Short Answer

Both the model and the market expect Gavin Newsom to be the 2028 Democratic presidential nominee, with no compelling evidence of mispricing.

1. Executive Verdict

  • Harris benefits from incumbent VP's established campaign structure.
  • Ro Khanna leads non-Harris candidates in early primary state visits (2025-26).
  • Andy Beshear made three early primary visits; jointly fundraised with Khanna.
  • No candidate has secured multiple progressive endorsements for 2028.
  • H1 2027 national favorability data for governors is currently unavailable.
  • Gavin Newsom and Josh Shapiro lack reported early primary state visits.

Who Wins and Why

Outcome Market Model Why
Gavin Newsom 25.0% 21.3% Market higher by 3.7pp
Stephen A. Smith 0.6% 0.6% Model and market aligned
Mark Kelly 3.6% 4.0% Model higher by 0.4pp
Rahm Emanuel 5.4% 3.9% Market higher by 1.5pp
Alexandria Ocasio-Cortez 8.6% 9.5% Model higher by 0.9pp

2. Market Behavior & Price Dynamics

Historical Price (Probability)

Outcome probability
Date
This market has demonstrated a stable, sideways price trend, trading within an extremely narrow range between 0.1% and 0.2%. The price began at 0.2% and has since settled at its current level of 0.1%, which has acted as a firm support level. The 0.2% mark represents the key resistance, as the price has failed to move above this ceiling. Given the absence of additional context or news, the specific catalyst for the initial drop from 0.2% to 0.1% cannot be determined from the provided price action data alone.
The total trading volume of 124,364 contracts indicates that there has been substantial interest in this market at some point. However, the sample data shows recent volume is extremely low or nonexistent, suggesting that current trading activity is sparse and conviction is minimal. This pattern implies that most of the volume was likely traded in the past, and the market has since entered a period of inactivity. Overall, the chart reflects a deeply pessimistic market sentiment. The consistently low price and lack of recent trading suggest a stable consensus that this outcome has a very low probability of occurring.

3. Market Data

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Contract Snapshot

The market resolves to "Yes" if Gavin Newsom wins and accepts the Democratic Party's presidential nomination, with the outcome verified by democrats.org; otherwise, it resolves to "No." The market opened on November 6, 2024, at 10:00 AM EST, will close upon the nominee's acceptance or by November 7, 2028, at 10:00 AM EST, and payouts are projected 1 minute after closing. Trading is prohibited for various individuals and groups, including federal and statewide public office holders, presidential campaign staffers, and foreign nationals.

Available Contracts

Market options and current pricing

Outcome bucket Yes (price) No (price) Last trade probability
Gavin Newsom $0.25 $0.76 25%
Kamala Harris $0.10 $0.91 10%
Alexandria Ocasio-Cortez $0.09 $0.91 9%
Jon Ossoff $0.08 $0.92 8%
Rahm Emanuel $0.06 $0.95 5%
Pete Buttigieg $0.05 $0.95 5%
Josh Shapiro $0.05 $0.95 5%
Andy Beshear $0.04 $0.96 4%
Mark Kelly $0.04 $0.97 4%
Wes Moore $0.03 $0.97 3%
J.B. Pritzker $0.03 $0.98 2%
James Talarico $0.03 $0.98 2%
Ro Khanna $0.03 $0.98 2%
Michelle Obama $0.01 $0.99 2%
Gretchen Whitmer $0.01 $0.99 1%
Jon Stewart $0.01 $0.99 1%
Mitch Landrieu $0.01 $1.00 1%
Ruben Gallego $0.01 $0.99 1%
Graham Platner $0.01 $0.99 1%
Cory Booker $0.01 $0.99 1%
Mark Cuban $0.01 $0.99 1%
Stephen A. Smith $0.01 $0.99 1%
Andrew Yang $0.01 $1.00 1%
Raphael Warnock $0.01 $1.00 1%
Roy Cooper $0.01 $1.00 1%
Zohran Mamdani $0.01 $1.00 1%
Bernie Sanders $0.00 $1.00 0%
Chris Murphy $0.00 $1.00 0%
Elissa Slotkin $0.00 $1.00 0%
Barack Obama $0.00 $1.00 0%
Dwayne Johnson $0.00 $1.00 0%
Jared Polis $0.00 $1.00 0%
John Fetterman $0.00 $1.00 0%
Amy Klobuchar $0.00 $1.00 0%
Beto O'Rourke $0.00 $1.00 0%
Elizabeth Warren $0.00 $1.00 0%
Gina Raimondo $0.00 $1.00 0%
Jamie Dimon $0.00 $1.00 0%
Tim Walz $0.00 $1.00 0%
Hillary Clinton $0.00 $1.00 0%
Hunter Biden $0.00 $1.00 0%
Jasmine Crockett $0.00 $1.00 0%
Lebron James $0.00 $1.00 0%
Liz Cheney $0.00 $1.00 0%
Phil Murphy $0.00 $1.00 0%

