A sportsbook is a type of gambling establishment that accepts bets on various sports events and pays out winning bettors. They differ from betting exchanges, which allow players to bet against one another rather than the business. Sportsbooks are licensed and regulated by state gaming authorities to ensure security, fairness and responsible gambling.

Some states require sportsbooks to pay out winning bets within 24 hours of the event. Others have laws requiring sportsbooks to keep track of losing bets and report them to the authorities when required. Some states also regulate the amount of money a sportsbook can accept from a single betor.

Betting lines at sportsbooks are constantly moved in order to balance action and reduce liability. They are adjusted to reflect new information (like injuries or lineup changes), current public perception of a team or player, or the likelihood of an upset. In the long run, sportsbooks aim to price odds close to the true expected probability of a particular outcome.

Sportsbooks offer a wide variety of bet types and promotions. Some of these include bonus bets, odds boosts and first-bet insurance. Some of these offers are designed to increase user engagement and encourage repeat visits, while others are targeted at specific demographics.

The first-time bettor bonus is a common feature offered by many sportsbooks. FanDuel, for example, offers new users $200 in bonus bets if they make their first wager on its sportsbook app. New bettor bonuses can be redeemed for wagers on the site’s app or desktop website.