A sportsbook is a website, a company, or even a brick-and-mortar building that accepts bets on various sporting events. Regardless of what the term is used to describe, most of them follow specific rules that are designed to ensure that all bettors have a fair chance of winning their wagers.
The sportsbooks’ goal is to balance the money placed on both sides of a bet so that in the long run, they will earn enough money from losing bettors to pay their commission (also known as juice) and still make a profit. One way they do this is by setting odds for each game. Point spreads and moneyline odds are based on the actual expected probability of a team winning a game.
Home field advantage is something that oddsmakers also take into account when setting these odds. Depending on how close a game is, it can be harder for the bookies to determine if a team is going to win or lose. This is why some games have alternate spreads based on whether the game will be decided by overtime or not.
Winning bets are paid out after the event is finished or, in the case of unfinished games, when the sport’s league deems it official. However, the exact payout rules vary from sportsbook to sportsbook, and you should always check their rules before placing your bets.