Market Discussion

Limited public discussion available for this market.

4. Can Biden-Harris 2025 campaign donor overlap be determined now?

Future contribution predictionCannot be determined at this time (Relies on future, unreported donations) [^]
Current data scopeReflects past and current contributions only [^]
Future reporting sourceFederal Election Commission (FEC) once reported [^]
Future donations prevent current determination of bundler contribution overlap. The percentage of Joe Biden's top 100 campaign bundlers from 2024 who will make a maximum contribution to Kamala Harris's principal campaign committee or an affiliated Super PAC within the first six months of 2025 cannot be determined at this time. This calculation relies on future campaign donations that have not yet occurred or been publicly reported. While organizations track bundlers and contributors, and the Federal Election Commission (FEC) publishes campaign finance data, these resources currently reflect past and present contributions [^].
Specific future contributions are currently unpredictable but identifiable entities exist. There is no available information to predict specific individual donations that will be made in the first six months of 2025. Such contributions would only become verifiable once they are officially reported to the FEC by the respective campaigns or political action committees [^]. However, the entities involved are identifiable, including Joe Biden's 2024 campaign bundlers tracked by OpenSecrets [^], Kamala Harris's principal campaign committee 'Harris for President' [^], and affiliated Super PACs such as Future Forward PAC [^]. Once future contributions are made and reported, an analysis of donor overlap would then be possible.

5. What Was Governors' H1 2027 National Favorability and 2026 Surrogate Activity?

H1 2027 National Favorability DataNot available in research for specific governors outside home states [^].
2026 Midterm Surrogate Request MetricsNo specific metrics available in research [^].
Earliest Polling Data ReferencedMarch 2026 [^]
National polling data for H1 2027 on governor favorability is unavailable. The conducted web research does not provide specific national poll data from the first half of 2027 detailing net favorability ratings for Governors Gavin Newsom, Gretchen Whitmer, Josh Shapiro, or Tim Walz outside of their respective home states. While available polling information references an earlier period, specifically March 2026, it precedes the H1 2027 timeframe. These March 2026 national polls, conducted by entities such as Emerson Polling, did assess public opinion and Josh Shapiro's favorability relative to other potential 2028 Democratic presidential contenders [^]. However, comprehensive and comparative data for H1 2027 detailing net favorability outside of home states for the specified governors is not present in the provided sources.
Campaign surrogate request data for 2026 midterm elections is not provided. The research also lacks information detailing which of these governors was most frequently requested as a campaign surrogate for competitive 2026 midterm races. Although articles discuss the growing national profiles and political ambitions of these individuals, highlighting Josh Shapiro's surging national profile, Gretchen Whitmer's growing national presence, and Gavin Newsom's national ambitions [^], the sources do not offer specific metrics or counts regarding surrogate requests for the 2026 midterm elections.

