A recent article from The Athletic Explains some very important terms that go along with sports betting,

A point spread is how much a team is predicted to win by. If you see Lakers -7, for instance, that means you subtract 7 from the Lakers’ final score to determine the winner. If the final score is Lakers 103, Knicks 100 and you bet on the Lakers using a point spread, you lose the bet, because in this scenario, the final score (for your bet) would be Lakers 96 (103 minus the 7 point spread), Knicks 100. If you bet on the Knicks with the point spread, you would’ve won.

An over/under is fairly simple the sportsbook predicts a total amount of points for something, and you guess if it’ll be over or under that number. It can be a quarterback’s passing yards, the points scored by both teams in a basketball game, or anything in between.