A sportsbook is a place where people can make wagers on different sporting events. They are usually based in the United States and operate legally. The industry has exploded since the Supreme Court overturned a ban on sports betting last year. People have made bets worth more than US$180.2 billion.
A good sportsbook will offer a wide range of different markets, including the major leagues in football and tennis, as well as less popular ones like darts, cricket, rugby union and golf. It should also include match and ante-post odds for the FA Cup in England, as well as the World Cup finals and European Championships. In addition, customers expect a high number of available markets for each event, such as the correct score or first, last or anytime goal scorers.
The main function of a sportsbook is to compile the odds, which are the chances that a specific outcome will occur. This enables the operator to balance stakes and liability, giving them an in-built profit margin. The oddsmaker sets a line for each bet that is competitive, balancing out the risks and rewards for the bettors.
There are three options for setting up a sportsbook: white label, turnkey and custom. A white-label option allows you to set the back office, customer service and responsible gambling policies, while keeping the front end of your website custom. However, this can be expensive and limit your flexibility. A turnkey operation provides a ready-made site, but you will have to pay for another company’s software and hardware, which could increase your costs. A custom sportsbook gives you full control of your site, but it may take time to bring your innovations to market.