A sportsbook is a gambling establishment that accepts bets on various sporting events. These bookmakers make money by taking a percentage of all winning wagers as vig (vigorish). Until recently, state-regulated brick and mortar sportsbooks in Nevada provided the only legal opportunities for sports betting in the United States. However, the Supreme Court’s decision to overturn PASPA in 2018 has opened up new opportunities for sportsbooks in all states that pass legislation permitting them.
Sportsbooks take bets from individual customers who are placing wagers on the outcome of specific sporting events. These bets can be made either legally through a bookmaker/sportsbook or illegally via privately run enterprises that are referred to as “bookies.” Some of these bookies operate in Las Vegas and others offer their services over the internet.
In addition to accepting bets, some sportsbooks offer futures bets. These bets are placed on upcoming sporting events, such as a team’s chances of winning a championship. These bets are available year-round but the payouts for these bets typically decrease as the season progresses.
In order to make money, sportsbooks must balance their action on both sides of an event. This is accomplished using layoff accounts, which are generally included in the software used by most online sportsbooks. Layoff accounts allow sportsbooks to balance their action and save on cash by collecting bets on one side of the game while simultaneously offering a reduced line on another. This is a powerful tool that can be used to maximize profits.