A sportsbook is a place where people can place their bets on a wide range of sporting events. It can be operated legally through a licensed bookmaker, or illegally through privately run enterprises called “bookies.” Some of the most popular wagers placed at sportsbooks include straight bets, parlays, and futures. These bets are based on expected margins of victory, which are determined by the sportsbook’s oddsmakers.

The first step to setting up a sportsbook is to verify the legality of gambling in your jurisdiction. This can be done by consulting your local government’s website or by contacting an attorney experienced in the iGaming industry. Once you’ve verified the laws in your jurisdiction, it’s time to start planning and designing your sportsbook.

It’s also important to understand how other sportsbooks operate before you start your own. This way, you can figure out what features your competition offers and find ways to differentiate your sportsbook from them. You may want to offer special bonuses or unique betting markets that your competitors don’t, for instance.

Another mistake that many sportsbook owners make is not including customization in their product. This can be a major turnoff for users, who will quickly find your product unsatisfactory and look elsewhere. It’s best to partner with a professional development team to ensure that your sportsbook is customized and can adapt to any market. This will also improve user experience and boost your chances of success. In addition, a custom sportsbook will give you the flexibility to update and add new features as needed.