To answer your question about who loses if you don't get your TC back: We, "the house", lose.
Betting was created not just because it's fun but more specifically because it's a TC sink. TC sinking is awesome. In the long run: the community benefits from TC sinks. TC sinks like name changes, clan creations, and bets all lower the overall global TC available, thus making any individual 1 TC more valuable. If there were only 10 million TC in Toribash, people wouldn't be selling a million TC for $100 they'd be selling it for thousands of dollars. Same goes to show about why someone can only get a maximum of 500% of their investment, the rest is an intended sink.
When you lose TC and it get's sunk, that's the system working as intended. If you're not up to taking the risk of having your TC sank, please refrain from betting.