What is an SP bet?
An SP bet is a wager settled at the Starting Price; it is the official odds recorded for a horse or greyhound at the moment a race begins. It's the most common betting method in UK and Irish horse racing.
The SP represents the final on-course market after bookmakers adjust their prices in response to betting activity. Returns are calculated using this official figure once the race starts.
It is published alongside the race result, providing a standardised reference for odds that fluctuate before the off.
How the SP is calculated
The Starting Price (SP) is determined from the odds offered by a sample of major off-course (online) bookmakers in the moments leading up to a race. In the UK, the Starting Price Regulatory Commission (SPRC) oversees a standardised process to ensure fairness.
The calculation works as follows:
- Collect odds: Prices are gathered from a selected sample of bookmakers, such as Bet365, Betfred, Ladbrokes, Paddy Power, Sky Bet, Unibet, and William Hill.
- Order odds: For each runner, the odds are listed from the longest (highest) to the shortest (lowest).
- Split the list: This ordered list is divided into two equal halves.
- Select the SP: The official SP is the shortest odds in the half containing the longest prices. This ensures the SP, or a better price, was available from at least half of the sampled bookmakers.
This median-style method removes extreme outliers and reflects the true market consensus.
Example:
Ten bookmakers offer odds on Horse A ranging from 5.00 (4/1) to 8.00 (7/1). After ordering and splitting the list, the shortest odds in the half containing the longest prices might be 6.50 (11/2). This becomes the official SP for the race.
SP bet vs Fixed odds bet
Fixed odds lock in the price at the moment you place your bet. You know exactly what you'll win before the race starts.
SP betting means players accept whatever the official odds are when the race begins. The final odds may be higher or lower than when you placed your bet.
Example:
- A bettor backs a horse at 4.00 (3/1) fixed odds. If the SP drifts to 6.00 (5/1), the bettor still receives 4.00 (3/1).
- If the same bettor takes SP, they benefit from the higher price of 6.00 (5/1).
- Conversely, if the SP shortens from 6.00 to 4.00, the fixed odds would have been the better choice
Feature | SP Bet | Fixed Odds Bet |
|---|---|---|
Odds locked in | At race start | When bet is placed |
Know payout beforehand | ❌ No | ✅ Yes |
Non-runner protection | Stake refunded | Stake lost (ante post) or refunded (NRNB) |
Price movement risk | Can improve or worsen | Locked in |
Best for | Expecting odds to drift | Securing current value |
Key terms related to SP betting
Understanding SP bets involves a few other important terms:
- Best Odds Guaranteed (BOG): A bookmaker promotion where you are paid the higher of your original fixed odds or the SP if the SP exceeds your selected price.
- Each-way bet: A bet split into two parts: one on the horse to win, and one on the horse to place (usually in the top 2, 3, or 4, depending on the race). Both parts may be settled at SP.
- Off-course bookmakers: Licensed betting operators who accept bets outside of the racecourse. They provide the majority of prices used to calculate the SP.
- On-course bookmakers: Bookmakers operating physically at the racecourse. Traditionally included in SP calculations but now supplemented with off-course prices.
- Drifting odds: When a horse’s price lengthens (odds increase) before the race, potentially making SP bets more profitable than fixed odds.
- Shortening odds: When a horse’s price shortens (odds decrease), meaning fixed odds may be more favourable than SP.
SP bet strategies
- Compare fixed odds and SP: Reviewing both prices allows bettors to understand how the market is moving and how each option may affect potential returns.
- Monitor price movements: Tracking morning prices, late prices, and any significant drifts or shortenings provides insight into how the SP might develop.
- Review bookmaker policies: Understanding whether a bookmaker offers BOG helps bettors know how fixed odds and SP will be settled if prices change before the off.
- Check liquidity and market activity: Observing how heavily a race is being bet on can help bettors gauge the likelihood of volatile price movements that may influence the final SP.
- Use historical SP data: Looking at how similar runners have been priced in past races can provide a reference point when comparing the current market to the anticipated SP.
Conclusion
A Starting Price bet provides a standardised way to settle wagers once a race begins. Understanding how the SP is calculated, how it compares with fixed odds, and which related terms influence price movements helps bettors make informed decisions.
Reviewing strategies such as monitoring market activity and checking bookmaker policies offers useful context when considering whether an SP bet suits a particular situation.
Frequently asked questions (FAQs)
Does the SP ever change after the race starts?
No. The Starting Price is fixed at the moment the race begins. Once the SP is recorded, it becomes the official figure used for settlement and does not change.
Why is the SP different from the last price I saw?
Displayed prices can move quickly in the seconds before a race. The SP is calculated using the range of on-course bookmaker odds at off-time, which may differ from the final board price shown before the start. Settlement always follows the recorded SP.
Does Rule 4 apply to SP bets?
Yes. If a horse is withdrawn after declarations, Rule 4 deductions may apply to the remaining runners, regardless of whether the bet was placed at SP or a fixed price.
Does an SP bet use dead-heat rules?
Yes. If a dead heat occurs, the SP is still used, but settlement follows standard dead-heat procedures. The stake is divided in line with the number of tied runners, and returns are calculated from the adjusted stake.
Can SP bets be included in accumulators?
Yes. SP selections can form part of accumulator bets. Each leg is settled at the returned SP, and any void selections are treated according to operator rules, usually by reducing the accumulator to the next available line.