Price Betting Term Meaning
The price, also known as the odds, in betting is undoubtedly one of the most important factors that a punter considers before placing a bet.
If Manchester United are playing Woking in the FA Cup at Old Trafford and your mate said he would bet you a straight £5 that Man Utd would win, no doubt you would pass up on the offer of this bet because he is only giving you even money for the win and Utd are the heavy favourites.
If another mate said he would bet you £5 on the same game but would pay a price of 40/1 on Woking winning, you would seriously consider the £5 wager because you could win £200. As a punter, you are looking for value and that means the best price so you get the highest return on your winning bets.
Price can also relate to the term Starting Price, or SP. This is used in horse racing and greyhound racing and it is the average price of a horse/dog when the race starts. This is calculated using prices from a selection of bookmakers who are at the track. The SP is usually the same as the odds available just before the start of the race, but can occasionally differ slightly due to intense last-minute betting.
If a punter feels that the odds on a horse are drifting as the race moves closer, he can place a bet and mark it SP. In this situation, the horse could be at odds of 3/1 when the bet is placed, but when he runs the SP is announced as 4/1. That bet would then yield a greater profit if the horse were to win the race.
Many bookmakers will offer ‘best price guaranteed’ promotions to help attract new customers and encourage existing punters to continue betting on races. The best price guarantees that the bettor gets the highest odds between the price at the time of placing the bet and the SP.
Another bonus which you’ll often see is the ‘price boost’. This is where the bookmaker wants to encourage some betting action and will lengthen the price for a particular horse, player, or team, usually only for a short period of time. These are worth looking out for as you can find some great value bets.