a sample selected from all on-course bookmakers are ranked from the longest odds to the shortest.
The sample is then divided into halves, the top half being the top value prices, the bottom half the lower value prices.
The SP is then decided to be the lowest price listed in the top half of the longer odds prices.
An Example of how the Starting Price is Finalised and Used in Horse Racing.
For example if the sample comprised of 10 on-course bookmakers who offered the following odds on a single horse running in the race:
- 5/1
- 5/1
- 5/1,
- 9/2
- 9/2
- 9/2
- 9/2
- 4/1
- 4/1
- 7/2
The list is split into two with the top five prices in the first half and the lower priced options in the second half.
Top Half
- 5/1
- 5/1
- 5/1,
- 9/2
- 9/2
Bottom Half
- 9/2
- 9/2
- 4/1
- 4/1
- 7/2
To discover the SP the lowest price in the top half of prices is taken as the Starting Price.
Top Half
- 5/1
- 5/1
- 5/1,
- 9/2
- 9/2 ⇦ This price is taken as the Starting Price for this horse in the race.
So for this horse, the starting price when the race starts, and the price on which any bet that takes the starting price will be settled at, is 9/2.
The same process is followed for every horse, in every race, to decide the SP for that runner.
Any bet that takes the SP for a horse, is paid out at the official SP decided at the start of the race.
How Does The SP Fit In Alongside Other Types Of Prices?
The SP is just one of a number of prices you can take when you back a horse. A horse’s odds may well change significantly from one type of price to another, or it can remain relatively consistent at the same or a similar price throughout all the different types of prices.
Alongside the SP, you can also get the following prices for many horses.
- Antepost (Fixed Odds) Prices – For popular and top-ranked races, you can often take a price on a runner weeks, months or even a year before the race with the Antepost price.
- Early Prices – Often the Early price is available on a horse at the start of a days betting, although for some races early prices may be available 24-48 hours before the race.
- Live Prices – These are usually the odds when the race is the next to start and when most people on course bet on the race. This is when the most fluctuations in prices can occur within the betting markets.
- Starting Price – When the race starts, the Starting Price for the horse is worked out as outlined above and this is the official price for the horse when calculating SP returns.
Punters are able to take either the price available at the time they place their bet (either the Antepost, Early or Live price) or can elect to take the Starting Price at the start of the race.
What Is The Difference Between the SP and Ante Post (Fixed Odds) Bets?
There is only one major difference between the Starting Price and Ante Post (Fixed Odds) bet and that is with a standard SP bet, if the punter sees their horse declared as a non-runner or is withdrawn before the race starts, then they will receive their stake back.
However, for Ante Post bets, given that these bets are placed often many weeks or months in advance and before the entries for a race are known, the odds on these selections tend to be considerably higher. To counteract this benefit, bookmakers in traditional Ante Post or Fixed Odds bets, do not return a punter’s stake if their selection doesn’t run in the race.
However, many bookmakers now offer Ante Post Non-Runner No Bet options, which means that they will return stakes on bets made on these markets, although the odds offered tend to be slightly poorer value than on standard Ante Post markets.
Advantages of SP Betting
There are some advantages to using SP betting when you place a bet.
- You can place your bet at any time on the day of the race, or even the day before if you will take the SP, rather than an Ante Post, Early or Live Price.
- It is the simplest way to bet, especially for beginners.
- Sometimes the SP can be a longer odds winner than taking an Early or Live bet price.
Disadvantages of SP Betting
However, there are also some disadvantages to SP betting.
- Over the longer term taking the SP does not offer as much value as taking Early or Live prices.
- If you back favourites, the SP is likely to be a shorter price than earlier in the day in many cases.
Tips and Strategies for Starting Price Betting
Outlined below are some simple tips and strategies for using the SP when betting on a horse race.
- Look for a Best Odds Guaranteed Offer – This guarantee pays out at the best of two prices, the price you took when you placed your bet earlier in the day (the Early or Live price) or the SP. This is a fundamental strategy when betting using SP as it means you always get the better price.
- Research Your Bets – If you are going to take the SP, try to pick runners that are likely to have final odds longer than the prices available earlier in the day. These can be tricky to find.
- Select Your Bet Wisely – Sometimes taking the SP is the wrong option. Use research and your judgement to decide whether to take the price offered now, or the SP. But remember, it is not an exact science!
