Starting Price, usually shortened to SP, is the official price returned for a horse at the start of a race.

If you place a horse racing bet at SP rather than taking a fixed price, the SP determines the odds used to settle the bet.

For example, you back a horse at SP and it starts at 6/1.

If it wins, your bet is settled at 6/1.

SP is also important when comparing early prices with the market at the off, assessing Best Odds Guaranteed bets and recording how betting markets moved before a race.

What Does SP Mean in Horse Racing?

SP means Starting Price.

It represents the official odds returned for each horse around the time the race starts.

You will commonly see results displayed like this:

1st Horse A 5/2F

2nd Horse B 6/1

3rd Horse C 10/1

The prices shown alongside the horses are their Starting Prices.

If you placed an SP bet on Horse B, for example, the relevant settlement price would be 6/1.

The F beside Horse A means it started as the favourite.

Our horse racing betting odds guide explains fractional, decimal and implied probability in more detail.

How Does an SP Bet Work?

When placing a horse racing bet, you can commonly either accept a fixed price available at that point or bet at SP.

Suppose a horse is currently:

5/1

You have two different choices.

You could take the 5/1.

Alternatively, you could place the bet at SP and wait for the official Starting Price.

If the horse eventually starts at:

7/1

the SP bet receives 7/1.

If it starts at:

3/1

the SP bet receives 3/1.

By choosing SP, you do not know the final odds when you place the bet.

Taking a Price vs Betting at SP

This distinction is central to horse racing betting.

Imagine you want to back a horse called Example Runner.

The current bookmaker price is:

6/1

Scenario 1: You Take the Price

You accept 6/1.

The horse later shortens and starts at:

7/2

Your original bet remains at 6/1, subject to the bookmaker’s settlement rules and any applicable deductions.

You secured a considerably bigger price than the eventual SP.

Scenario 2: You Bet at SP

You do not accept the available 6/1.

The horse starts at 7/2.

Your bet is settled at 7/2.

In this example, taking the earlier price produced the better odds.

Now reverse the market movement.

The horse is 6/1 when you place the bet but drifts to:

10/1 SP

An SP bet receives 10/1.

A standard fixed-price bet remains at the 6/1 originally accepted, unless it qualifies for a promotion such as Best Odds Guaranteed.

There is no universal rule that taking the early price or waiting for SP will always be better.

It depends on how the market moves and the terms attached to the bet.

How Is the Starting Price Calculated?

The British Starting Price system has changed significantly.

Historically, the official SP was derived from prices available in the on-course betting market.

That is no longer an accurate description of the modern system.

The current British SP system primarily uses prices from qualifying off-course bookmakers.

For each horse, the prices offered by the relevant bookmaker sample are used to determine the returned Starting Price under the rules governing the SP process.

The purpose is to produce an official price that reflects the betting market at the off.

This distinction matters because older explanations of Starting Price often describe people physically collecting prices from a sample of bookmakers in the racecourse betting ring.

That description is now outdated.

Who Oversees the Starting Price?

The British Starting Price system is overseen by the Starting Price Regulatory Commission, usually abbreviated to SPRC.

Its role concerns the integrity and accuracy of the Starting Price process.

It does not decide what price an individual horse should be.

Instead, the system is designed to return an SP reflecting prices available in the market at the off according to the established procedure.

This is why the Starting Price should be thought of as a market price, not an expert assessment of the horse’s true winning chance.

Why Did the SP System Change?

British betting behaviour changed.

Historically, the racecourse betting ring played a much larger role in establishing the prices used by bettors away from the course.

Most horse racing betting subsequently moved away from the racecourse and towards betting shops, online bookmakers and other digital betting markets.

The old exclusively on-course approach therefore became less representative of the wider market.

Temporary off-course arrangements were introduced when racing resumed behind closed doors in 2020.

A permanent modernised system subsequently followed, with the updated mechanism taking effect in May 2022.

For readers returning to racing after several years away, this is one of the most important changes to understand about modern Starting Prices.

Is Starting Price the Same at Every Bookmaker?

The official SP is an industry Starting Price rather than an individual bookmaker’s normal fixed price.

