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A sportsbook is a place where bettors can place wagers on different sporting events. They are usually legal entities, although there are some offshore sportsbooks that do not have a license. The top thing to look for in a sportsbook is whether it is licensed to operate in your state or not. If it isn’t, you should avoid it at all costs as these illegal operations will not offer any form of consumer protection.

When it comes to legal sports betting, most states have their own sportsbooks inside casinos. In Massachusetts, the Encore Casino has had a sportsbook ready to go since 2019. Other big-name land-based operators such as Foxwoods and Mohegan Sun are getting in on the action too. Meanwhile, online sportsbooks are quickly gaining in popularity as they become more available.

The legal sportsbooks are also making the move to mobile devices. Nevada, for example, has a number of apps that allow you to place bets on the go. This is a great option for anyone who wants to get in on the action without having to leave home.

Another tip for sports betting is to shop around for the best lines. Different online sportsbooks will set their odds differently, and the difference may not seem like much. But, over the course of a long season or multiple bets, that small percentage can add up. For instance, a Chicago Cubs bet at one sportsbook may cost you -110 while it will be -105 at another.

In addition to offering competitive odds, legal sportsbooks must also comply with state regulations regarding their operation and the handling of bets. In order to protect their patrons, they must adhere to key principles such as responsible gaming and privacy of personal information. Offshore sportsbooks that operate without a license in the United States often do not follow these principles and have no accountability to their customers.

It is also important to know the terminology used in a sportsbook before placing a bet. For example, “covering the spread” means winning a bet by more points than you were expected to win. Another term is handle or hold, which refers to the total amount of money wagered at a specific sportsbook. The hold is what the sportsbook keeps after paying out winning bets.

A sportsbook’s odds are calculated using a formula based on the current point spread and a team’s historical performance against that team. The higher the point spread, the more likely it is that a bet will win. A negative point spread, on the other hand, is more difficult to overcome.

The other important aspect of a sportsbook is the way it handles parlays. These wagers are a popular option for bettors because of their potential high payouts. Traditionally, sportsbooks void a parlay if any of the legs lose. However, DraftKings, a newcomer to the industry, does things a little differently. This sportsbook only voids a parlay if all of its legs lose, which allows you to potentially make up for any losses with the other remaining bets.