What Is Starting Price (SP) in Horse Racing? A Bookmaker Explains
If you’ve ever looked at a horse-racing market, you will probably have seen the letters SP displayed alongside the available odds.
SP stands for Starting Price—the official price returned for a horse when the race begins.
But how is the Starting Price determined? What happens if you place a bet at SP? And is it better to take an available price or wait for the Starting Price?
At Kevin Myles, we’ve been involved in independent bookmaking since 1989. In this guide, we explain how Starting Price works and what it means for your horse-racing bet.
What Does SP Mean in Horse Racing?
In horse racing, SP means Starting Price.
It is the official industry price recorded for each horse at the start of a race.
If you place a bet at SP rather than accepting a specific fixed price, your bet will be settled using the horse’s official Starting Price.
For example, you might place:
£10 win at SP
The horse’s odds may move several times before the race. If its official Starting Price is eventually returned at 5/1, your bet will be settled at 5/1.
If the horse wins, the calculation would be:
£10 stake × 5/1 = £50 profit
Your £10 stake would also be returned, giving you a total return of £60.
What Is the Difference Between SP and a Fixed Price?
When placing a horse-racing bet, you may be able to choose between:
Taking the currently available fixed price.
Placing the bet at Starting Price.
If you accept a fixed price, those odds are recorded when the bookmaker accepts your bet, subject to the applicable betting rules and any subsequent deductions.
If you choose SP, you do not know the final odds when you place the bet. Your bet will be settled at the official Starting Price returned when the race begins.
Imagine a horse is available at 4/1 when you place your bet.
You have two choices:
Take 4/1: Your bet is recorded at that price.
Take SP: Your bet is settled at whatever Starting Price is eventually returned.
The horse might shorten to 2/1, drift to 6/1 or remain at approximately the same price.
Taking SP therefore does not guarantee that you will receive better odds.
A Simple Starting Price Example
Suppose you place:
£20 win at SP
You do not select a fixed price when placing the bet.
The horse’s official Starting Price is subsequently returned at 3/1.
If the horse wins:
Your profit would be £60.
Your £20 stake would be returned.
Your total return would be £80.
If the horse’s SP had shortened to 2/1, the same winning £20 bet would return £60 in total.
If its SP had drifted to 5/1, the total return would be £120.
Your settlement depends on the official SP—not necessarily the odds available when you initially requested the bet.
How Is the Starting Price Determined?
The Starting Price is not simply chosen by one bookmaker.
In Great Britain, the integrity and accuracy of the official Starting Price are overseen independently by the Starting Price Regulatory Commission.
The SP is intended to provide an accurate record of the odds generally available for each horse when the race starts. Prices from selected betting operators are sampled and processed under the applicable Starting Price rules.
The resulting price becomes the official SP used across the industry to settle qualifying bets.
This means that your bookmaker does not independently invent a different Starting Price for your selection after the race.
When Is the Starting Price Confirmed?
The official Starting Price is determined around the start of the race and is published shortly afterwards.
Before the off, you may see a horse’s price change frequently.
For example:
8/1 → 6/1 → 5/1 → 4/1
These are prices available while the market is developing. The official SP is the final industry price returned once the race begins.
The SP should not be confused with the last price you personally saw on a website, television screen or bookmaker’s board.
Why Do Horse-Racing Prices Change Before the Start?
Horse-racing odds can change considerably before a race.
A price can be affected by factors including:
The amount of money being wagered on different horses.
Changes elsewhere in the betting market.
New information about a horse or race.
Going and weather conditions.
Jockey or equipment information.
Other horses being withdrawn.
Bookmakers managing their individual betting positions.
Wider market movements as the race approaches.
A horse whose price becomes shorter is often described as being backed or well backed.
A horse whose odds get larger is described as a drifter or as having drifted in the betting.
Neither movement guarantees what will happen during the race.
What Does It Mean When a Horse Shortens Before the Race?
If a horse shortens in price, its odds become smaller.
For example:
8/1 → 6/1 → 4/1
Someone who accepted 8/1 would have a larger potential return than someone placing the same stake at 4/1.
If you selected SP, however, and the horse’s official Starting Price was 4/1, your bet would normally be settled at 4/1.
This is the risk of waiting for SP when a horse shortens significantly.
What Does It Mean When a Horse Drifts?
A drifting horse moves to a larger price.
For example:
3/1 → 4/1 → 6/1
If you accepted the earlier fixed price of 3/1, but the horse returned an SP of 6/1, someone who bet solely at SP would receive the larger price.
A drift does not automatically mean a horse will run badly, just as shortening odds do not guarantee that a horse will win.
Odds represent a market assessment of probability—not certainty.
