To access the Hotspots configuration options navigate to the Hotspots dashboard and click on the Options button.
You can hover over each option and you'll see a tooltip explaining what the option does.
In Google Maps API3 you are not required to provide an api key. However obtaining one and using it with your map will enable you to monitor your Maps API usage and it will ensure that Google can contact you if necessary. Further details how to obtain your API key can be found in the google maps API documentation.