I think that such a bet on what cards and in what quantity the referee will show can only be made in those matches that are the biggest sporting events.
The thing is that in leagues that are quite small there are often cases of fixed matches and therefore the referee there can also be bribed. Because of which he will favor one team, and judge positively for the other. And the average bettor has no way of knowing who the referee will be in such a match. This means that the bet will be unpredictable.