Before the race, bookmakers can offer different odds on exactly the same horse.

One bookmaker might have a runner at:

4/1

another at:

9/2

and another at:

5/1

The eventual official SP could then be:

7/2

The differences before the off are one reason price comparison matters.

Do not assume the bookmaker you normally use is offering the strongest fixed price simply because its odds on another horse were competitive.

What Happens If I Don’t Take a Price?

If your bet is explicitly placed at SP, the returned Starting Price determines the odds.

Suppose you stake:

£10 win at SP

The horse subsequently starts at:

4/1

and wins.

Your profit is:

£40

plus your:

£10 stake

giving a total return of:

£50.

Our bet calculator can be used to calculate returns at different odds and stakes.

SP Betting Example

Consider a horse currently available at 8/1.

You believe its price may get bigger before the race and decide to bet at SP rather than accept 8/1.

The horse drifts and starts:

12/1

It wins.

A £10 win bet at 12/1 produces:

£120 profit

plus:

£10 stake

for a total return of:

£130.

Had you accepted the original 8/1 without Best Odds Guaranteed, the same £10 winning bet would have produced:

£80 profit

plus the £10 stake.

In this particular example, waiting for SP worked in your favour.

It could just as easily move the other way.

What Happens If the Horse Shortens?

A horse shortens when its odds become smaller.

For example:

10/1 → 8/1 → 6/1 → 4/1

A bettor who took 10/1 has secured a much larger potential return than someone betting at the eventual 4/1 SP.

This is sometimes described as beating the Starting Price.

If you repeatedly take prices that are bigger than the eventual SP, that can provide useful information about the prices you are obtaining.

Our Closing Line Value in horse racing guide examines this concept in detail.

What Happens If the Horse Drifts?

A horse drifts when its odds get bigger.

For example:

3/1 → 7/2 → 4/1 → 5/1

If you accepted 3/1 early and the horse eventually started at 5/1, the later market offered a considerably bigger price.

An SP bettor receives the 5/1.

This does not prove that waiting for SP was the better decision before the race.

Prices move for many reasons and market movements cannot be known with certainty in advance.

The important distinction is between the decision you made when placing the bet and what subsequently happened to the market.

What Does Beating SP Mean?

You beat SP when the odds you take are bigger than the horse’s eventual Starting Price.

Suppose you back a horse at:

8/1

It starts:

5/1

You have beaten SP.

You obtained a bigger potential return than was available at the official Starting Price.

This can be recorded even if the horse loses.

That distinction is important.

The result of the race tells you whether the bet won.

The price movement tells you how the price you obtained compared with the later market.

They measure different things.

Does Beating SP Mean You Are a Profitable Bettor?

No.

One horse moving from 8/1 to 5/1 proves very little.

Even doing it several times does not guarantee that a betting strategy is profitable.

Over a much larger sample, consistently obtaining prices that are bigger than a chosen closing-market benchmark can provide useful evidence about the quality of your price selection.

It still does not guarantee future profit.

Our guide to keeping horse racing betting records explains how to record the price taken, closing price, result, return and other information separately.

Starting Price and Closing Line Value

Starting Price provides a convenient benchmark for measuring Closing Line Value, commonly shortened to CLV.

Imagine you take:

10/1

The horse starts:

6/1

You have positive CLV relative to SP.

Now imagine you take:

5/1

and the horse starts:

9/1.

That represents negative CLV relative to SP.

This is more useful across a large set of bets than as a judgement on an individual selection.

A horse can shorten dramatically and lose.

Another can drift and win easily.

CLV evaluates the price movement rather than the race result.

Starting Price vs Early Price

An early price is a fixed price available before the race.

The SP is the official price returned around the off.

Neither is automatically better.

If a horse shortens:

Early price: 10/1

SP: 6/1

the early price was better.

If it drifts:

Early price: 6/1

SP: 10/1

the Starting Price was better.

The challenge is that you do not know the final SP when deciding whether to take an earlier price.

This is where Best Odds Guaranteed becomes relevant.

Starting Price and Best Odds Guaranteed

Best Odds Guaranteed, normally shortened to BOG, can give an eligible bettor the advantage of taking a fixed price while retaining the benefit of a bigger SP if the horse drifts.

