The chances for Democrats to retain the governor’s office in Wisconsin have increased considerably on prediction markets. This comes after David Crowley, a moderate Democrat, won the gubernatorial primary against progressive state Representative Francesca Hong. Crowley’s victory marks a pivotal moment as he aims to become Wisconsin’s first Black governor. He narrowly defeated Hong, positioning himself as the better candidate to take on U.S. Representative Tom Tiffany in the November election. Tiffany, who won the Republican primary, benefited from an endorsement by former President Donald Trump.
Crowley’s campaign experienced a revival after he initially quit the race in early July. He re-entered with the endorsement of outgoing Democratic Governor Tony Evers. This changed the momentum in Crowley’s favor leading up to the primary.
Prior to the primary, prediction markets showed Republican odds of capturing the governorship were higher than those for Democrats. This shifted after Crowley’s victory, even though Francesca Hong seemed poised to win the nomination. Public polls had previously placed Hong ahead with a significant lead over Crowley and other candidates.
The Associated Press announced Crowley’s win early on Wednesday morning after Hong conceded. Democratic odds on prediction markets shifted dramatically in favor. By 8 a.m. Eastern time, Kashi had raised Democrats’ chances of securing the office to 78 percent, a steep rise from 39.4 percent on Sunday. Conversely, Republican odds dropped to 22 percent, down from 61.8 percent in the same timeframe.
Rival prediction market Polymarket mirrored these changes. As of 5:30 a.m., it placed Democrats at a 77 percent chance of winning in November, up from 41 percent a day earlier. Republican odds decreased to 22 percent, down from 51 percent earlier in the week.
Prediction markets involve traders buying and selling contracts linked to political outcomes, consolidating real-money bets into probability estimates. These prices vary as traders respond to polling, candidate developments, fundraising efforts, and broader political shifts. Although they are indicative of trader sentiment at a particular time, they do not guarantee future outcomes.
The Cook Political Report and Sabato’s Crystal Ball both categorize the Wisconsin gubernatorial race as a toss-up.
Both Candidates Aim for Independent Voters
To win in November, both Crowley and Tiffany need to secure support from moderate and independent voters in Wisconsin, a state noted for close election margins. Crowley emphasized a message of unity and inclusivity. “He is focused on bringing people together, earning support across party lines, including Democrats, Republicans, and Independents,” his campaign manager Garren Randolph stated after the primary outcome.
In his victory address, Tiffany also targeted these voters. “Whether you are Republican, independent, or Democrat, you have a place in our commonsense movement,” he declared. He appealed to those concerned with future opportunities for their children and grandchildren.
Support from Mainstream Democrats
Crowley’s win was supported by mainstream Democrats, wary of a progressive candidate’s ability to compete effectively against Republicans in November. Concerns among establishment Democrats included Hong’s appeal to moderate and independent voters.
Jim Kessler, from the centrist group Third Way, highlighted a broader structural reality regarding gubernatorial races. He stated that voters tend to be more tolerant of ideological differences in legislative races compared to governor’s races, where a single officeholder is scrutinized more closely.
Despite energizing the left wing of the Democratic Party, Hong did not receive endorsements from notable national progressives such as Representative Alexandria Ocasio-Cortez and Senator Bernie Sanders. They have, however, supported other progressive candidates, like Michigan Senate nominee Abdul El-Sayed. Ocasio-Cortez, when asked why she hadn’t endorsed Hong, referenced her strategic focus on reclaiming Congress and positioning effectively for a Senate majority.

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