I would probably add a third model to represent the specific bet that someone placed, since it can be assumed that more than two people can enter the bet. It will look something like this:
USER WAGER BET
User (FK(User)) Description
Bet (FK(Bet)) Winner (FK (Wager), null=True)
Amount
Django user.wager_set bet.wager_set . , . unique_together User Bet Wager, .
, bet.winner.
related_name, Bet Wager Wager Bet. , related_name=wagers Wager.bet.