A sportsbook is a place where people can place wagers on sports events. It is a popular form of gambling and has been regulated in some states. These regulations help keep shadier elements of the gambling industry out of the mainstream and legitimize the sport.

While a one-person bookmaker, or bookie, can technically be considered a sportsbook, the current landscape of sports betting is dominated by larger companies that have consolidated their operations online. These companies offer a wide variety of sporting events to bet on, including eSports and major global events like the Oscars and Nobel Prizes. They also feature a number of novelty bets, such as futures bets on player performance or specific occurrences that aren’t part of the game’s outcome.

The majority of sportsbooks make their money from vig, or the commission they charge on bets placed. While this may seem like a small percentage of the total bet amount, it adds up over time. Understanding how sportsbooks earn their edge can help you be a savvier bettor and avoid making mistakes that could cost you.

Another way a sportsbook makes money is by moving their betting lines. This is done for a variety of reasons. Often, a line will open that induces lopsided action on one side, and the sportsbook needs to balance this action in order to reduce potential liabilities. This can also be done to reflect new information such as injuries or lineup changes.