A sportsbook is a service that accepts wagers on sporting events and pays out winnings. It also offers odds for a variety of different bets, including moneyline bets. A good online sportsbook will list its odds in a clear and concise manner, making it easier for bettors to place their wagers. It should also offer a variety of bonuses for bettors, as well as a good return on parlays.

When betting lines are set, the sportsbooks consider things like how many points will be scored in a game, who will win a particular matchup, and whether a specific player or team will have a positive or negative betting line. A negative betting line means that the team or player is favored to win, while a positive one indicates that they are underdogs in the wager.

Unlike traditional sportsbooks, online ones have a much smaller overhead and can offer better odds to customers. However, they must meet certain requirements to operate in a legal capacity. First, they must be licensed by a regulatory body. This can be a challenge, especially for small operators. Secondly, they must adhere to the laws of their jurisdictions.

Mike, a soft-spoken man with a red beard who runs a website called DarkHorseOdds, doesn’t spend much time worrying about the long-term viability of his strategy. After all, he is only one of many millions of people who have made a bet at a newfangled sportsbook since the NFL season kicked off last September.