# Indiana Secretary of State winner?

In 2026

Updated: April 29, 2026

Category: Elections

Tags: US Elections

HTML: /markets/elections/us-elections/indiana-secretary-of-state-winner/

## Short Answer

**The model assigns a meaningfully higher probability (81.5%) for the Democratic party to win the Indiana Secretary of State election compared to the market (68.0%), with the Democratic party identified as the most likely outcome.** This divergence suggests the **model** identifies a stronger likelihood for the Democratic candidate to win.

## Key Claims (January 2026)

**- - Beau Bayh holds a substantial financial lead over the incumbent.** - Incumbent Diego Morales faces an ethics investigation referral and lawsuits.
- Morales's office faced scrutiny over voter roll maintenance and legal challenges.
- Indiana's GOP delegates lean liberty/populist, providing an ideological base.
- Most other candidates are significantly out-funded by major party frontrunners.

### Why This Matters (GEO)

- AI agents extract claims, not arguments.
- Improves citation probability in summaries and answer cards.
- Enables fact stitching across multiple sources.

## Executive Verdict

**Key takeaway.** **Model** estimates **81.5%** **probability** versus 68c, implying a 1.5x payout multiple given Bayh's financial advantage.

### Who Wins and Why

| Outcome | Market | Model | Why |
| --- | --- | --- | --- |
| Republican party | 31.0% | 18.5% | Indiana's strong GOP delegate composition suggests inherent support for the Republican candidate. |
| Democratic party | 68.0% | 81.5% | Beau Bayh holds a significant financial advantage, and the Republican incumbent faces serious ethics and legal issues. |

## Model vs Market

| Outcome | Market Probability | Octagon Model Probability |
| --- | --- | --- |
| Republican party | 31.0% | 18.5% |
| Democratic party | 68.0% | 81.5% |

- Expiration: November 3, 2027

## Market Behavior & Price Dynamics

This prediction market for the 2026 Indiana Secretary of State election has exhibited a significant upward trend. The contract opened with a perceived probability of 27.0% for a Democratic winner and has since climbed to its current price of 68.0%. The most dramatic movement occurred around April 20, 2026, when the price surged by 41 percentage points, from 27.0% to 68.0%. This represents a rapid and fundamental repricing of the election's likely outcome. The provided context includes no specific news or developments that would explain this abrupt shift, indicating the cause is not readily apparent from external events.

The market has seen a total volume of 1,350 contracts traded, suggesting a moderate level of engagement. However, the sample data points, including the date of the major price spike, all show zero volume. This pattern could imply that the price shift was driven by a small number of large trades on a single day rather than a broad wave of activity over time. Since the surge, the price has stabilized, holding firm at the 68.0% level, which is now acting as a key resistance point or a new consensus price. This stability suggests that traders who established the new, higher price have not been met with significant selling pressure. Overall, the chart indicates a powerful and sustained shift in market sentiment, moving from initially low expectations to a strong conviction that the Democratic candidate will win the election.

## Significant Price Movements

### Outcome: Republican party

#### 📉 April 24, 2026: 10.0pp drop

Price decreased from 67.0% to 57.0%

**What happened:** No supporting research available for this anomaly.

### Outcome: Democratic party

#### 📉 April 20, 2026: 33.0pp drop

Price decreased from 68.0% to 35.0%

**What happened:** No supporting research available for this anomaly.

## Contract Snapshot

If a Democratic party representative is elected Indiana Secretary of State in the 2026 election, the market resolves to Yes; otherwise, it resolves to No. The outcome will be verified by the State of Indiana, with a projected payout on November 3, 2027, following the market close on the same day. The market can settle early based on a consensus of media projections, and employees of the verifying Source Agencies are prohibited from trading.

## Market Discussion

The market discussion indicates a strong lean towards the Democratic party winning the Indiana Secretary of State election, currently favored at 68%. A key argument for the Democratic victory highlights the candidate's association with the Bayh political dynasty and the potential for a right-wing independent to split the vote, benefiting the Democrat. The primary argument against this outcome simply states support for the Republican party, without further elaboration.

