I never bet on politics. It's too risky. Because if you don't know about politics, you will lose. Again, many times it is already clear who will win the next elections in many countries. Many times everyone thinks that this team will win, then the opposite happens. Overall, it's a high risky thing.
That will be different if you have much information about each candidate so you can find which candidate has a big chance to win the election. But I think the betting is not for all countries and it for some election that is happening in a big country. You can try to bet on that election, but make sure you know what to choose, and you have all the information about the candidates.
But I never bet on politics as you because I cannot find better information, so I skip that bet. I prefer to play other gambling games than betting on politics. As long as we can manage the risk, we will not be losing too much money like others.