What Does SP Mean in Betting?

Welcome to our comprehensive guide on decoding the meaning of ‘SP’ in betting.

If you’ve ever delved into the world of gambling, you’ve likely come across this mysterious acronym.

But what does it actually mean?

In this article, we will demystify the concept of ‘SP’ and provide you with all the information you need to understand and utilize it effectively.

‘SP’ stands for Starting Price, and it is an important term in horse racing and greyhound racing. 

It refers to the odds on a specific selection at the start of a race or event.

The Starting Price is determined by an average of the bookmakers’ prices just before the start of the race. 

Sometimes people use it as an alternative to taking the odds available at the time of placing a bet, as they think the price may drift by the time of the race. 

The SP is also used in the attractive offer of “Best Odds Guaranteed” (BOG) which some bookies offer – offering you the best odds of either the price at the time you back a horse or the SP. 

We’ll take a look at how that works and its advantages to the punter. 

There is also an alternative to SP and that is BSP – the Betfair Starting Price, which we will take a look at further below.  

So, if you’ve ever been puzzled by the meaning of ‘SP’ or wondered how it affects your betting strategy, read on.

We will guide you through every aspect of the Starting Price, empowering you to make smarter betting choices.

Explaining the term ‘SP’ in betting

The Starting Price is the final odds available on a horse (or greyhound) at the time the race begins.

Here are the key points about SP:

1. Calculation: The SP is determined by taking an average (median) of the odds available from various bookmakers at the start of the event. This is usually on-course bookies, or if there aren’t enough on-course bookies at a particular venue, then online bookmakers are used instead. A commission (the SP Regulatory Commission) ensures that fair pricing is used for the determination of SP.
2. Usage: Bettors may choose to take the SP instead of the current odds available when placing a bet. This can be advantageous if they believe the odds might improve by the time the race starts.
3. Guarantees: Many bookmakers offer a “Best Odds Guaranteed” promotion (more on that below), where if you take an early price (the odds at the time you place your bet) and the SP is higher, you are paid out at the SP. Conversely, if the SP is lower, you get the early price.
4. Context: The SP is commonly used in horse racing and greyhound racing but can be applied to other sports and events where betting markets fluctuate up to the start of the event.

Example Scenario

Imagine you place a bet on a horse at odds of 4/1 (5.00 in decimal odds) in the morning.

By the time the race starts, the horse’s odds have drifted to 6/1 (7.00 in decimal odds).

If you opted to take the SP when placing your bet, you would get paid at the higher odds of 6/1 if the horse wins.

In summary, the SP offers flexibility and can potentially provide better value for bettors who are uncertain about the movement of odds leading up to an event.

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How Does “SP” Differ from “BSP”?

Should You Use SP or BSP? 

According to the website Timeform, the BSP is on average 10% better than the SP.

However, this varies a lot depending on the price of the horse. 

Typically there is less difference between the two for horses at shorter odds, but a much bigger difference at longer odds. 

For example a horse might win at a SP of 3.2 and the BSP could be 3.34.

But a horse priced at a SP of 40 could have a BSP of 60. 

Those are just examples of course and are by no means assured in each case. Every race and every horse will be different in terms of their price dynamics, but certainly it is not unusual to see examples like this. 

Either way however, if you have access to the exchanges then you are normally better off using BSP. 

In the vast majority of cases it will be better than the SP. 

Due to the BSP being invariably better than the SP, the bookies have had to adjust as there is little reason now for punters to use the SP if they access to the Betfair exchange. 

So a few years ago certain bookies started offering Best Odds Guaranteed (BOG), which makes use of the SP in a way that is beneficial to punters. 

They did this to ward off competition from the exchanges like Betfair and it has certainly been a useful innovation for bettors. 

What Does Best Odds Guaranteed Mean? 

“Best Odds Guaranteed” (BOG) is a promotion offered by many bookmakers in horse racing and greyhound racing to ensure that bettors get the best possible return on their bets.

Here’s how it works:

1. Bet Placement: When you place a bet on a horse or greyhound race, you take the odds that are available as normal, but the bookie will specify if Best Odds Guaranteed (BOG) applies to your bet (normally it is specified at the top of the page alongside the each-way terms).
2. Odds Comparison: If BOG does apply, and the odds you took at the time of placing the bet (early price) are lower than the SP, the bookmaker will pay out your winnings at the higher SP odds. Conversely, if the SP is lower, you are paid out at the early price you took.
3. Guarantee: This guarantee ensures that you always receive the best possible odds available out of the odds at the time you placed your bet and the SP. 

Benefits of Best Odds Guaranteed

• Better Returns: It maximizes potential returns by ensuring you get the highest possible odds.
• Risk Mitigation: It reduces the risk of missing out on better odds that might become available at SP. 
• Attractiveness: It makes betting more attractive and competitive, encouraging bettors to place their bets earlier without worrying about fluctuating odds.

Example Scenario

Suppose you place a bet on a horse at 10:00 AM with odds of 4/1 (5.00 in decimal). By the time the race starts, the SP might have changed:

• If the SP is 5/1 (6.00 in decimal), and you have a BOG offer, your bet will be settled at the better odds of 5/1.
• If the SP is 3/1 (4.00 in decimal), your bet will be settled at the higher early price of 4/1 that you originally took.

Terms and Conditions

While BOG offers are beneficial, they usually come with certain terms and conditions, such as:

• Applicable Races: BOG might only apply to certain races or markets.
• Minimum Bets: There may be a minimum stake requirement to qualify for BOG.
• Time Restrictions: The offer might only apply to bets placed after a certain time of day.
• Eligibility: Not all bettors may be eligible; sometimes restrictions apply based on account activity or location.

Best Odds Guaranteed is a valuable promotion for bettors, ensuring they get the maximum potential return on their wagers by taking advantage of the highest odds available between the time of bet placement and the start of the race.

Conclusion – Starting Price

Understanding the concept of ‘SP’ (Starting Price) is crucial for anyone involved in betting, particularly in horse racing and greyhound racing.

The SP, determined by averaging the odds from various bookmakers at the start of an event, offers bettors a flexible option, especially when paired with the “Best Odds Guaranteed” (BOG) promotion.

This ensures that bettors receive the highest possible odds, whether those are the SP or the odds at the time of placing the bet.

Moreover, the Betfair Starting Price (BSP) presents an alternative, often offering better value due to its reflection of market demand on the Betfair exchange.

For bettors, leveraging SP, BSP, and BOG can significantly enhance their betting strategy, providing opportunities for improved returns and reduced risks.

By understanding these terms and their applications, bettors can make more informed decisions and maximize their potential winnings.

Whether you prefer traditional bookmakers or betting exchanges, the knowledge of SP and its alternatives empowers you to navigate the betting landscape with confidence and strategic insight.

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