Was the rule that prohibited the body guard from betting on the election stated before he places the bet, or it was afterwards that he already betted and possibility of winning before this case got triggered up to this level.
On the norm's, Individuals with an insider's Information are prohibited from certain activities and possibly the election that the arrest was done were where he is exposed to knowing the election date.
The outcome of an election is completely unknown before the elections so I do not see any conflict of interest here. Even the candidates cannot say with certainty if they will win or not so how can their body guard know what will be the outcome to make the case described a conflict of interest. Like you said, no law prohibit the body guard from placing a bet on the election and he can even bet against his principal if he so choses. I still maintain that there is no insider information in election victory unless you are telling us the election will not be free and fair.
But you are wrong if you have such perception, basically each candidate will have percentage of the amount of support they can get, even certain parties also analyze all of this so that who is favored can be seen clearly.
Moreover, in this context we are told that all of this happens with the royal system, it will be concerning all the performance of different election methods and of course people in kingdom can know in detail about the election that will be held.
But for the problem of prohibitions like that I still don't really understand it because of course each country will have its own different rules and regulations, what is clear is that this problem occurs not because of betting but because of important secret information that is used for personal gain.
What is clear is that something like this will be difficult for outsiders to understand, and we don't know what really happened and became conspiracy all of this to happen.