Definition
Starting Price (SP)
Also known as SP, Official Price, Returned Price
By Abhinav VasudevanReviewed Editorial policy
In short
The starting price is the official odds of a horse at the moment a race begins, determined from on-course bookmaker prices. Betting at SP means accepting whatever that price turns out to be.
The starting price is the official odds recorded when a race starts. It is the reference price for settling bets taken “at SP” rather than at a fixed early price.
How it is set
SP is derived from the prices available in the on-course betting ring at the off, compiled by an independent body, the Starting Price Regulatory Commission in Britain, from a sample of on-course bookmakers.
The system has been criticised as the on-course ring has shrunk, since SP is now derived from a much smaller market than the online one where most betting happens. Reforms have widened the sample to include some off-course prices, but the underlying concern remains: SP is set by a thin market and applied to a large one.
Taking a price versus taking SP
Early price fixes your odds at the moment you bet. If it drifts, you lose out; if it shortens, you gain.
SP accepts whatever the official price is. You avoid backing something that then drifts substantially, but forgo any early value.
SP bets are also exempt from Rule 4 deductions, because the SP already reflects the reduced field. This is a genuine advantage in races with late withdrawals.
Best odds guaranteed changes the calculation
Best odds guaranteed pays you at SP if it is longer than the price you took, while letting you keep the early price if it is shorter.
Where BOG is available, taking an early price is strictly better than taking SP. You get the upside of the early price and the protection of SP. This is why BOG is genuinely valuable and why several bookmakers have withdrawn it.
SP and margin
Starting prices collectively carry a substantial overround, often 115% to 125% in a competitive handicap. Betting at SP means accepting that margin. Early prices in a competitive market are frequently better value, which is precisely why books restrict the accounts that consistently take them.
Common questions
Should I take an early price or starting price?
If best odds guaranteed is available, take the early price, because you get the upside and are still paid at SP if it is longer. Without BOG, SP avoids backing something that drifts but forgoes any early value.
Are starting price bets subject to Rule 4?
No, and that is a genuine advantage. The SP already reflects the reduced field, so no deduction applies. Early prices taken before a withdrawal can still have winnings cut.