Putting money where mouths are, etc.

Back in August, NPR had an interesting story on gambling over the presidential election. Listen to the story, then think about the following questions.

Questions:

a. Should betting on presidential races be legal? What about downticket races (not the president, but Senate, House, state, and local races)? Why or why not?

b. If betting were made legal, what might change about our political process? What might change about the races themselves?

Source