California Governor Odds 2026: Kalshi & Polymarket

Gavin Newsom is out in January 2027, and what comes next is a fight over a $4 trillion GDP, a state budget deficit that’s already forcing cuts to education and healthcare, and the single biggest check on federal policy in the country. This is the only governor’s race with an open seat, a nonpartisan primary that could send two candidates from the same party to the general election, and a crowded Democratic field competing against a Republican surge fueled by cost-of-living concerns. 

Every one of those factors will feed into uncertainty and will be a driving force behind the volume in this primary election market.

Who is favored to win the California governorship

Tom Steyer (D) — 63.6% to advance, 50.7% to win the general election. Billionaire climate activist and investor who ran for president in the 2020 cycle, spending more than $300 million before dropping out before Super Tuesday. Never held elected office. Polling at 10–11% despite spending more than $27 million on television advertising before the Swalwell collapse redistributed Democratic market probability in April. Now the clear market leader. The polling hasn’t caught up. It may not need to.

Katie Porter (D) — 21.6% to advance, 14.4% to win the general election. Former US Representative from Orange County who left Congress in January 2025 after losing the Senate primary to Adam Schiff. Known nationally for her whiteboard questioning of executives during congressional hearings. Polling at 8–13% across recent surveys. Her advance odds trail Steyer significantly, but she remains the second-ranked Democrat in the field and a meaningful factor in whether the top two ends up D-R or D-D.

Matt Mahan (D) — 21.4% to advance, 13.6% to win the general election. San Jose Mayor who entered the race late in January. Backed by significant tech money and draws the highest share of voters who trust neither major party. Polling at 3–4% — the widest gap between polling and market pricing of any candidate in the field. The market is pricing something the polls haven’t caught yet, or it’s wrong.

What happened to Eric Swalwell?

Eric Swalwell entered the race in late November 2025. Our tracker shows he spent months as the Democratic market leader, reaching roughly 50% on Kalshi and Polymarket. In April 2026, the San Francisco Chronicle and CNN reported allegations of sexual misconduct from multiple women, including a former staffer who alleged assault. Within 24 hours, he lost all 21 of his endorsements from Democratic colleagues in Congress. Adam Schiff withdrew his endorsement. Nancy Pelosi told him to drop out. The Manhattan DA confirmed it is investigating one of the allegations. Swalwell denies the accusations, but did drop out of the race on April 12.

California general election markets

The California governor’s race gets most of the attention, but Kalshi’s California General election slate runs deeper than a single headline contest. Here’s a look at what else is trading.

• CA-22 primary advance — Randy Villegas at 61%, a competitive Central Valley district that typically draws attention as the election approaches.
• California Governor winner? (Party) — Democrats are at 84%, essentially a lock given the state’s political makeup, though the companion Governor winner? (Person) market is more interesting. Eric Swalwell currently leads at 59%, down 2 points, reflecting a competitive Democratic primary field rather than general election uncertainty.
• California Lieutenant Governor — Fiona Ma at 56%, notably tighter than the top of the ticket and one of the closer calls on the board.
• CA-08 (Party) — Democrats at 95%, a safe-seat market with limited movement potential.
• CA-13 (Party) — Democrats at 90%, similarly stable.
• CA-17 winner? — Ro Khanna at 86%, consistent with his incumbency advantage.

Prop markets available

The general election winner market isn’t the only California political market to bet on. Kalshi has three additional governor markets tied to the June 2 primary, each measuring a different question, similar to a prop bet:

Top two to advance?

The primary advance market asks which candidates will finish in the top two on June 2. Each candidate has their own Yes/No contract — Hilton at 50%, Bianco at 42%. This is the market to watch right now because it directly prices who makes the November ballot. With 15 individual candidates to bet on, it’s also the most liquid primary market. Note that probabilities across candidates can sum to more than 100% because the question is “Will X finish in the top two?” — multiple candidates can independently be priced above 50%.

Available on: Kalshi and Polymarket.

Who will finish first (most votes)?

The first-place market measures who finishes with the most votes on June 2. Swalwell leads at 44% (+127), followed by Hilton at 26% (+285). The gap between Swalwell’s first-place pricing and the advance market tells you something: traders think he’s likely to lead all candidates, but other Democrats aren’t as certain to join him in the top two.

Available on: Kalshi.