A simple example:

You back a horse at:

6/1

It wins at:

9/1 SP

If your bet qualifies for Best Odds Guaranteed under the bookmaker’s terms, it can be settled at the bigger 9/1 price.

Now suppose the horse instead shortens to:

7/2 SP

You retain the 6/1 price originally taken.

This is why BOG can be particularly relevant to horse racing bettors.

Eligibility, qualifying times, bet types, races and customer terms can vary, so never assume every racing bet automatically qualifies.

Our dedicated Best Odds Guaranteed bookmakers page explains the feature and current bookmaker considerations in more detail.

Should You Always Take a Price With Best Odds Guaranteed?

Do not turn BOG into a reason to ignore the original price.

Suppose one bookmaker offers:

5/1 with BOG

while another offers:

7/1 without BOG.

The BOG label alone does not tell you which proposition is better.

You still need to consider the available prices, your assessment of the horse, likely market movement and the bookmaker’s terms.

The quality of the starting price matters.

So does the quality of the price you can take now.

What Is Betfair Starting Price?

Betfair Starting Price is normally shortened to BSP.

BSP is different from the official industry SP.

The official SP is derived through the regulated Starting Price process.

BSP comes from the Betfair Exchange market.

An exchange works differently from a traditional bookmaker because customers can back and lay outcomes against other exchange users.

BSP is calculated from the exchange market at the start of the event.

This means:

SP and BSP are different prices produced by different mechanisms.

They can be similar.

They can also differ significantly.

Our betting exchanges guide explains how exchange betting differs from using a traditional bookmaker.

Is BSP Usually Bigger Than SP?

Do not assume BSP will always be bigger.

Historical comparisons can show differences between exchange Starting Prices and official SPs, but the relationship changes from horse to horse and race to race.

Exchange commission also needs to be considered when assessing returns.

A raw BSP and bookmaker SP comparison does not always provide a complete comparison of what the bettor actually receives.

Check the relevant exchange rules and charges when comparing the two.

Starting Price and Implied Probability

Every Starting Price can be converted into an implied probability.

For example:

Evens = 50%

2/1 = 33.3%

4/1 = 20%

9/1 = 10%

These figures describe the probability implied by the odds before accounting for the bookmaker margin across the complete market.

For fractional odds, a simple implied probability calculation is:

Denominator ÷ (Numerator + Denominator) × 100

For 4/1:

1 ÷ (4 + 1) × 100 = 20%

Our betting odds explained page covers these calculations in greater detail.

Starting Price and Bookmaker Overround

If you convert every horse’s SP into implied probability and add the percentages together, the total will normally exceed 100%.

The amount above 100% is associated with the bookmaker’s overround.

A simplified four-horse market might produce implied probabilities totalling:

110%

The extra 10 percentage points above 100% represent the market overround.

Real horse racing markets contain more runners and a more complicated distribution of prices.

Our bookmaker overround guide explains why this matters when evaluating betting prices.

Is the Favourite Always the Horse With the Shortest SP?

Yes. The horse with the shortest Starting Price is the SP favourite.

If one horse starts at:

2/1

and every other runner is 3/1 or bigger, the 2/1 horse is the favourite.

If two horses share the shortest price, they are joint-favourites.

You may see:

F for favourite.

You may also see:

JF for joint-favourite.

The favourite is simply the horse with the shortest market price.

It is not a declaration that the horse will win.

What Is an SP Favourite?

The SP favourite is the horse, or horses in the case of joint-favourites, returned at the shortest odds.

This becomes important for some bet types and settlement rules.

Always check the rules attached to the specific bet rather than assuming every product treats favourites in exactly the same way.

Starting Price and Market Movers

Comparing an earlier price with SP shows how a horse moved in the betting market.

A horse could move:

12/1 → 7/1

This horse has shortened considerably.

Another could move:

5/1 → 9/1

This horse has drifted.

These movements tell you what happened to the market price.

They do not explain why it happened.

Money entering the market can change prices, but betting markets also react to new information, bookmaker liabilities, exchange activity, competing prices and changes elsewhere in the race.

