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A pools wager on the Tote at 5/1 might be worth only 4/1 or 3/1 by the time all of the bets are in. Even if the odds then go up to 6/1 or 7/1 before the betting closes. For this reason, some bookmakers offer a “starting price” or so-called “SP odds”.

Future Wagering

If Maxfield is bet down on Derby Day to 4/1, ticket holders of a futures wager on the son of Street Sense will still receive a payout at 10/1 odds.

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That is, home field presumably didn’t factor into the spread. In most cases in team sport, one can’t deduce the exact differences in strength between two teams by their point spread alone because of home field being worth some fraction of the spread. A point spread represents first the oddsmaker’s and then the betting market’s best guesses at the numerical separation between two competitors.