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In the above example, the number is 217.5, meaning you would win an over bet if the score exceeded 217 total points but lose if the total was 217 points or fewer. Over/Under bets are fun ways to have a stake in a game's outcome without having to worry about which team will win.
In sports betting Over 237.5 Points is an example of a total market you might see when betting on Basketball. When betting on the Over market you need the total points of a game to exceed 237.5 for your bet to win.
If the spread is set at +7, the underdog must either win the game outright or lose by fewer than seven points in order to cover. For the favorite to cover, they must win by more than seven points.
Betting odds are the ratio between the amount staked by the bookies and the bettor, so 7/1 means the bookies stake seven times the amount the bettor has wagered. If the bettor wins; their predicted outcome materialises; they will take seven times their bet from the bookie (in this case).