Product
Starting Price (SP)
Definition
The odds at which a horse or greyhound is returned at the start of a race, determined from the prices available in the on-course or designated market at the off, and used to settle bets placed "at SP" without a fixed price taken. The reference price of racing betting.
Key takeaways
- The SP is the official price returned at the off from a designated market sample, settling bets taken without a fixed price.
- It is the benchmark for early prices and the reference behind best odds guaranteed.
- Its compilation has been reformed when the sample was thought manipulable; integrity of the SP is a regulatory concern.
- Rule 4 does not apply to SP bets because the SP already reflects withdrawals.
Why it matters
Racing has a price that does not exist in other sports: an official closing price, returned after the off, that settles every bet taken without a fixed price and against which every fixed price is measured. Historically the SP was compiled by press representatives sampling on-course bookmakers at the off; in Britain it is now returned by a regulatory body from a designated sample of on-course and online prices under published rules, and in other racing jurisdictions equivalent mechanisms exist. A bettor who backs a horse "at SP" accepts whatever price is returned; a bettor who takes a fixed price early gets that price, unless the operator's best-odds-guaranteed concession pays the SP when it is longer.
The SP matters to the industry for three reasons. It is the settlement price for the large volume of retail and online bets placed without a price, particularly on multiples and in betting shops. It is the benchmark for the value of early prices, and the industry's argument with sharp bettors about early-price restrictions turns on how often they beat the SP. And it is the price around which racing's promotional economics are built: best odds guaranteed, which pays the better of the price taken and the SP, is the sector's most expensive standing promotion.
The integrity of the SP has been contested whenever the sample used to compile it was thought to be manipulable, and reforms to the compilation process in Britain in the 2010s and 2020s followed exactly that concern. For the trader, the SP is also where in-race pricing starts: in-play racing markets are priced from the SP as the horses jump.
Frequently asked questions
Should I take a price or bet at SP?
If you expect the horse to shorten, take the price; if you expect it to drift, bet at SP. With best odds guaranteed you get the better of the two on a price taken, which is why the concession is valuable.
Who decides the starting price?
In Britain, a regulatory body returns it from a designated sample of prices at the off under published rules. Other racing jurisdictions have their own compilation mechanisms; pari-mutuel systems have no SP as such, only the final pool dividend.
Does the starting price exist for sports other than racing?
Not formally. Other sports settle at the price taken, and the nearest equivalent is the closing line, the last price before an event starts, which is used as a benchmark rather than a settlement price.