People that don’t make decisions on ill informed beliefs don’t bet at all as it’s just a money waste. People that make bad decisions tend to bet more and go into debt because of it.
Betting odds are not a prediction by any means. The betting houses don’t even try to predict anything because they know it is a fools game. Instead its just a sentiment tracker of very small subset of the population.
For example if tomorrow I would bet 100 Billion for Harris to win the election she would suddenly show up as the heavy favorite when nothing about her campaign has changed. Instead the bets for that particular site would be heavily skewed and they would increase odds for other options to reduce risk, while at the same time basically bullying any further bets on Harris.