I think the bigger risk is changing major decisions (like war) based on the profitability of bets. Forget about drone war doctrine, if you're an adversary just place absurdly large bets which incentivize the opposition to do what you want. (i.e. bet so you "lose" the bet when the enemy changes their posture to gain the profit).

Politics is already full of these pay to play incentives but now anyone with enough cash can influence world events.

This kind of nation-level hedging has been talked about for years in betting market-aware communities. It's honestly a much better use than fleecing nobodies with insider knowledge.