LSP, BSP and ROI appear frequently in racing proof tables, but a number without a definition is easy to misread. LSP describes the profit from a fixed stake per selection. BSP identifies an exchange starting-price basis. ROI scales profit by the amount staked.
A transparent record states the stake, price source, commission treatment, settlement rules and date range before presenting any total.
Level-stakes profit (LSP)
Level stakes means risking the same nominal amount on every selection. For a one-point win bet, a loser contributes minus one point and a winner at decimal odds of 4.00 contributes plus three points before deductions.
Add every settled return to get LSP. The fixed stake makes different methods easier to compare because the result is not improved by staking more on the bets that happened to win.
Industry SP and BSP are not interchangeable
Industry starting price is the returned bookmaker SP. Betfair Starting Price is calculated in the exchange market. A horse can have a different price on each basis, so the same selections produce different LSP totals.
BSP tables should say whether exchange commission has been deducted. A gross BSP LSP is not the same as the amount a bettor would retain after commission.
Return on stakes (ROI)
ROI equals profit divided by total stakes, multiplied by one hundred. With 250 one-point bets and 12.5 points of profit, ROI is 5%. If the record loses 12.5 points, ROI is minus 5%.
ROI is helpful when comparing records of different lengths. It does not remove variance: a short record with one large-priced winner can still show an unstable high ROI.
Settlement details that change the result
Dead heats reduce the effective winning stake. Voids and non-runners normally return the stake. Rule 4 deductions can alter bookmaker returns. Missing BSP values should be shown as unavailable rather than silently substituted with another price.
Publish the calculation rules once in a results policy and apply them consistently. That makes later corrections visible and prevents each article from inventing a new definition.
A minimum proof-table checklist
Include selections, settled bets, winners, strike rate, LSP, ROI, date range and price basis. If both SP and BSP are available, present separate columns. Add drawdown or a cumulative chart when the sample is large enough.
The purpose is not to overwhelm the reader. It is to make the headline reproducible from the underlying selection rows.
Frequently asked questions
Is BSP usually better than SP?
It can be higher or lower for an individual runner. Compare both over the same full selection record and account for exchange commission before deciding which basis performed better.
What does an LSP of +10 mean?
It means the recorded selections returned a ten-point profit using equal stakes and the stated price basis. You still need the number of bets, date range and settlement rules to interpret it.
This article explains a method; it does not guarantee a return. Read the responsible gambling guidance and never chase a loss.