How to Start a Sportsbook

A sportsbook is a website or brick-and-mortar building that accepts wagers on sporting events. These businesses earn income by collecting bets on the underdog and paying out winning bettors. They also collect a commission from losing bets. To ensure that they make money, sportsbooks set their odds in a way that will guarantee them a profit over the long run.

A sports bookie is an experienced professional who sets the lines for a specific game or event. They determine how much a team should win or lose by a certain margin and then assign a betting number to each possible wager. The rotation numbers are then placed to the left of each game and team on the sportsbook’s odds board. This makes it easy for bettors to place a bet with confidence and accuracy.

The first step to starting a sportsbook is acquiring the right licenses and accreditation. This process takes about 18 months and requires a sizable investment, but it is essential for protecting players’ safety. Licensing requires implementing age verification, self-exclusion programs, and deposit limits, as well as regular audits and reporting.

Another way to make money is through prop bets, which are wagers on individual player or team performance in a game. They are often offered by sportsbooks in the US and have a high return to bettors. However, it is important to understand the risks involved in prop bets before you start placing them.

Sportsbooks also offer futures bets, which are bets on upcoming events. These bets can be made year-round and have a longer horizon than normal wagers, usually measured in weeks or months. These bets can include a variety of things, including NFL champions, Heisman winners, and MLB MVPs.