it does. because insurance is a bet. but it also has legislation and organized investigators behind it to drive up the risk of committing fraud (and, therefore, the necessary reward to justify it) whereas these bets-masquerading-as-financial-instruments don't. take the example from the OP: we have laws about falsifying votes and other obvious things like that, but you can bet on what time the last votes are accepted, what time the last votes are counted, which org will publish results first, will an org publish incorrect results, a lot of things that can potentially be manipulated without violating a law but would still weaken trust in our elections at a time when there is a decade long concerted effort to convince people that elections are being gamed and don't work.