A person may not make a bet or wager on the outcome of an election held under this article. A person who violates this section is guilty of a misdemeanor and on conviction is subject to a fine of not less than $50 nor more than $500 to be paid to the State. Any deposit of money as a bet or a wager on the outcome of an election shall be forfeited and paid to the governing body of the county where the money is deposited.