A sportsbook is a place, either online or brick-and-mortar, that accepts bets on sporting events. It’s also known as a bookie, and its purpose is to make money by betting on both sides of an event. In the past, most sportsbooks operated illegally, and they were primarily run by criminal gangs, but now states are allowed to legalize them.

When choosing a sportsbook, be sure to find one that offers a variety of payment options. The most common are credit and debit cards from major providers like Visa, Mastercard, and American Express, but some offer prepaid options that let players keep their money online in an account with set limits. Additionally, some sportsbooks are able to accept direct bank transfers or even cryptocurrency like Bitcoin.

Another way that sportsbooks make money is by charging a commission, known as the vig or juice, on losing bets. This fee helps cover their operating costs and generates a profit over the long run. Finally, some sportsbooks will mitigate the risk of losing wagers by taking other bets that offset them.

Sportsbooks can be a great time, but they are only fun when they’re practiced responsibly. That’s why most of them have tools that help players limit their winnings and prevent gambling addiction, including deposit and wagering limits, session and time-out restrictions, and non-reversible self-exclusion. In addition, many sites provide self-assessment tests and other resources for those who may be struggling with a gambling addiction.