Discover and track politics prediction markets.
Compare, track and paper trade live markets across Polymarket and Kalshi. Read coverage on major events and strategies.
Learn how to trade political markets.

Fundamentals
Who actually makes money on prediction markets
Most prediction market traders lose money, and a small share collects most of the profit. What the data shows about who wins, why most lose, and what helps.

Fundamentals
Why you should be skeptical of prediction market wins on social media
Viral videos showed creators winning big on prediction markets. The trades were never placed. How the wins were faked, what they would really have made, and who paid.

Fundamentals
Is paper trading a good test of prediction market skill?
What paper trading on live prediction market prices tests well, why a high win rate can mislead, and what it cannot show about trading with real money.
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- Who decides how a prediction market resolves
- Understanding wash trading in prediction markets
- The speculative mechanics of short-term crypto prediction markets
- Who is on the other side of a prediction market trade
- Why most mention market buyers lose money
Politics glossary.
- AP Decision DeskAssociated Press · Resolution source
- The Associated Press's election-call team. Resolves nearly every Kalshi major-race contract. AP calls a race when it judges that the trailing candidate cannot mathematically catch up. Network and Decision Desk HQ calls vary; the contract names AP specifically.
- Cook PVICook Political Report · Race rating
- Partisan Voting Index. A district's lean relative to the national average. R+5 means the district voted 5 points more Republican than the country in the last two presidential cycles. Used to translate generic-ballot signals into district-level price.
- Special electionMid-cycle vote · Resolution edge
- An off-cycle election to fill a seat between regular elections. Special-election margins historically over-perform the next-cycle generic ballot by 3-5 points. Large out-party over-performance is read as a leading midterm indicator.
- Generic ballotPolling aggregate · Resolution edge
- Polls ask: "If the election were held today, would you vote Democratic or Republican for Congress?" Aggregated by RealClearPolitics, 538, others. Translates to a district-level forecast via swing assumptions.
- UMA proposerPolymarket · Resolution mechanic
- On Polymarket, a UMA tokenholder who files a proposed outcome on a settled contract. After filing, a 24-hour dispute window allows challenges with a $750 bond. Disputes are rare overall; frequency varies by category (political contracts have more disputes than weather; economy and finance sits between).
- FEC Q1 filingFederal Election Commission · Cycle event
- Quarterly campaign-finance report due April 15. Reveals fundraising margins, donor base, burn rate. Race-raters use FEC data to re-rate competitive seats. Q1 is the first read on candidate viability for the cycle.
- SpreadCohort vocabulary · Order book
- The spread is the gap between the highest bid (buy) and lowest ask (sell) on the order book. A contract with a best bid of 62¢ and best ask of 65¢ has a 3¢ spread. Tighter spreads mean lower trading costs. The spread is effectively a hidden fee.
- Recount windowResolution edge · Close races
- The post-election period during which an automatic or requested recount can occur. Most states trigger automatic recounts within 0.5 to 1.0 percentage points. Kalshi closes most Senate / House contracts on Feb 1 to allow recount completion.
Politics prediction market FAQ.
How does Kalshi resolve a Senate or House control contract?
Kalshi's CONTROLS and CONTROLH contracts auto-settle once the AP Decision Desk has called 51 Senate seats (or 218 House seats) for one party. The contract closes Feb 1 of the following year to allow runoffs and recounts to complete. If a runoff in Georgia or Louisiana tips control between Election Night and certification, the contract holds until AP confirms the final count. Settlement is final on the AP-confirmed party count.
What happens if a Senate race goes to a runoff?
Georgia and Louisiana use runoff rules that can push race calls weeks past Election Night. Kalshi control contracts close Feb 1 specifically to accommodate this. Individual race contracts may close earlier and resolve on Election Night calls; runoff contracts list separately. Read each contract's close date and resolution language. The cohort phrase: all of this is public and it is on you to find it.
What's the difference between control-of-Congress contracts and individual-race contracts?
Control contracts resolve on the aggregate party count (51 Senate seats, 218 House seats). They're a single binary on the cycle outcome. Individual-race contracts resolve on a single seat (Texas Senate, PA-7, etc.). Control contracts have deeper liquidity but slower resolution because the math depends on every race; individual races resolve faster but have thinner books. Most traders take control for size, individual races for edge.
