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But what if I bet £1000 on Trump at 4/1 (and no bet the other way) and it came down to the wire - who would I want to win at that point
Yes, I think you're right here that that amount would be problematic. But I think we'd probably be discussing symptoms of a gambling problem at that point rather than conflicts of interets (which I don't think this is) - i.e. that you'd bet an amount where the outcome mattered sufficient to flex your beliefs.
christianSpaceman
It is literally a conflict of interests though.
I did mention hedging (e.g. if you had a larger bet the other way - and while I guess you could say you stand to 'lose' if Trump wins, it's not a direct financial loss). Yes, a small bet of £20 is neither here or there. But what if I bet £1000 on Trump at 4/1 (and no bet the other way) and it came down to the wire - who would I want to win at that point?