The Starting Price Regulatory Commission (SPRC) is an independent body responsible for the integrity of the starting price (SP). The majority of bets on British horseracing struck with bookmakers in betting shops and other off-course outlets are paid out according to the SP. The job of the Commission is to ensure that the returned price accurately reflects the price available on-course at the off.
Starting Prices have been returned using the on-course market since the 18th century. With the growth of markets for betting off-course, it became essential that the SPs accurately reflect the on-course market and that they are seen to be independent of the bookmakers who accept off-course bets. Governance therefore is of the greatest importance. The Starting Price Liaison Committee of 1994 was turned into the SP Executive in 1999, before the creation of the current body, the Starting Price Regulatory Commission (SPRC) in 2004.
The first set of operating rules for the SP was issued in 1998, and then updated in the following year. Following a review of the SP by Arthur Andersen, an accountancy firm, in 2000, further revisions were made. There were also revisions in 2006. The current set of Operating Rules and Procedures was issued following a review by the Commission in 2011.