A sportsbook is a place where people can place wagers on sporting events. Sportsbooks make money by setting odds that give them a built-in advantage, and then adding an additional margin (known as the overround) to ensure they turn a profit regardless of the outcome of each event.

The odds are set by expert traders who use a mixture of mathematical models, historical data and expert knowledge to predict outcomes. These are then converted into odds for the bettors to choose from.

Odds may be adjusted based on how bettors are responding to the market, with favored teams offered lower odds than underdogs to encourage more balanced betting. This helps to protect the sportsbook’s profits, while also providing genuine value for bettors who understand how odds are set.

In addition to standard bets on individual games and matches, sportsbooks offer a range of specialty betting markets. This includes futures, where you can place a bet on the winner of a particular competition or event well in advance, and props, which are specific to each game.

When it comes to choosing a sportsbook, the key is finding one that offers a good user experience. FanDuel’s customer support is among the best in the industry, and its app is designed to be easy to use. Other features to look for include a range of welcome offers, including free bets and first-bet safety nets up to $1,000. These can help new bettors test the waters of a site before investing any of their own money.