Sportsbooks are gambling establishments that accept bets on a wide variety of sporting events. They are able to do so because they have odds that differ from the true probability of an event occurring. The difference is known as the vig, or the house edge, and it helps sportsbooks make a profit over the long term. In addition to the vig, sportsbooks also mitigate risk by taking other wagers that offset winning bets.

When it comes to football bets, the majority of wagers are placed at NFL betting sites. This is because the NFL playoffs and Super Bowl are the most popular events in the betting market. During these periods, sportsbooks often offer special promotions to lure new customers in. These might include free bets, deposit matches, or first-bet insurance.

Another way that sportsbooks mitigate risk is by limiting the amount of money a customer can lose. This can be done through a number of different methods, including setting loss limits and time-outs, and using self-assessment tests to identify problem gambling behavior. In some cases, a sportsbook may even recommend a professional counselor to help an addicted bettor overcome their problems.

To increase their revenue, sportsbooks set odds that are designed to attract a balanced amount of action on both sides of an event. When the lines are correctly adjusted, a sportsbook can make money no matter what the outcome of an event is. However, the flow of bets is rarely balanced, so sportsbooks need to manage their risks through other means as well.