https://theracelab.co.uk/tags/odds/Recent content in Odds on The Race LabHugoen-gbFri, 06 Feb 2026 00:00:00 +0000https://theracelab.co.uk/guides/what-is-betfair-sp/Fri, 06 Feb 2026 00:00:00 +0000https://theracelab.co.uk/guides/what-is-betfair-sp/<p>If you only bet with traditional bookmakers, you&rsquo;re dealing with one set of odds. The bookie sets a price, you take it or leave it. Betfair and the betting exchanges work differently, and Betfair SP (Starting Price) is a specific feature worth understanding, because it can be better value than what the bookmakers offer — sometimes significantly so.</p> <h2 id="how-betfair-works-briefly">How Betfair works (briefly)</h2> <p>Betfair is a betting exchange. Instead of betting against a bookmaker, you&rsquo;re betting against other people. Someone offers odds on a horse (the &ldquo;layer&rdquo;), and someone accepts those odds (the &ldquo;backer&rdquo;). Betfair takes a commission on winning bets, typically 5% of your profit, though this decreases with volume.</p>