Sportsbooks make money by accepting bets on a wide range of events. The odds they set on those occurrences are based on their probability of happening, with bettors betting on the side they think will win. This allows them to balance action on both sides of a bet so that, over the long term, they make a profit.

While there are many different ways to wager on sports, some of the most common types of bets include straight bets, spread bets and moneyline bets. These bets are placed on the outcome of an event, such as a team winning a game or individual player scoring a goal. In addition to the outcome of a specific event, you can also place bets on the overall game winner or a team’s point total.

A sportsbook’s main responsibility is paying out winning bets. To do this, they collect a commission on losing bets, which is known as the vig (vigorish). The vig is collected by all bookmakers and helps them cover overhead expenses and maintain their cash flow.

The vig charged by sportsbooks can vary widely, but the typical ratio is around 10 to 11% of the total amount wagered. This is why it’s important to research the best sportsbooks and find one that offers competitive odds and a fair return on bets. Also, make sure to gamble responsibly and never wager more money than you can afford to lose. This will help you enjoy your gambling experience to the fullest!