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While for many folk betting is a bit of fun, no one can say that betting is a wholesome activity. It ruins the lives of some and suppresses the personal wealth of many more.
Mix betting with politics and there is a stench of corruption and insider trading. Not only should our politicians be of good character, they have to be seen to be of good character. The latter is incompatible with political betting.
Chris Mason sums it up well:
"I cannot remember the closing stages of an election campaign so dominated by a horror show of daily developments on one topic like the one we are currently witnessing"
https://www.bbc.com/news/articles/cl44y6252d3o