



California Governor on Polymarket: Becerra at 67¢, Steve Hilton at 8¢. But polls have them virtually TIED. The play isn’t holding to November but for 3-4x in 11 days.
The Polymarket's market on California Governor tells one story. The actual polls tell a very different one. There's a cleap gap and it's where the opportunity is I feel..
What the market says:
Xavier Becerra: 67¢
Tom Steyer: 21¢
Steve Hilton: 8¢
What the polls actually say (as of this week)
Steve Hilton: 22% of likely voters
Xavier Becerra: 21% of likely voters
Tom Steyer: 15%
Hilton and Becerra are virtually tied in the polls and every major analyst, CalMatters, and the California Democratic Party’s own model now expects these two to be the top-2 finishers in the June 2 primary.
If that happens, like if Hilton finishes top-2 on June 2, I believe his Polymarket odds reprice from 8¢ to ~25-35¢ almost immediately. The market cannot keep him at 8¢ when he has a genuine one-in-two shot at the governorship.
That’s a 3-4x in 11 days without needing to believe Hilton wins California in November.
The hedge version, I'm think would be to buy both Hilton at 8¢ AND Becerra at 67¢ and let it ride till November.
The risks are that California hasn’t elected a Republican governor since 2006 (Since Schwarzenegger). Tom Steyer’s $3.3M in Polymarket volume suggests the market believes he’s more likely to make top-2 than the polls currently show. And, we also have Chad Bianco who could technically squeeze out Hilton.
But my initial theory is on Hilton and the gap between 8¢ on Polymarket and virtually tied in the polls heading into a top-two primary is the most obvious pricing inefficiency right now across most election markets. This isn’t a bet on Hilton becoming Governor for me but it’s a bet that the market will reprice him drastically.