Sportsbooks take wagers on the outcome of sporting events and pay winning bettors from the losses of those who place losing bets. They also adjust odds to balance action and reduce liability. To accomplish this, they study team and player statistics, monitor betting patterns, and work with analysts and handicappers. They also offer various bet types such as point spreads, which require the favorite to win by a predetermined margin.
Sportsbook betting is legal in most US states except Utah and Hawaii, where sports gambling is prohibited. However, online sportsbooks are careful to check that punters’ IP addresses are within state borders so they don’t violate the 1961 Wire Act, which outlaws interstate gambling. To ensure this, they use geolocation services to verify bettors’ locations.
While most bets at a sportsbook are made on straight-up winners, they also accept multiples such as trebles and accumulators. They also offer moneyline bets, where bettors have to wager $110 to win $100. In addition, they have a variety of unique markets and offer expert advice and picks to help punters decide which bets are worth making.
In addition to moving odds in against-the-spread bets, sportsbooks often move totals in over/under and prop bets. This is done to induce action on either side or to counterbalance lopsided action (a sign that the line was not sharp). When new information becomes available, such as injuries and lineup changes, sportsbooks can also change their lines.