A sportsbook is a type of gambling establishment that takes wagers on various sporting events. It sets odds for those events, which are based on the expected margin of victory. There is also a built-in profit margin known as the vig or vigorish. Sportsbooks are usually located in states that have legalized gambling.
The most common types of bets are straight bets and total (over/under) bets. Straight bets are wagers on a specific outcome, such as the winner of an NBA game or the score of a UFC fight. If a team wins by exactly the amount predicted, the bet is considered a push and all wagers are refunded.
To increase their profits, sportsbooks add a percentage to the true odds of winning or losing bets, which is called vigorish or vig. This commission is often cited as the main reason why sports betting is illegal in some countries. Online sportsbooks are not subject to this restriction and can offer better odds and more unique markets than traditional brick-and-mortar locations.
Caesars Sportsbook is one of the most popular online sportsbooks, offering a powerful and easy-to-use interface. It is powered by OpenSports, software honed by William Hill US, and uses state-of-the-art security to protect your data. It also offers a variety of unique betting markets and has a great selection of bonuses and promotions. This includes the Fanatics Sportsbook promo that gives new customers 10 days of free bets. You can find more information about this promotion here.