## Market Data

| Contract | Yes Bid | Yes Ask | Last Price | Volume | Open Interest |
| --- | --- | --- | --- | --- | --- |
| Democratic party | 63% | 69% | 68% | $5,212.73 | $2,508.73 |
| Republican party | 31% | 37% | 31% | $8,555.35 | $1,833.35 |

## What Was Trump's Midwest Independent Voter Approval Before Indiana Primaries?

Independent Voter Support Trend | Reached "new lows" (January-February 2026) [[^]](https://today.yougov.com/politics/articles/53955-donald-trump-support-from-independents-hits-new-low-january-23-26-2026-economist-yougov-poll) |
Overall Approval Rating | 39% (April 2026) [[^]](https://uspollingdata.com/news/trump-approval-39-percent-midterm-polls-april-2026/) |
Midwest Independent Voter Aggregate | No single explicit numerical value found [[^]](https://today.yougov.com/politics/articles/53955-donald-trump-support-from-independents-hits-new-low-january-23-26-2026-economist-yougov-poll) |

**The precise approval rating of President Donald Trump among independent voters in the Midwest region for the quarter preceding the May 2026 Indiana primaries (February-April 2026) lacks a single, aggregated numerical value across reported sources**

The precise approval rating of President Donald Trump among independent voters in the Midwest region for the quarter preceding the May 2026 Indiana primaries (February-April 2026) lacks a single, aggregated numerical value across reported sources. Despite this, reports from January and February 2026 indicated his support from independent voters reached "new lows" during this period [[^]](https://today.yougov.com/politics/articles/53955-donald-trump-support-from-independents-hits-new-low-january-23-26-2026-economist-yougov-poll).

President Trump's broader approval rating dipped below **40%**. While specific independent voter data for the Midwest is not explicitly aggregated, President Trump's overall approval rating was reported at **39%** by mid-April 2026 [[^]](https://uspollingdata.com/news/trump-approval-39-percent-midterm-polls-april-2026/). This figure, an overall average, provides general context for his standing, further supported by specific job approval tracking in Indiana by Civiqs [[^]](https://civiqs.com/results/approve_president_trump_2025?annotations=true&home_state=Indiana&uncertainty=true&zoomIn=true) and broader state-level approval ratings reported concurrently [[^]](https://www.yahoo.com/news/articles/president-trumps-approval-rating-state-011154985.html). The notable low sentiment among independent voters contributed to an overall approval rating falling below the **40%** threshold, which historically correlates with significant down-ballot losses for the president's party in Indiana [[^]](https://uspollingdata.com/news/trump-approval-39-percent-midterm-polls-april-2026/).

## How Will Indiana's 2026 GOP Delegates Impact Nominee Electability?

2026 Delegate Ideological Lean | Liberty/populist wing (Indiana Republican State Convention) [[^]](https://ballotpedia.org/Indiana_Secretary_of_State_election,_2026_(June_20_Republican_convention)) |
2022 Secretary of State Nominee | Diego Morales over Holli Sullivan [[^]](https://indystar.com/story/news/politics/2022/06/18/indiana-republican-convention-secretary-of-sstate-nomination-gop-diego-morales-holli-sullivan/7608822001) |
Currently Favored for 2026 Convention | Diego Morales [[^]](https://www.robkendallshow.com/articles/2026/04/260423-Diego-Morales-Favored-at-GOP-Convention-Despite-Controversy.html) |

**Delegates for the 2026 Indiana Republican State Convention lean towards the liberty/populist wing**

Delegates for the 2026 Indiana Republican State Convention lean towards the liberty/populist wing. This ideological composition is a continuation of past trends, exemplified by the 2022 convention where delegates nominated Diego Morales for Secretary of State over the establishment-backed candidate, Holli Sullivan [[^]](https://indystar.com/story/news/politics/2022/06/18/indiana-republican-convention-secretary-of-sstate-nomination-gop-diego-morales-holli-sullivan/7608822001). This dynamic reflects an ongoing power struggle within the Indiana GOP, sometimes characterized as an "unprecedented 'civil war'" between established and more conservative/populist factions [[^]](https://eu.indystar.com/story/news/politics/2026/04/07/inside-the-indiana-gops-unprecedented-civil-war-over-the-election/89424391007/). Given that Diego Morales is again favored for the 2026 convention, the delegate composition is expected to maintain its alignment with this wing [[^]](https://www.robkendallshow.com/articles/2026/04/260423-Diego-Morales-Favored-at-GOP-Convention-Despite-Controversy.html).