Avoid assuming every shortening horse has been backed because somebody possesses special information.

Does a Shortening Price Mean a Horse Is More Likely to Win?

The later market is assigning the horse a higher implied probability than the earlier market did.

That is not the same as saying the horse will win.

Suppose a horse shortens from:

10/1

to:

5/1

Its market assessment has changed substantially.

It can still finish last.

Odds express a price and implied probability, not a guaranteed outcome.

This distinction is particularly important when using pages such as our best backed horses today.

Market support is information to investigate rather than an automatic betting signal.

Should You Back Horses That Shorten Before the Off?

Not automatically.

By the time a horse has shortened substantially, much of the potentially attractive earlier price may have disappeared.

Suppose a horse was:

12/1

and is now:

6/1.

Knowing it has been backed does not tell you that 6/1 remains a good price.

You still need an independent view of the horse’s winning chance.

Our guide to finding value in horse racing explains why a likely winner and a good-value bet are not necessarily the same thing.

Starting Price and Your Own Fair Odds

SP becomes particularly useful if you price races yourself.

Suppose your analysis gives a horse a fair price of:

4/1

You find:

7/1

and take the price.

The horse eventually starts:

9/2

You have obtained a price considerably bigger than both your own assessment and the later market.

That does not mean the horse must win.

It does give you information about the quality of the price you obtained.

Our How to Price a Horse Race guide explains how bettors can turn their assessment of a race into probabilities and fair odds.

Starting Price and Horse Racing Form

Price should not replace racing analysis.

A horse can be heavily backed and still have questions surrounding:

Form: Its recent performances may not be strong enough.
Class: Today’s opposition may be stronger.
Distance: The trip may not suit.
Going: Ground conditions can change the test.
Draw: Stall position can affect some Flat races.
Pace: The expected race shape may work against the horse.
Handicap Mark: The runner may be poorly treated by the weights.

Start with the horse.

Our horse racing form and race analysis resources cover the racing evidence in more detail.

Then decide what price you are prepared to accept.

Starting Price and Rule 4

Starting Price also becomes relevant when comparing settlement of fixed-price bets affected by a non-runner.

A Rule 4 deduction can apply to certain fixed-price bets when another horse is withdrawn after the bet was placed.

The deduction adjusts the winnings because the removal of a runner changes the race and betting market.

SP bets are based on the market after the relevant withdrawal has been reflected in the returned Starting Price.

Fixed-price bets struck before a withdrawal can therefore require different settlement treatment.

Our Rule 4 deductions page explains the deduction bands and includes a calculator.

Does Rule 4 Affect Best Odds Guaranteed?

A non-runner can affect the fixed price you originally took and the eventual market.

Bookmakers have settlement rules governing how BOG and Rule 4 interact.

Do not simply compare the original fixed odds with the final SP without accounting for any applicable deduction.

The bookmaker’s terms determine the exact settlement of the bet.

Starting Price and Each-Way Bets

SP can also determine the odds used for an each-way bet placed at Starting Price.

An each-way bet consists of two parts:

Win Part: The horse must win.
Place Part: The horse must finish within the qualifying places.

If you bet each-way at SP, the returned Starting Price is used as the basis for the relevant odds, with the place part then settled according to the applicable each-way fraction and place terms.

Our each-way betting guide explains how the two parts of the bet work.

Starting Price and Forecast Bets

Do not assume every horse racing bet is settled simply by multiplying the stake by the Starting Prices of the horses involved.

Forecasts and other specialist bet types have their own settlement mechanisms and rules.

The same applies to pool bets.

Check the rules for the bet you are actually placing rather than applying normal win-bet SP settlement to every racing product.

Starting Price and Tote Bets

Tote betting operates on a pool basis rather than conventional fixed odds.

Bettors’ stakes are combined into pools and dividends are calculated according to the rules of the relevant bet.

This means Tote dividends and the official Starting Price are different concepts.

Our Tote horse racing guide explains how pool betting differs from fixed-odds bookmaker betting.

The SP can still matter to particular pool-bet rules, including situations involving favourites and non-runners, but you should check the current rules of the individual Tote product.

Starting Price and Ante-Post Betting

Ante-post betting takes place before the final field for an event is known.

