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> betting on my team not making it can be considered risk management.

This is the ideal, yes. But I'd bet about 99% do the opposite and double their risk by betting on their preferred outcome.

Also, betting on something you have control over introduces perverse incentives. It's easier to sabotage an effort than make it succeed.

> Also, betting on something you have control over introduces perverse incentives. It's easier to sabotage an effort than make it succeed

That should be plain illegal, in the same way sportsmen are barred and punished for being anywhere near betting.

But we have politicians, their staff and administrations openly trading and betting on outcomes they can influence.