Basically, you can put money into your forum balance with /bank deposit, then you can use the forum money to bet on sports games. If the team wins in real life, you get what you invested plus the payout rate times your bet. So if the odds are 0.6 and you bet 1000$, you get 1600$ if the game ends as you predicted it... or you lose your 100$ if you are wrong.
So sportsbook is basically where you can bet on games and win money if you win them, like lets say you put in 1,000 in a game and it says you will get back .50 if you win then you win then you will receive 1,500 back