A sportsbook is a place where people can make wagers on sporting events. Historically, you had to visit a physical sportsbook to place your bets, but now you can do so online as well. There are different types of betting options, including moneyline, point spreads, and totals. You can also bet on events like horse racing, MMA, and boxing. Some sportsbooks even offer bonus promotions to attract new customers.
A payout is the amount of money you can win on a bet. This is shown on the odds board or your account. Some online sportsbooks show the payout including your wager, so you can calculate potential winnings before placing a bet. However, you must be aware that the actual payout will depend on several factors, including how much you wagered and the type of bet.
Most online sportsbooks use software to process bets and determine payouts. Some of them have custom-designed their own systems, but most pay a third-party vendor for this service. The cost of this service varies by sportsbook and can be as high as $500 a month.
When you bet on a total, you’re predicting whether the two teams involved will combine for more (Over) or fewer (Under) runs/goals/points than the total posted by the sportsbook. This is a way for sportsbooks to attract action on both sides of a game, and it helps to balance out the book’s risk. For example, if the public is heavily leaning toward one team, the sportsbook will adjust the lines and odds to discourage more bets on that side.