Party composition market: Democrat / Republican

This market asks whether the top two will include one Democrat and one Republican (65%, or +54) or two Democrats (18%, or +456). The implied probability of two Republicans advancing sits around 14%. If the primary produces a D-vs-D or R-vs-R result, this market resolves immediately on June 2 and becomes irrelevant for November. If it’s one from each party, it stays active as a de facto party control market through the general election.

Available on: Kalshi and Polymarket.

These House markets use the same top-two primary mechanics as the governor’s race: all candidates on one ballot, top two advance.

Related markets

• 2028 Presidential Election Odds — Whoever wins the governor’s race enters the 2028 conversation immediately. Track cross-platform pricing for the next presidential election.
• 2028 Democratic Presidential Nominee Odds — Newsom leads at 36%. His successor could reshape this market overnight.
• US Presidential Election Odds — The broader presidential market, updated hourly with VWAP consensus pricing from Kalshi and Polymarket.
• 2028 Republican Presidential Nominee Odds — Vance leads at 42%. If a Republican wins the governor’s race, they enter this conversation immediately.
• California Wealth Tax Odds — The other major California prediction market. Will the billionaire tax pass the ballot and become law?

Where to bet on California election markets

You can bet on California elections legally on Kalshi, Polymarket US, and PredictIt. DraftKings and FanDuel are expected to open midterm betting as well. How it works is pretty easy. On Kalshi, you buy Yes on Swalwell to win the governor’s race at 54¢ — if he wins, the contract pays $1.00. If you think he won’t win, buy No at 46¢ and collect $1.00 if any other candidate takes it.

• Kalshi — All seven California markets (three governor, four House) shown above are live on Kalshi. CFTC-regulated, available in all 50 states including California. Kalshi operates as an exchange where you trade against other participants, not a house. Use our Kalshi promo code RATE for a $15 sign-up bonus.
• Polymarket — Has California governor markets including primary and general election winner contracts with 22 possible outcomes. Polymarket received DCM status from the CFTC in November 2025. Verify current candidate availability, as Polymarket’s strike list has historically differed from Kalshi’s — notably, Mahan was not listed as of late January.
• PredictIt — Has a single California governor market asking “Who will win the 2026 election for governor of California?” This is a general election winner market only — PredictIt does not offer primary advance, party composition, or House race contracts. Uses a share-based model capped at $850 per contract. Smaller liquidity than Kalshi or Polymarket, but a long track record in political markets.

For a full comparison of platforms, fees, and funding methods available to California residents, see our California prediction markets guide.

How these markets resolve

Governor primary advance (Person): Each candidate contract resolves independently. If a candidate advances to the general election for California governor in 2026, their contract resolves to Yes. If they don’t finish in the top two on June 2, it resolves to No. Outcome verified from the California Secretary of State. Because each candidate has their own Yes/No contract, multiple candidates can resolve to Yes (exactly two will).

Governor primary advance (Party composition): Resolves based on the partisan makeup of the top two finishers. If one Democrat and one Republican advance, that contract resolves to Yes. If two Republicans or two Democrats advance, the corresponding contract resolves instead. This event is mutually exclusive — only one outcome can resolve to Yes. Outcome verified from the California Secretary of State.

Governor primary first place : Resolves to the candidate who receives the most votes in the June 2 primary. The verification source is the California Secretary of State. Note that the first-place finisher also advances, but this market only measures who finishes with the highest vote total, not who ultimately wins the general election.

House primary advance markets (CA-11, CA-40, CA-22, CA-04) — Each candidate contract resolves to Yes if that candidate advances from their respective 2026 congressional primary. Outcome verified from the official electoral commission. Same top-two mechanics as the governor markets — the two highest vote-getters advance regardless of party.

Polymarket governor markets — Polymarket’s California Governor Election Winner market resolves based on the candidate who wins the November 3 general election. Resolution sources are the Associated Press, Fox News, and NBC — the market resolves once all three call the race for the same candidate. If all three haven’t agreed by July 31, 2027, resolution falls back to official state certification.

Latest news and updates

1 / 1

US Elections

Trump Backs Graham Nordone as She Takes Predictions Markets Lead in South Carolina GOP Senate Scramble

Interim Sen. Darline Graham Nordone has surged to the front of the pack for South Carolina’s August 11 Republican Senate primary following an endorsement from President Donald Trump. At 56% on Kalshi, she is pushing ahead of chief competitors Rep. Russell Fry and Rep. Ralph Norman.