You might place an ante-post bet days, weeks or months before a major race.

That is very different from betting at SP on the day.

Ante-post prices can change substantially before the race, and ante-post bets have different non-runner rules from standard day-of-race betting.

Best Odds Guaranteed also should not be assumed to apply to ante-post selections.

Our ante-post betting guide explains these differences.

Is Starting Price Available on Flat and Jump Racing?

Yes.

Starting Prices are returned across British Flat and Jump racing.

The concept is the same regardless of whether the race is a five-furlong Flat sprint or a three-mile steeplechase.

The betting market can behave differently according to the race, field and information available, but SP still provides the official starting price for each runner.

Why Does Starting Price Matter?

SP has several uses beyond settling a straightforward SP bet.

It provides:

Settlement Price: SP determines the odds for bets placed at Starting Price.
Market Benchmark: It records an official price around the off.
BOG Reference: Starting Price can determine the better settlement price on eligible Best Odds Guaranteed bets.
Price Comparison: Bettors can compare the price they took with SP.
Betting Records: SP can provide a consistent closing benchmark.
Market Movement: Comparing earlier prices with SP shows whether a horse shortened or drifted.

That makes SP relevant even to bettors who rarely place bets explicitly at Starting Price.

Is SP the True Probability of a Horse Winning?

No.

SP is a market price.

It can be converted into an implied probability, but that should not be confused with an objective statement of the horse’s exact chance.

The market can be wrong.

Individual prices also form part of a bookmaker market containing an overround.

A bettor analysing a race independently may therefore arrive at a different probability from the one implied by SP.

That disagreement between your assessment and the market is central to the idea of value betting.

Is SP Better Than Fixed Odds?

Neither is inherently better.

A fixed price is better if you accept odds that subsequently shorten.

SP is better if the horse drifts beyond the fixed price you could have taken.

Best Odds Guaranteed can alter that comparison for eligible bets.

The sensible question is not:

Is SP always better?

It is:

Which available price and settlement terms give me the strongest proposition for this bet?

Should I Bet at SP?

Betting at SP means accepting an unknown final price.

That may suit a bettor who specifically wants their wager settled at the official Starting Price.

Taking a fixed price gives certainty about the odds when the bet is placed, subject to applicable settlement rules.

Neither approach guarantees a better outcome.

If you take fixed prices, compare the market rather than automatically accepting the first odds you see.

British Racecourses compares horse racing betting sites from a racing-specific perspective, including factors such as prices, racing markets, each-way terms and Best Odds Guaranteed.

Our separate horse racing betting apps comparison focuses on the mobile betting experience.

Common Starting Price Mistakes

Several misconceptions can cause confusion around SP.

Assuming SP Is Still Determined Solely On Course: The modern British system primarily uses qualifying off-course bookmaker prices.
Assuming SP Will Be Bigger: A horse can shorten or drift before the off.
Assuming Taking An Early Price Is Always Better: Market direction is not known in advance.
Assuming BOG Applies To Every Bet: Eligibility and terms vary.
Treating SP As True Odds: SP is a market price containing bookmaker margin.
Confusing SP With BSP: Official Starting Price and Betfair Starting Price use different mechanisms.
Assuming A Shortening Horse Will Win: Market support does not guarantee a result.
Ignoring Rule 4: Non-runners can affect fixed-price bet settlement.
Ignoring Price Comparison: Different bookmakers can offer different fixed odds before the race.
Judging Bets Only By Results: Comparing the price taken with SP can provide additional information about betting decisions.

Starting Price Betting Example Table

Price When Checked	Starting Price	Better Price
8/1	5/1	Early Price
4/1	6/1	SP
10/1	10/1	Same
5/2	7/4	Early Price
6/1	9/1	SP

This table assumes a simple comparison without Best Odds Guaranteed or other settlement adjustments.

BOG can change the eventual settlement of an eligible winning fixed-price bet.

Starting Price Betting FAQs

What does SP stand for in horse racing?

SP stands for Starting Price. It is the official price returned for a horse around the time a race starts.

What is an SP bet?

An SP bet is a wager placed without accepting a fixed price. The official Starting Price is used to determine the odds when the bet is settled.

