A sportsbook is a gambling establishment that accepts bets on a wide variety of sports events. It is also known as a bookmaker, and it can be located either in a physical location or online. There are several types of bets that can be placed at a sportsbook, including straight bets, parlays and futures bets. A straight bet is a wager on the outcome of a single event, such as an NBA game or an UFC fight. Futures bets, on the other hand, are based on a multi-stage event such as a season or tournament.

Regardless of their differences, all sportsbooks offer odds that reflect how much a bettor can win if they make a correct prediction. The odds are expressed as a fraction (e.g. 3/1), decimal, or moneyline. Fractional odds are the most popular in the United States, while decimal odds are used in continental Europe and Australia. The latter are often easier to read because they include the total payout and your stake in the number.

In order to ensure they are making a profit, sportsbooks set their odds to attract a balanced amount of bets on both sides of an event. But in practice, bettors’ flow is rarely perfectly balanced, so sportsbooks must manage their risks by adjusting their odds or by engaging in offsetting bets. Despite the efforts of leagues, teams and sportsbook operators to educate fans about responsible gambling and offer tools for self-imposed limits, only a tiny percentage of users take advantage of them.