Is It Better to Take a Price or Bet at SP?
There is no answer that will always be correct.
If you take an early price and the horse subsequently shortens, you have secured the larger odds.
If you take an early price and the horse drifts, the eventual SP may be larger than the price you accepted.
For example:
Price takenOfficial SPBetter price8/14/1Fixed price5/15/1Same3/16/1Starting Price
You cannot know with certainty how the market will move.
Your decision should reflect the available price, the market, the terms attached to the bet and your own judgement.
What Does Best Odds Guaranteed Mean?
Some bookmakers offer a promotion known as Best Odds Guaranteed, often abbreviated to BOG.
Where this offer applies, a qualifying customer who accepts an eligible fixed price may be paid at the Starting Price if the SP is greater.
For example, if you take 4/1 and the horse wins at an SP of 6/1, a qualifying Best Odds Guaranteed bet may be settled at 6/1.
If you take 6/1 and the horse wins at an SP of 4/1, the bet may remain settled at the better fixed price of 6/1.
Best Odds Guaranteed is not automatically available on every bet, race, customer account or with every bookmaker. Always check the applicable promotional terms before placing your bet.
Can You Place an Each-Way Bet at SP?
Yes. A horse-racing bet can generally be placed each way at Starting Price, subject to the bookmaker’s terms.
An each-way bet consists of two separate bets:
One bet on the horse to win.
One bet on the horse to finish within the advertised places.
If you place:
£5 each way at SP
your total stake is £10.
Once the Starting Price has been confirmed, that price is used to calculate the applicable win and place portions of the bet.
The place part will also depend on the race’s advertised each-way fraction and number of qualifying places.
For a complete explanation, read:
What Does Each-Way Mean in Horse Racing? A Bookmaker Explains
What Happens if My SP Selection Is a Non-Runner?
If you place a standard SP bet and your selected horse is officially declared a non-runner, the bet will normally be void and your stake returned.
If that horse forms part of a multiple bet, the non-running selection will generally be removed and the remaining selections will continue, subject to the bookmaker’s rules.
This should not be confused with ante-post betting, where different non-runner conditions can apply.
Always check whether your bet is being placed on the day of the race or under ante-post terms.
Do Rule 4 Deductions Apply to SP Bets?
Rule 4 deductions are primarily associated with fixed-price bets placed before another horse is withdrawn.
When a bet is placed at SP, the final Starting Price will generally reflect the revised field and market after the non-runner has been removed.
A separate Rule 4 deduction will therefore not normally be needed in the same way for a straightforward SP bet.
However, unusual circumstances can arise, and all bets remain subject to the bookmaker’s published rules.
What Does SP Favourite Mean?
You may see a result showing that a horse was the SP favourite.
This means it had the shortest official Starting Price in the race.
If two horses share the shortest price, they may be described as joint favourites. Three or more horses sharing favouritism can be referred to as co-favourites.
Being the SP favourite means the horse was considered the most likely winner by the market at the start of the race.
It does not mean the horse was guaranteed to win.
Is the Starting Price Always the Same as the Last Show?
Not necessarily.
The last show refers to the prices being displayed shortly before the race starts. The official Starting Price is calculated and returned under the industry’s SP process.
The SP may resemble the final prices you saw, but it should not be assumed that the last price shown for a horse will automatically become its official Starting Price.
Always use the published result when checking the final settlement of an SP bet.
What Does SP Mean on a Betting Slip?
If your betting slip displays SP instead of fractional or decimal odds, you have not locked in a specific fixed price.
Your potential return cannot be calculated precisely until the official Starting Price is known.
Once the race starts and the SP is published, that price can be used to determine the return if your selection is successful.
Check your betting slip before confirming the bet so you know whether you have:
Accepted a fixed price.
Requested Starting Price.
Placed a win-only or each-way bet.
Entered the selection as part of a multiple.
Starting Price Explained: The Simple Version
If you remember nothing else from this guide, remember:
SP stands for Starting Price.
It is the official industry price returned for a horse when the race begins.
If you place a bet at SP:
You do not lock in the price displayed when placing the bet.
Your horse’s odds can shorten or drift before the race.
Your bet is settled using the official Starting Price.
You will only know the exact potential return once the SP is published.
Taking a fixed price may prove better if the horse shortens. Taking SP may prove better if the horse drifts.
Neither option guarantees a successful bet.
Horse-Racing Betting Explained by Kevin Myles
Kevin Myles has been involved in independent bookmaking since 1989, with extensive experience in the British racecourse betting ring.
Our A Bookmaker Explains series provides straightforward guides to horse-racing odds, terminology and common types of bet.
You may also find these guides helpful:
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