How is horse racing SP calculated?

The modern British Starting Price system primarily uses prices from qualifying off-course bookmakers. Prices from the relevant sample are processed under the Starting Price procedure to produce the official SP.

Who controls the Starting Price?

The Starting Price Regulatory Commission oversees the integrity and accuracy of the British SP process. It sets the framework used to calculate SP rather than deciding what odds an individual horse deserves.

Is SP still taken from on-course bookmakers?

The British system is no longer based exclusively on the on-course betting ring. A permanent modernised system using mainly off-course price sources took effect in 2022.

Is SP the same at every bookmaker?

The official Starting Price is an industry price. Individual bookmakers can offer different fixed odds before the off.

What does taking the price mean?

Taking the price means accepting the fixed odds available when you place the bet rather than choosing to settle at SP.

What happens if I take 8/1 and the horse starts at 5/1?

A normal fixed-price bet remains at 8/1, subject to the bookmaker’s settlement rules and any applicable deductions. You have beaten the Starting Price.

What happens if I take 5/1 and the horse starts at 8/1?

Without an applicable promotion, your fixed-price bet remains at 5/1. If the bet qualifies for Best Odds Guaranteed, it may be settled at the bigger 8/1 SP according to the bookmaker’s terms.

What is Best Odds Guaranteed?

Best Odds Guaranteed can pay an eligible winning bet at the higher of the qualifying fixed price taken or the Starting Price, subject to the bookmaker’s terms.

What is BSP?

BSP means Betfair Starting Price. It is produced through the Betfair Exchange and is different from the official industry Starting Price.

Is BSP always bigger than SP?

No. BSP and official SP are produced differently and either can be larger on an individual horse. Exchange commission should also be considered when comparing returns.

What does it mean to beat SP?

Beating SP means taking odds that are bigger than the eventual Starting Price. Taking 10/1 about a horse that starts at 6/1 is an example.

Does beating SP guarantee profit?

No. It can provide useful information about price selection across a meaningful sample, but it does not guarantee profitable betting.

Why do horse racing odds change before a race?

Odds respond to activity and information in the betting market. Prices can shorten or drift as bookmakers and bettors react before the off.

Does SP include bookmaker margin?

The complete SP market normally contains an overround. Individual Starting Prices therefore should not be treated as margin-free estimates of each horse’s true probability.

Can I bet each-way at SP?

Yes, where the bet is offered. The Starting Price forms the basis of the odds, while the place portion is settled according to the applicable each-way terms.

Does Rule 4 apply to SP bets?

SP reflects the market used at the off. Rule 4 is primarily relevant to qualifying fixed-price bets placed before a later withdrawal changes the market. Check the bookmaker’s settlement rules for the specific circumstances.

Is Starting Price used for Tote bets?

Tote bets are pool bets and produce dividends rather than normal bookmaker fixed-odds returns. SP can still be relevant under particular pool rules, but it does not replace the Tote dividend.

Is it better to take a fixed price or SP?

It depends on how the market subsequently moves and the terms attached to the bet. A fixed price provides certainty when you place the bet; an SP bet leaves the final odds unknown until the Starting Price is returned.

Summary

Starting Price is the official price returned for a horse around the start of a race.

If you bet at SP, that price determines the odds used to settle a standard win bet.

Taking a fixed price works differently. You lock in the available odds rather than waiting to see where the market finishes.

If you take 10/1 and the horse starts at 6/1, you have beaten SP.

If you take 6/1 and the horse drifts to 10/1, the Starting Price is bigger.

Best Odds Guaranteed can alter that comparison for eligible bets by settling a winning wager at the better qualifying price.

The modern British SP also needs to be understood correctly. It is no longer simply derived from the racecourse betting ring. The current system primarily uses prices from qualifying off-course bookmakers under the framework overseen by the Starting Price Regulatory Commission.

SP is therefore useful for far more than settling SP bets.

It provides a benchmark for market movement, Best Odds Guaranteed, betting records and Closing Line Value.

The price still needs context.

Analyse the horse, decide what you believe represents fair value, compare the available odds and understand the settlement terms before placing the bet.