It appears that many are betting on how long they think Saddam Hussein will remain in power. According to CNN about $1.25 million in wagers had already been placed via Tradesports.com and that's just one site. I hate to judge people on these sorts of things, but can't help but think its done in poor taste.
Gambling on Saddam's Future
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I completely with you -- betting on this atrocity is completely done in very poor taste