How do prediction markets handle recounts and contested elections?
Standard practice: control contracts hold open until certified counts are final. Individual-race contracts may resolve on Election Night AP call and not unwind even if a recount later flips the outcome, similar to the post-storm reanalysis rule on hurricane contracts. Read the resolution language. Polymarket race contracts typically hold until AP calls; Kalshi varies by series. The 2024 cycle had several individual-race contracts that resolved on the initial call and held through later recount-driven changes.
Why does the Senate-control contract resolve Feb 1 and not Election Night?
Because runoffs in Georgia and Louisiana, and recount windows in close states, can push a 51-seat call past Election Night. Kalshi's resolution language requires AP-confirmed party count, not network projections. The Feb 1 close date is the conservative window that accommodates every plausible certification timeline.
What is Cook PVI and why does it matter for contract pricing?
Cook Political Report's Partisan Voting Index measures how a district has voted relative to the country in the last two presidential cycles. R+5 means the district was 5 points more Republican than the national average. PVI is used to translate generic-ballot signals into district-level forecasts. A 3-point Democratic generic ballot lead translates to wins in R+0 and R+1 districts but losses in R+5 districts. PVI is the bridge between national polling and district-level contract price.
How do special elections affect control-of-Congress contracts?
Special-election margins historically over-perform the next-cycle generic ballot by 3-5 points. Large out-party over-performance is read as a leading indicator of midterm outcomes. Special elections themselves don't directly resolve control contracts, but they move price the same way Cook re-ratings do. Watch for clusters of special-election results in May, June, and September.
What's the difference between a primary contract and a nominee contract?
Primary contracts resolve on the actual primary election (a specific date, e.g. Texas Republican Senate Primary on March 3). Nominee contracts resolve on whoever the party formally nominates at convention, which is usually the primary winner but not always. Primary contracts close on primary day; nominee contracts close at convention. The resolution language differs.
How do prediction markets resolve a contested Electoral College or faithless-elector scenario?
Most presidential contracts resolve on the popular-vote-and-electoral-college outcome that AP calls on Election Night. Faithless electors (electors who vote against their state's result) have not historically affected resolution because no faithless-elector cluster has swung an election. If it ever does, contracts will likely resolve on the ratified Congressional count in early January, not Election Night calls. Read the resolution language carefully on contracts that span Election Night to inauguration.
What is an "open seat" and why is it heavily traded?
An open seat is a district where the incumbent is not running for re-election (retirement, running for higher office, primary loss). Open seats flip parties more often than incumbent-held seats because the incumbency advantage is gone. Race-raters frequently move open seats from Solid to Lean immediately on retirement announcement. Traders watch retirement news closely because the price impact is immediate.
How does Polymarket handle disputed political resolutions?
Polymarket settlements run via UMA proposer. After a contract's deadline, a UMA tokenholder files a proposed outcome and the network confirms within 24 hours unless disputed. A dispute requires a $750 bond and triggers a tokenholder vote. Disputes on political contracts are more frequent than on weather contracts because resolution language is often ambiguous (what counts as "Trump acquires Greenland"). The March 2025 Ukraine mineral deal incident exposed governance risk in this layer; UMA later restricted proposer privileges to a whitelist (MOOV2). Read the proposer history before trading edge-case political contracts.
What is the AP Decision Desk and why is it the resolution source?
The Associated Press's election-call team. AP calls a race when, in its judgement, the trailing candidate cannot mathematically catch up given the remaining unreported vote. AP's call is faster than certified counts but slower than network calls. Most prediction markets use AP because it's institutionally credible, methodologically conservative, and a single source across every state. Kalshi names AP specifically; Polymarket usually defers to AP via UMA proposer.





