Definition:
A sportsbook is a company, website, or physical location that accepts bets on sporting events. It sets the lines, odds, and markets for bettors, then manages payouts and collects wagers. Sportsbooks make money by charging a built-in commission called the vig (or juice).
They serve two main purposes:
Provide a platform for bettors to place wagers on games, players, and events.
Set and adjust odds to balance action and ensure profitability regardless of the outcome.
Real-World Example
In the U.S., popular online sportsbooks include DraftKings, FanDuel, BetMGM, and Caesars.
A bettor opens the DraftKings app to place a $100 bet on the Cowboys –3.5 (–110).
If the Cowboys cover, the sportsbook pays out $190 total ($100 stake + $90 profit). If not, the sportsbook keeps the stake.
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