An over/under is a bet on the total amount of something to occur, either points in a game, points scored by a player, yards for a player, etc. Over/unders are also accompanied by odds (just like spreads) and are usually at or around -110 as well.
Want to bet on Philadelphia’s running back total rushing yards? The ‘total’ will be set at an estimated value of say 82.5 yards, for example. If at the conclusion of the game, the Philadelphia running back gets to 83 or more yards, then that means the ‘Over’ wins and everyone rejoices.
If the Philadelphia running back exceeds 82.5 rushing yards. Over wins
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Example: 1.30, 3.50
Example: 10/11, 3/1
Example: 51%, 81.7%
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