There used to be betting on horse races, now these guys (well, not just them, but still) let you bet on the results of _human_ races. Will SCOTUS
uphold civil right R ? Come make money off of it! Or - hedge your bets, and if the pseudo-democracy gets further downgraded - at least you'll be a little richer, at the expense of the poor saps who believed in "Golden Miller" or "Hoofs of Thunder". Oh, sorry, I meant to say "Elena Kagan" or "Brett Kavanaugh".
That's one view of this - I'd say it's pretty cynical though... Reminds me of how people reacted to insurance when it was first being introduced to the broader population "gambling on human lives/death! terrible!!".
While it's true to some extent, insurance is indeed crucial: one of the counter-parties is meaningfully reducing the risk of catastrophe, or extremely detrimental outcome at the very least.
This can be extended to all sorts of events, including Covid, the economy, politics (Brexit had devastating consequences), hurricanes, etc.
So, what do you think about providing insurance to convenience store robbers against being caught by the cops? This will meaningfully reduce the risk of an extremely detrimental outcome for them.
Just wonderful!