"Tom Steyer is now favored by prediction markets to win the gubernatorial election in California, with traders on Kalshi and Polymarket giving him a 55% chance of victory."
"Rep. Eric Swalwell dropped out of the race amid allegations of sexual misconduct, which significantly impacted the prediction market odds and allowed Steyer to rise as the favorite."
"Steyer has largely self-funded his campaign, pouring $121.6 million into his bid, making him one of the wealthiest candidates in the race."
Tom Steyer has emerged as the frontrunner in the California gubernatorial race, with prediction markets giving him a 55% chance of winning. His rise follows the withdrawal of Rep. Eric Swalwell, who faced sexual misconduct allegations. Swalwell's exit has left Steyer, a billionaire philanthropist and former presidential candidate, as the leading candidate. He has invested heavily in his campaign, contributing $121.6 million. Steyer is one of three billionaires running for governor in the U.S., with the others being Republicans Vivek Ramaswamy and Rick Jackson.
Read at www.businessinsider.com
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