A sportsbook is a business that takes wagers on the outcome of sporting contests. It pays those who correctly predict the outcome an amount that varies according to the likelihood of that result and retains the stakes of those who do not. It is also known as a bookmaker or a betting exchange. It may be a legal gambling establishment, such as a casino or a racetrack, or it can be an online, offshore business.
The sportsbook industry has been expanding rapidly and is now available in many countries. It has even branched out into virtual markets and mobile devices, making it easier for people to place bets from anywhere in the world. There are many different types of bets that can be placed at a sportsbook, including straight bets, total (over/under) bets and futures bets.
Some states require sportsbooks to provide responsible gambling tools, such as a budget calculator and loss limits. But despite being hailed as effective guardrails by problem gambling experts and regulators, these tools remain largely unpopular among sportsbook customers. Several operators have started to pivot toward wording that sounds less restrictive, such as budgets, and suggest abandoning the term “responsible gambling.”
A sportsbook offers a wide variety of bets on various events. The most common are straight bets, where you simply bet on a team or individual player to win. Another popular type of bet is the over/under bet, which is based on the combined score between two teams. If the final adjusted score is a tie, the bet is a push and is refunded by most sportsbooks.