A sportsbook is a business that accepts wagers on various sporting events. It can be an online or mobile platform, physical location that offers in-person betting, or a combination of the two. Depending on the country, legality of sportsbooks is regulated by gambling laws. In the United States, for example, a sportsbook must be licensed and regulated by the state where it operates.

A straight bet is a wager on the outcome of a single event, such as a game or fight. You’re placing a bet on the Toronto Raptors to win their next match against the Boston Celtics, so you place your bet on the Raptors. The sportsbook sets the odds of the game and those odds reflect the margin of victory expected by the bookmakers.

Many sportsbooks also offer handicapping, moneyline and Over/Under totals on games. These bets help level the playing field between teams and allow bettor to choose the winner of a specific game or series. They can also be based on other factors, such as home field advantage or how well a team performs away from home.

Aside from setting the odds, a sportsbook must also provide customer service and a secure gambling environment to keep customers happy. This means offering a variety of payment methods, secure privacy protection and providing fair odds and return on bets. In addition, sportsbooks must have a large menu of options for various sports leagues, events and different bet types to satisfy the needs of a wide range of bettors.