SP is an abbreviation for starting price’ in sports betting, and it is only used in horse racing and greyhound racing. A starting price is the odds at which a specific pick will start the race.
It’s important to remember that the odds indicated by the beginning price might change before the race, and they may not match the fixed odds supplied by the bookmaker. However, SP mean in betting is best understood by evaluating when and when it is employed.
How is the SP decided?
The SP was formed primarily to promote horse racing and greyhound racing. When no bookmakers or customers are present on a racetrack (due to the coronavirus epidemic), a sample of all the odds from top to lowest is taken from 12 major off-course bookies.
The list is then divided into two, and the SP is calculated by combining the shortest odds available in the sample with the longest odds. The same approach applies when bookmakers are authorized on racetracks, except that the odds sample is taken from on-course bookies whose conditions nearly resemble those of off-course bookmakers.
What is the purpose of SP betting?
To begin with, bookies do not always utilize the beginning price. Typically, the SP on a selection is published one day before the race. As a result, for example, the relevant information about a horse is not yet available. Without knowing all of the details, the bookmaker cannot set odds.
SP or Fixed Odds?
The SP is provided by bookmakers as a preliminary estimate, allowing gamblers to place a wager one day before the event. If you opt to wager on the day of the race, you may select between the SP and the fixed odds—whichever you believe will result in a more significant profit.
When the bookmaker does not provide Best Odds Guaranteed, and the odds are anticipated to vary, the betting SP might be helpful. (Keep in mind that every time you opt to gamble on the SP, you run the danger of the current price being higher than the beginning price.)
Starting Price vs Early Price
In sports betting, the term ‘early value’ alludes to the primary cost presented on race day, while the SP alludes to the cost at which the pick starts the race. However, there is no guarantee that the initial cost will be higher than the SP. So, if you know what SP stands for in betting and don’t want to wait until the last minute, betting with SP odds may be a better option.
What Does SP Mean in Horse Racing?
As previously stated, the SP is exclusively utilized for racing betting, especially horse and greyhound betting. However, it is essential when horse betting. Bookmakers use the SP to compute forecast and tricast bets, while bettors look for the SP favourite to include in multi-leg system bets. Punters can forecast the outcome of an upcoming race by looking at recent SPs for a horse. Therefore, checking out older SPs on a horse is a brilliant idea.
The Odds vs SP
The odds in SP horse racing are very unpredictable and vary by the minute before the race. Only five minutes before a race might sometimes be the deciding factor. Furthermore, the number of bets on a horse can significantly influence the final odds.
In most circumstances, you’ll be better off betting on the SP if bookmakers or betting sites don’t provide the Best Odds Guaranteed. However, keep in mind that horse racing betting on the initial price is always a hazard.
Best Odds Guaranteed or SP?
The view on SP has shifted dramatically in recent years due to the advent of the best odds guaranteed. Finally, there is no need to back the SP when you have the most excellent chances assured if you are more patient.
There will be some conflicting perspectives from bookies around the UK. Some races, for example, will not guarantee the highest odds, but more popular races will.
Who Dictates the Starting Price?
Bookies usually determine the price, but above that, it is regulated by the betting market. And on occasion, by reporters such as the Mirror Group and the Press Association. When you place a bet on race day, a bookmaker will give you the choice of betting at the SP or the price when you place the bet (before the race gets underway).
That is the decision a punter has with face-to-face betting; sometimes, it works in a punter’s favor, and sometimes it does not. Most online bookies and the finest horse racing betting sites eliminate this danger by simply giving ‘Best Odds Guaranteed.
If a price is accepted at the time of the bet, but the Starting Price (or SP Bet) is higher, the bookmaker commits to pay out at the higher price. It is a fantastic offer.
Best Odds Guaranteed
Most reputable betting sites provide the Best Odds Guaranteed on greyhound and horse racing. When you pick a price, you are assured the best of the two odds. So, if the odds change and the SP is higher than the price you chose, you’ll get the SP.
However, if the chances shorten and the beginning price is less than your pricing, you will still receive the price you first accepted. Using BOG eliminates whether or not to take the SP, as it is always better to accept a price if Best Odds Guaranteed is available.
Most trackside bookies do not provide BOG, so if you’re betting at the meeting – or, for some strange reason, at an online bookie that does not offer it – you’ll have to choose whether to accept a price or gamble on the SP.
Conclusion
The SP mean in betting is the official and best odds price used for the form guide and any subsequent references to the event, and it has numerous purposes in horse betting. The beginning price is also combined with other bet kinds, such as Best Tote, to give punters a more tempting product.
