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Over/under (totals): With an over/under total, you bet on the total points scored by both teams. If, for example, the total for a New York Knicks vs. Memphis Grizzlies game is 225.5, you can bet they'll combine for fewer (i.e., under) or more (i.e., over) points than 225.5.
In basketball, if you place an over 1.5 bet, it means you are predicting that there will be two or more points scored in the game. In baseball, if you place an over 1.5 bet, it means you are predicting that there will be two or more runs scored in the game.