A sportsbook is a venue, either online or in person, where people can place wagers on sporting events. They can also be known as bookmakers or bettor’s shops.

In the past, punters would visit brick-and-mortar outlets to make their bets. However, nowadays, the majority of bets are placed at online sportsbooks. These operate without a physical building and are less expensive to run. They also have the advantage of being available on multiple platforms, and offer a variety of betting markets, odds and handicaps.

While there are many different types of bets, all sportsbooks have two major routes to their operating margins. First, they make money by setting odds that differ from the actual probability of an event occurring. This margin of difference, which is known as the vig or juice, gives sportsbooks a profit over the long term.

Another way they make money is by offering a range of risk-reducing bets and promotions. These can include risk-free bets, enhanced odds and bonus bets. Understanding how these products work can help you be a more savvy bettor and recognize potential mispriced lines.

Sportsbooks can also offer futures wagers, which are bets on the outcome of a multi-stage event, such as a season or tournament. These bets can be placed year-round and have a variety of payout options, including futures on teams and individual players. However, it’s important to note that these bets are not guaranteed to win and may not pay out until the end of the event.