# Starting price: how SP settlement works on horse and greyhound racing

> Starting price (SP) explained for horse and greyhound racing: how SP settlement works, with a worked example.

Source: https://bookieledger.com/terms/starting-price/
Updated: 2026-11-07

Starting price (SP) is the price a selection has when a race begins, as the operator's rules define it. A bet settled at SP pays at that price, not at the price shown when you placed it. In the example here, a €10 win bet returns €45.00 at an SP of 7/2 (4.50), against €50.00 at an early 4/1 (5.00).

## What is the starting price?

The starting price, or SP, is the price a selection has when a race starts. The operator's rules say how that price is taken for settlement.

A bet placed at a fixed price is settled at that price. A bet placed at SP is settled at the price when the race starts, which you cannot know when you bet.

**Bottom line:** SP is the price at the start of the race, and a bet settled at SP pays at that price.

## How does SP settlement change a return?

The table compares one example bet under three example starting prices. None are real prices.

**SP example, €10 win bet, price taken 4/1 (5.00) · Source · Checked 7 November 2026**

| Starting price | Return if settled at SP | Return at the price taken | Difference |
|---|---|---|---|
| 7/2 (4.50) | €45.00 | €50.00 | −€5.00 |
| 4/1 (5.00) | €50.00 | €50.00 | €0.00 |
| 9/2 (5.50) | €55.00 | €50.00 | +€5.00 |

The same method applies on greyhound racing, where the rules of the operator and the track decide the details.

**Bottom line:** the same bet returns a different amount depending on where the price ends up.

## What do operators publish on SP?

We did not record any operator's SP wording on 7 November 2026. The table shows what we will record from three candidate operators once each licence is confirmed on the GRAI register.

**Starting price rules as published · Source · Checked 7 November 2026**

| Operator (candidate, licence to be confirmed) | How the starting price is defined and when bets settle at it | Source | Checked |
|---|---|---|---|
| bet365 | Could not be verified on 7 November 2026 | Operator rules page, URL to be recorded | 7 November 2026 |
| Paddy Power | Could not be verified on 7 November 2026 | Operator rules page, URL to be recorded | 7 November 2026 |
| BOYLE Sports | Could not be verified on 7 November 2026 | Operator rules page, URL to be recorded | 7 November 2026 |

**Bottom line:** the definition of SP is in each operator's rules, and we have not yet recorded it.

## Where to go next

- See how [each-way](https://bookieledger.com/terms/each-way/) place terms use the final price.
- Read on [horse racing](https://bookieledger.com/sport/horse-racing/) and [greyhound racing](https://bookieledger.com/sport/greyhound-racing/).
- Convert prices in [odds formats](https://bookieledger.com/terms/odds-formats/).

**Bottom line:** each link stays inside this site.

## What changed?

No changes recorded since first publication on 7 November 2026.

**Bottom line:** this is the first version of the page.