Pat Evans

July 20, 2026

US Elections

Prediction Markets Big On Biggs Heading Into Arizona Republican Governor Primary

Prediction markets have Andy Biggs at 99.5% to win Tuesday’s Arizona Republican governor primary, setting up a likely matchup with incumbent Democrat Katie Hobbs. But while Biggs has the GOP nomination all but locked up, markets are pricing Hobbs as an 81% favorite to keep the governor’s office in November.

Pat Evans

July 20, 2026

US Elections

Prediction Markets Price Jackson as Clear Favorite in Maine as Democrats Keep Edge Over Collins

After a Thursday debate, Troy Jackson has surged to the front of Maine’s Democratic replacement race, and prediction markets are now pricing him at approximately 90% to win the nomination.

Pat Evans

July 17, 2026

US Elections

Sen. Mitch McConnell’s Hospitalization Fuels Exit Speculation, but Prediction Markets Speculate He Stays

Sen. Mitch McConnell’s latest hospitalization has revived questions about if he can finish his seventh term, but prediction markets are still pricing in a no-resignation outcome at below a 20% chance.

Pat Evans

July 16, 2026

US Elections

Prediction Markets Tighten On Michigan Democratic Senate Primary as Stevens Pushes El-Sayed in Tossup State

Abdul El-Sayed still leads Michigan’s Democratic Senate primary race, but his peak prediction market chances of 87% have dropped down into the 60s as Rep. Haley Stevens closes the gap.

Pat Evans

July 16, 2026

US Elections

South Dakota Set For First-Ever Governor Runoff as Prediction Markets Favor the Incumbent

South Dakota is heading to its first-ever primary runoff for governor, with Gov. Larry Rhoden facing businessman Toby Doeden after neither cracked the threshold on June 2. Kalshi still gives Rhoden a 63% chance to win on $1.1 million in volume, even as the polls reportedly show the race dead even.

Pat Evans

July 15, 2026

Key dates

• March 6, 2026 — Filing deadline. A total of 10 candidates were officially named for June 2nd, with 8 Democrats and 2 Republicans.
• May 4, 2026 — Vote-by-mail ballots begin mailing to all registered voters.
• May 18, 2026 — Last day to register to vote for the primary.
• May 23, 2026 — Early in-person voting opens.
• June 2, 2026 — Top-two primary. The two candidates with the most votes advance to November regardless of party. The primary advance and first-place markets resolve. The party composition market resolves if both advancers are from the same party. This page will undergo a major rewrite following the results.
• November 3, 2026 — General election. All remaining markets resolve.

Market integrity is everything

Kyle Langford, a Republican candidate for governor, placed a $200 bet on himself on Kalshi in May 2025 and posted it on X. That’s a clear violation of Kalshi’s trading prohibitions, which bar candidates from trading on their own races. Kalshi imposed a 5-year trading ban and a $2,000 fine (10x the trade size) and reported the case to the CFTC. Langford dropped out of the governor’s race and is now running for Congress in California’s 26th district. He still appears in some polls at less than 1%.

In contrast, Swalwell’s January tweet of his Kalshi odds — captioned “LFG!@Kalshi” — was not a violation.But it illustrated something critics have been tracking: candidates are now using market pricing as campaign messaging. When you tweet that prediction markets have you at 50%, you’re using crowd-sourced financial data to manufacture momentum. It’s not manipulation, but it is reflexivity in action. We covered this in detail in our report on Swalwell’s Kalshi odds.

What 2026 means for the 2028 US elections

The California governor’s race is also a 2028 presidential race. Whoever replaces Gavin Newsom immediately enters the next presidential conversation.

Newsom is priced at 36% on DeFi Rate’s 2028 Democratic nominee odds tracker and 88% on Kalshi to announce a presidential run. Whoever replaces him will immediately affect pricing on multiple 2028 markets.

If Swalwell wins, his odds would likely appear on both the Democratic nominee and presidential election trackers — he’s run for president before and would be governing the largest state economy in the country. If a Republican wins through an R-R primary outcome, expect movement on the Republican nominee tracker, where Vance currently leads at 42%, and a repricing of the presidential election market.

Either way, the June 2 primary result will have downstream effects on 2028 markets well before the November general election.