I am a British citizen living in Germany.
I do not know the odds of any particular outcome of Brexit (and I'm not sure how to calculate any odds, as I don't have any relevant expertise in politics or economics).
Nevertheless, I wish to defend myself financially against the more severe consequences that roughly half the UK thinks likely, irregardless of if the real odds of any of them is (say) only 5%. Is it possible — or sensible — to insure myself against various outcomes by placing bets that they will happen? My mental model here is to use a political gambling website based outside of both the UK and the EU.
Note that I have never gambled for fun, so I don't even know if "20/1" odds would mean "we will pay you 20 times your bet if you win" or "we will pay you 1/20th of your bet if you win".