6. Have progressive groups endorsed 2028 Democratic presidential candidates?

2028 Presidential EndorsementsNone from PCCC, Justice Democrats, or Working Families Party [^]
Organizations ReviewedProgressive Change Campaign Committee (PCCC), Justice Democrats, Working Families Party [^]
Typical Endorsement TimingOccurs closer to the primary election cycle [^]
No candidate has yet secured multiple progressive endorsements for 2028. As of current research, no potential contender has received formal endorsements from at least two of the three key progressive groups: the Progressive Change Campaign Committee (PCCC), Justice Democrats, and the Working Families Party [^]. While individuals such as Gavin Newsom, Josh Shapiro, Kamala Harris, Mark Kelly, and Alexandria Ocasio-Cortez are noted as potential candidates, the official endorsement pages for these organizations do not list any 2028 presidential endorsements [^].
Presidential endorsements from these groups typically occur much closer to election cycles. The Progressive Change Campaign Committee [^], Justice Democrats [^], and the Working Families Party (New York) [^] are presently focused on endorsing candidates for congressional, state, and local races. Given that the 2028 election is still several years away, it is standard practice for such significant endorsements to be made closer to the primary election [^]. Therefore, the specified condition of a candidate securing two or more endorsements from these progressive organizations has not yet been met.

7. Which Democratic Candidates Visited Early Primary States Most in 2025-26?

Ro Khanna Total Visits4 (3 New Hampshire, 1 South Carolina) [^]
Andy Beshear Total VisitsAt least 3 (at least 2 New Hampshire, 1 South Carolina) [^]
Other Candidate Visits (New Hampshire)J.B. Pritzker: 1; Gretchen Whitmer: 1; Wes Moore: 1 [^]
Ro Khanna leads in early primary state visits among non-Harris contenders. During the 2025-2026 'invisible primary' period, Representative Ro Khanna made the most confirmed visits for fundraising and political events in New Hampshire and South Carolina among potential non-Harris contenders, with at least four distinct trips across both states. He completed three visits to New Hampshire during this period [^]. Additionally, Khanna planned a joint fundraising event in South Carolina with Governor Andy Beshear in July 2025, bringing his total known visits to at least four across both states [^].
Other potential Democratic candidates also visited key early primary states. Governor Andy Beshear of Kentucky made at least two trips to New Hampshire, with his second recorded visit by October 2025 [^]. Beshear also traveled to South Carolina for a fundraising event with Khanna in July 2025, confirming at least three total visits for him [^]. Illinois Governor J.B. Pritzker, Michigan Governor Gretchen Whitmer, and Maryland Governor Wes Moore each made one visit to New Hampshire during the 2025-2026 period [^]. Pritzker's visit to New Hampshire included headlining the state Democratic Party’s largest fundraiser in May 2025 [^]. These recorded instances of travel served as the primary metric for gauging candidate engagement in the early primary states [^].

8. How Will the 2028 Democratic Primary Calendar Shift?

Calendar Process StartEarly 2026 [^]
Initial State Proposals DueJanuary 16, 2026 [^]
States Advanced for Consideration12 states [^]
The Democratic National Committee's Rules and Bylaws Committee began setting the 2028 presidential primary calendar in early 2026. This process started on January 5, 2026, when the committee established a procedure for selecting early primary states and invited proposals by January 16, 2026 [^]. Subsequently, on January 19, 2026, twelve states were advanced for further consideration: Colorado, Connecticut, Delaware, Georgia, Illinois, Maryland, Michigan, Minnesota, New Jersey, New York, Vermont, and Washington [^]. This initiative aims to create an early primary calendar that better reflects the diversity of the Democratic party, enhances general election competitiveness, and builds stronger election infrastructure, moving away from the traditional dominance of Iowa and New Hampshire [^].
The new primary calendar likely benefits well-funded, broadly appealing candidates with diverse support. While the research does not detail proposed changes to debate qualification thresholds, the shift to larger and more diverse states is expected to benefit candidates possessing strong national fundraising capabilities and broad appeal across varied populations [^]. Candidates with strong bases in populous, diverse, and competitive states such as Georgia, Michigan, and Illinois would be particularly advantaged [^]. This strategic change favors those able to appeal to a wide coalition of voters, including significant Black, Latino, and Asian American populations, and who possess established donor networks suitable for higher campaign expenditures in larger media markets. Conversely, this approach could disadvantage candidates relying on highly localized campaigns or narrow ideological appeals, which traditionally prospered in smaller, less diverse early states [^].

9. What Could Change the Odds

Key Catalysts

Catalyst analysis unavailable.

Key Dates & Catalysts

  • Expiration: November 07, 2028
  • Closes: November 07, 2028

10. Decision-Flipping Events

  • Trigger: Catalyst analysis unavailable.

12. Historical Resolutions

No historical resolution data available for this series.