A sportsbook is a gambling establishment, whether online or in a brick-and-mortar building, that accepts wagers on various sporting events. It also sets the odds for those events. A sportsbook can offer a variety of different betting markets, including over/under bets that are based on the total points scored in a game. Some of these betting markets are open for bets at the start of an event while others may only be available during in-play.
In the United States, most legal sportsbooks are licensed and regulated by state governments. The process to become a sportsbook involves submitting a business plan, undergoing a risk assessment and audit, implementing responsible gambling measures, and complying with age verification, deposit limits, time-outs, self-exclusion programs, and other controls. A license can take up to 18 months and requires a sizable investment, but it is necessary for legal operation.
Licensed sportsbooks have been known to have more stability than their unlicensed counterparts. They can also offer more betting options, such as a variety of payment methods and the ability to make bets in multiple currencies. This can help bettors find the best value for their money.
The most popular ways to make a bet at a sportsbook include credit and debit cards, e-Wallets like PayPal or Skrill, and digital wallets such as Bitcoin and Ethereum. Some online sportsbooks also offer prepaid card options that can be loaded with a specific amount of funds. Using these methods allows players to keep their gambling money separate from their day-to-day spending and manage their bankroll more responsibly.