In the UK, you can place a bet on just about anything. You can bet on the result of this afternoon's QPR-Everton match (Everton is the favourite as of this writing). You can bet on who will replace Jeremy Clarkson as co-host of BBC's Top Gear (not sure whether 12/1 for Piers Morgan or 50/1 for Nigel Farage is more ridiculous). You can bet on the winner of this year's Eurovision Song Contest (40/1 for the UK winning, meaning if I bet £1, I lose £1).
Of course, you can also bet on 7 May elections here in the UK. You can bet on any possible outcome, including which party will finish with the most seats in the House of Commons, what kind of government will be formed, who will be leading that government, and the fate of the party leaders in their jobs both as leaders and as MPs. You can even bet on who will win in each of the 650 constituencies, and it's the odds that bookmakers are offering on these kinds of bets that tell us the most about what to expect once the polls close in 45 days' time.