A Magnificent 7 bet consists of 7 selections taking part in different events, which are numbered 1 to 7. Bets are formed by combining the selections into sequential multiples of 7 Singles, 6 Doubles, 5 Trebles, 4 Four-Folds, 3 Five-Folds, 2 Six-Folds, and an Accumulator:- Singles.

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.

Gambling winnings are fully taxable and you must report the income on your tax return.

Gambling establishments, including digital operations such as online sportsbooks, usually provide you and the IRS with a record of your taxable winnings.