Depending on the sport, a sportsbook offers its customers a variety of different betting options. These include moneyline bets, which allow players to place wagers on a particular team or individual player in a game, and point spreads, which offer odds that reflect the actual expected probability of a given bet winning or losing. In addition to these standard betting options, many sportsbooks also offer bets on future events, or “propositions,” which are wagers that a player can make on specific scenarios that have not yet occurred.
In order to maximize their profits, sportsbooks try to balance action on both sides of a bet. This means that they will adjust the odds on individual games to attract more bettors on one side or another. For example, a favored team may have a negative betting line (such as the Chicago Cubs at -180 on a moneyline bet) while an underdog will have a positive one (+190 for the Detroit Lions). The difference in odds between the two sides doesn’t matter to bettors in the long run, but it does help sportsbooks maintain a 4.5% profit margin over time.
As a result, some bettors are known as sharps, and many books will limit or ban them if they are consistently beating the closing lines. This is a big reason why it is important to shop around for the best lines.