Sportsbooks make money by taking wagers on the outcome of sporting events and paying bettors who win, while collecting losses from those who lose. They do this by setting odds that differ from the actual probability of an event occurring, and by allowing bettors to hedge their risk by placing other types of wagers that offset those they have on their books. This arrangement, known as the vig or margin of profit, gives the sportsbook a financial advantage and, over time, a guaranteed return on investment.

In addition to betting lines, sportsbooks offer a variety of other products and services, including cash-out options that let customers stop their bets before the game is over and avoid losing money. They also offer fantasy sports and other forms of online gaming, and many provide customer service via live chat or phone. They also offer a wide range of banking options and fast withdrawal speeds to make financial transactions as convenient as possible for their customers.

To keep their businesses viable, sportsbooks must follow regulations regarding responsible gambling. Depending on their jurisdiction, this may include betting limits, warnings, time counters, and other tools that help prevent gambling addiction. Some sportsbooks even offer free training for staff in responsible gambling techniques. Despite these efforts, however, the vast majority of sportsbook users do not use these tools. In fact, only 2% to 3% of users of the leading U.S. sportsbook apps employ these tools, according to research conducted by industry sources. In an attempt to boost adoption, some operators have started tying these tools more closely to player statements and positioning them as budgeting devices rather than limitations.