We here at the Gear are all about the sporting life. We make bets with each other on all sorts of things. I myself, for example, just lost $250 to my co-writer Vince when Paris was released shank-wound-free. You’re welcome, VV. But we’re all set to pony up on the mother of all gadget rackets: betting on the iPhone.

Some say it’s bad taste, but reports are saying that BetUS.com is giving us 20-to-1 odds that someone will get trampled on Friday at iPhone’s launch. That’s a good bet at half the odds. There are other categories, too: 3-to-1 on dorks camping out in line, 1-to-2 that Apple’s stock jumps at least 10% by the end of the month (no Ryan Block clause, so tread warily!), and 150-to-1 that an iPhone blows up, literally.

So step right up, suckers, and place your bets. Betting line screenshot after the jump, too!

Odds Given on iPhone Failure [LiveScience]