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At the end of the Boonta eve race when Qui gon goes is speaking to Watto, he mentions he'd go to the Hutts if Watto doesn't hand over Anakin/the parts for the ship. How exactly would the Hutts have judged the outcome of the case, or is there any little splice of info on the Law on Tattooine?

He could have meant he'd hire the hutts to take revenge.

However the Hutt Cartel benefited greatly from the podracing, even more so from the gambling. The only way a gambling ring stays open is if you know that when the time comes, you either have to pay up or get payed. I'm sure if someone refused to hand over what they'd bet, the Hutts would be happy to persuade them.

^this^

Pax Teem on the other hand would be delighted if the gambling ring collapsed.