A sportsbook is an establishment that accepts bets on sporting events and pays winning bettors an amount that varies depending on the outcome of a contest. A sportsbook is a legal form of gambling in most jurisdictions and, unlike illegal bookmakers, offers bettors a variety of wagering options and payment methods.

A sportsbook offers odds for each bet it accepts, which tell how much a bettor can win if the bet is correct. There are several different types of odds, including fractional, decimal and moneyline. Fractional odds are usually expressed as a number with a slash, such as 3/1, meaning that for every $1 you bet, you will win $3 if your prediction is right. Decimal odds are typically expressed as a percentage, such as 50-50 or even money, meaning that you will win $50 for every $100 you bet. Moneyline odds are based on the actual expected probability of an event happening, and sportsbooks will try to price each bet so that they can collect a 4.5% profit margin in the long run.

In addition to offering standard game betting, most sportsbooks offer a wide range of prop bets and futures bets. Prop bets are bets on specific occurrences during a game that may not have a direct impact on the final result. They can include player or team performance, as well as statistical benchmarks. Futures bets are bets on the results of multi-stage events, such as a season or tournament, and can include both team and individual markets.