Starting Price (SP) Betting in Horse Racing: Complete Guide

The Starting Price is the official odds of a horse at the precise moment a race begins. It serves as the benchmark settlement price across UK horse racing and is the default for bets placed without a fixed price.

How Starting Price Is Determined

On-course bookmakers display their odds in the betting ring at the racecourse. As the race approaches, these prices fluctuate based on the weight of money coming in. At the moment the starter signals the off, official SP assessors record the prevailing odds to establish the Starting Price.

This process means SP reflects genuine market forces — the combined opinion of thousands of punters and the bookmakers' risk management.

Fixed Price vs. SP: When Each Is Better

Take a Fixed Price When:

You expect the horse to shorten — If a horse is 8.00 in the morning and you believe it will be 5.00 by race time, locking in 8.00 is clearly better value.
You have strong information — Early movers in the market often represent informed money. If you are confident, securing your price early protects against market contraction.

Take SP When:

You expect the horse to drift — If a well-backed favourite is likely to be displaced by late market moves, SP could be longer than the current price.
You are betting close to the off — With minutes to go, the fixed price and SP will be very similar, and taking SP avoids the risk of missing a late drift.

Best Odds Guaranteed and SP

Most major UK bookmakers offer Best Odds Guaranteed (BOG) on horse racing. With BOG, if you take a fixed price and SP is higher, you are paid at SP. If your fixed price is higher, you keep your price.

Example: You back a horse at a fixed price of 6.00. The SP comes in at 8.00. With BOG, you are paid at 8.00. Without BOG, you receive 6.00.

This effectively removes the need to choose between fixed price and SP, making BOG one of the most valuable promotions in horse racing.

SP in Each-Way Betting

When you bet each-way at SP, the win part settles at the full SP and the place part settles at the SP multiplied by the each-way fraction. In a 12-runner handicap offering 1/4 odds for the first four places:

Horse SP: 10.00
Win return on a £5 each-way (£10 total): £5 × 10.00 = £50
Place return: £5 × ((10.00 - 1) × 0.25 + 1) = £5 × 3.25 = £16.25

Understanding how SP interacts with each-way fractions helps you assess whether the each-way value justifies the extra stake.

Frequently Asked Questions

How is the Starting Price calculated?+

The SP is determined by official assessors who sample the odds offered by on-course bookmakers at the moment the race starts. It represents the consensus market price and is used as the industry-standard settlement price.

Should I take SP or a fixed price?+

If you believe the horse will attract late money and shorten in price, taking an early fixed price locks in better value. If you think the horse may drift to a longer price, SP could return more. Best Odds Guaranteed eliminates this dilemma by paying whichever is higher.

Does SP apply to each-way bets?+

Yes. If you place an each-way bet at SP, both the win and place parts are settled at the starting price. The each-way fraction (typically 1/4 or 1/5) is applied to the SP odds for the place portion.

What happens if I take a fixed price and it drifts?+

Your bet is settled at the fixed price you took, regardless of what happens to the market. If SP ends up higher, you receive the lower fixed price — unless the bookmaker offers Best Odds Guaranteed, in which case you get the SP.

Can SP change after the race has started?+

No. The SP is fixed at the exact moment the race begins and does not change. It is the definitive settlement price for that runner in that race.