What does SP stand for in betting?
There are also plenty of words that are very intimidating for individuals new to gambling. As well as answering the question, "In betting, what does SP stand for?" This article would also look at how it is measured and how it is used by race tracks.
SP stands for 'starting price' clearly. It is popular in horse racing, and when the race begins, it means the price of each horse.
How do they determine the SP?
You have now addressed the issue,' What does SP stand for in betting? ', it is important to know how it actually operates. Well, horse racing officials at the race track take a look at the pricing data from the track when calculating the starting price. In each country, the exact method for calculating the starting price for betting differs.But usually, based on the movement of prices on the racetrack, it is determined by an appointed jury.
For purposes that we will discuss next, this is then conveyed to the bookmakers who use it.
Why would you use the SP?
When you put a bet on a horse race, you're going to have the option to take the current price or take the SP. This implies that if you take the SP, you take a chance on the starting price being higher than the current price.
BSP at Betfair
The question 'What does SP mean by betting? 'It's slightly different if you're using the Betfair Exchange. Betfair is offering its own version, the BSP, instead of an independently determined SP.
BSP stands for 'Betfair Starting Price' and is calculated on the basis of bets placed on the market by both backers and layers. They say it gives the traditional method a much fairer starting price.
Best Odds Guaranteed
These days, you don't even have to worry about betting on the SP with a lot of bookmakers.
This is because some of them offer what is known as 'the best guaranteed odds.' Best odds guaranteed is where the bookmaker offers you the SP regardless of whether it is better than the early price you bet on.
For example, if your horse was 10.0 and the SP was 9.0, the bookmaker will pay you 10.0.