Who will win the 2026 Welsh Parliament election?
Short Answer
1. Executive Verdict
- Vaughan Gething's low approval ratings hinder Labour's majority prospects.
- Right-wing vote fragmentation challenges any party achieving an overall majority.
- Labour dominated the 2024 UK General Election in Wales with 49.3% vote.
- Reform UK's Senedd regional list support reached 23-25% by 2026.
- Conservatives suffered catastrophic decline in the 2024 UK General Election.
Who Wins and Why
| Outcome | Market | Model | Why |
|---|---|---|---|
| Plaid Cymru | 75.0% | 67.1% | Plaid Cymru shows relative stability, suggesting a consistent level of support. |
| Labour | 0.6% | 7.7% | First Minister Vaughan Gething's low approval ratings impede Labour's path to an outright majority. |
| Reform | 26.0% | 23.6% | Reform UK contributes to the fragmentation of the right-wing vote, limiting other parties' majorities. |
| Liberal Democrats | 1.0% | 0.5% | Current analysis does not indicate a clear path for Liberal Democrats to win outright. |
| Conservative | 1.0% | 0.5% | The right-wing vote is fragmented between Conservatives and Reform UK, limiting their majority prospects. |
2. Market Behavior & Price Dynamics
Historical Price (Probability)
3. Significant Price Movements
Notable price changes detected in the chart, along with research into what caused each movement.
📉 April 22, 2026: 9.0pp drop
Price decreased from 82.0% to 73.0%
Outcome: Plaid Cymru
4. Market Data
Contract Snapshot
This market resolves to "Yes" if Plaid Cymru wins the 2026 Senedd election, defined as the party or formally registered coalition securing the most seats. In case of a tie in seats, the party entering government, or failing that, with the higher vote share, resolves to "Yes"; otherwise, the market resolves to "No". The outcome is verified by Senedd Cymru and resolved based on official certification by the relevant electoral authority, closing either upon declaration or by May 7, 2027, 10:00 AM EDT, with a potential extension for re-run elections if results are annulled.
Available Contracts
Market options and current pricing
| Outcome bucket | Yes (price) | No (price) | Last trade probability |
|---|---|---|---|
| Plaid Cymru | $0.75 | $0.26 | 75% |
| Reform | $0.27 | $0.74 | 26% |
| Conservative | $0.01 | $1.00 | 1% |
| Green | $0.04 | $1.00 | 1% |
| Liberal Democrats | $0.01 | $1.00 | 1% |
| Labour | $0.01 | $1.00 | 1% |
Market Discussion
Limited public discussion available for this market.
5. What is the Trend in Welsh Voter Satisfaction Post-2024 UK Election?
| Welsh Labour Voter Intention (May-June 2024) | 45% [^] |
|---|---|
| Specific Satisfaction Data (NHS/Education) | Not available for 18 months post-2024 UK GE [^] |
| Overall NHS Confidence in Wales | Lower than in England [^] |
6. How did Welsh Conservative and Reform UK support change from Q1 2025 to Q1 2026?
| Combined Polling Average Q1 2025 - Q1 2026 | 37.0% [^] |
|---|---|
| Reform UK Polling Share Shift | Increased from 18-19% in Q1 2025 to 23-25% in Q1 2026 [^] |
| Welsh Conservatives Polling Share Shift | Decreased from 17-18% in Q1 2025 to 15-16% in Q1 2026 [^] |
7. What Funding Narratives Surround Wales' UK Government Settlements?
| 2024 UK Budget Allocation | £1.7 billion for Welsh government [^] |
|---|---|
| Expert/Ministerial View on 2024 Budget | "Transformed" (experts); "Stability" but "fairer long-term funding" (ministers) [^] |
| Plaid Cymru Stance | Funding "short-changed" [^], "crumbs" [^]; advocates "fair funding settlement" [^] |
8. How Have Vaughan Gething's Approval Ratings Been Affected by Controversies?
| Vaughan Gething Net Favourability (June 2024) | -44 [^] |
|---|---|
| Gething Favourability Drop (Oct 2023 - June 2024) | 20 points [^] |
| Rhun ap Iorwerth Net Favourability (June 2024) | -8 [^] |
9. What Were the Key Outcomes of the 2024 UK General Election in Wales?
| Labour Vote Share | 49.3% (+9.7 percentage points) [^] |
|---|---|
| Conservative Vote Share | 17.2% (-18.8 percentage points) [^] |
| Labour Seats Won | 27 seats (gain of 11) [^] |
10. What Could Change the Odds
Key Catalysts
Key Dates & Catalysts
- Expiration: May 07, 2027
- Closes: May 07, 2027
11. Decision-Flipping Events
- Trigger: Catalyst analysis unavailable.
13. Historical Resolutions
No historical resolution data available for this series.
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