horse racing Horse racing is an equestrian performance activity, typically involving two or more horses ridden by jockeys (or sometimes driven without riders) over a set distance for competition. It is one of the most ancient of all sports, as its bas ...

and

greyhound racing Greyhound racing is an organized, competitive sport in which greyhounds are raced around an oval track. The sport originates from Hare coursing, coursing. Track racing uses an artificial lure (usually a form of windsock) that travels ahead of th ...

, the starting price (SP) is the

odds In probability theory, odds provide a measure of the probability of a particular outcome. Odds are commonly used in gambling and statistics. For example for an event that is 40% probable, one could say that the odds are or When gambling, o ...

prevailing on a particular entry in the on-course fixed-odds betting market at the time a race begins. The method by which SPs are set for each runner varies in different countries but is generally by consensus of an appointed panel on the basis of their observations of the fluctuation in prices at the racetrack. For British horseraces governed by the Starting Price Regulatory Commission (SPRC), the starting price is determined as follows: The selection of the sample is performed so that the sample size is an even number "wherever practically possible", since otherwise it would not be possible to divide the list into two equal halves. Only bookmakers that generate prices independently are considered, and those within the same ownership group are treated as a single sample. This method is very similar to the calculation of the

median The median of a set of numbers is the value separating the higher half from the lower half of a Sample (statistics), data sample, a statistical population, population, or a probability distribution. For a data set, it may be thought of as the “ ...

of the sampled prices, and the result is referred to as the median by the SPRC. The principal function of a starting price is to determine returns on those winning bets where fixed odds have not been taken at the time the bet was struck. Typically, on the day of the race, UK bookmakers offer a choice between placing a bet at SP, or taking a fixed price. When viewing future races, SP may be the only option available. Some

bookmaker A bookmaker, bookie, or turf accountant is an organization or a person that accepts and pays out bets on sporting and other events at agreed-upon odds In probability theory, odds provide a measure of the probability of a particular outco ...

s offer ''best odds guaranteed'', meaning that if a punter takes fixed odds on a race when the bet is struck and the SP turns out to be better (that is, higher), then if the punter wins, the payout is calculated using the SP. This is aimed at removing hesitancy among punters prompted by fears of taking what might prove to be a poor (that is, low) price before the race. In the United Kingdom, the stake on an SP bet is returned if the entry is withdrawn before the race starts. For fixed-odds ( ante-post) bets, the stake is retained by the bookmaker. Starting price provides a flexible way for punters to place their bets and potentially benefit from improved odds.

References

Bibliography

* Horse racing terminology Wagering Gambling terminology {{Gambling-stub