This ideological lean significantly affects the general election electability of the chosen nominee. While a nominee favored by the liberty/populist wing is likely to energize a specific base within the Republican party, they may encounter challenges in attracting moderate, independent, or swing voters in a broader general election [[^]](https://www.robkendallshow.com/articles/2026/04/260423-Diego-Morales-Favored-at-GOP-Convention-Despite-Controversy.html). The nominee's capacity to bridge this ideological divide and expand their appeal beyond the party's core activists will be critical for achieving statewide success.

## What is the Financial Status of Indiana Secretary of State Candidates?

Beau Bayh Cash-on-Hand | Nearly $2,000,000 [[^]](https://www.indystar.com/story/news/politics/2026/04/15/beau-bayh-leads-competitors-in-fundraising-for-indiana-secretary-of-state-competition-in-fundraising/89627354007/) |
Diego Morales Cash-on-Hand | $359,000 [[^]](https://www.indystar.com/story/news/politics/2026/04/15/beau-bayh-leads-competitors-in-fundraising-for-indiana-secretary-of-state-competition-in-fundraising/89627354007/) |
Tom Saunders Cash-on-Hand | $236,000 [[^]](https://www.indystar.com/story/news/politics/2026/04/15/beau-bayh-leads-competitors-in-fundraising-for-indiana-secretary-of-state-competition-in-fundraising/89627354007/) |

**Democratic nominee Beau Bayh holds a substantial financial lead**

Democratic nominee Beau Bayh holds a substantial financial lead. As of the Q1 2026 campaign finance reports filed with the Indiana Election Division, Bayh reported nearly **$2** million in cash on hand, following a Q1 2026 fundraising effort that brought in over **$400,000** [[^]](https://www.indystar.com/story/news/politics/2026/04/15/beau-bayh-leads-competitors-in-fundraising-for-indiana-secretary-of-state-competition-in-fundraising/89627354007/). In comparison, Republican incumbent Diego Morales had **$359,000** in cash on hand after raising **$61,000** during the first quarter of 2026, while Republican challenger Tom Saunders reported **$236,000** in cash on hand from over **$117,000** raised in the same period [[^]](https://www.indystar.com/story/news/politics/2026/04/15/beau-bayh-leads-competitors-in-fundraising-for-indiana-secretary-of-state-competition-in-fundraising/89627354007/). This results in a significant cash-on-hand disparity, with Bayh possessing approximately **$1,641,000** more than incumbent Morales and roughly **$1,764,000** more than Saunders [[^]](https://www.indystar.com/story/news/politics/2026/04/15/beau-bayh-leads-competitors-in-fundraising-for-indiana-secretary-of-state-competition-in-fundraising/89627354007/).

Crucial donor origin data is currently unavailable for analysis. The provided web research results do not contain the specific information required to determine the percentage of total funds raised from in-state individual donors for any of the declared nominees [[^]](https://campaignfinance.in.gov/PublicSite/FilingStats.aspx). While the sources offer details on overall fundraising totals and cash-on-hand figures for the Q1 2026 period, they do not provide a breakdown of contributions by donor location or type. Therefore, an analysis to assess potential grassroots enthusiasm, based on the historical indicator of a Republican nominee raising less than **60%** of funds from in-state sources, cannot be performed with the information available.

## What Major Issues Faced the Indiana Secretary of State's Office (2025-2026)?

Voter Roll Lawsuit | Publisher sought list of nearly 600,000 voters sent to USCIS (April 2026) [[^]](https://www.tribstar.com/indiana/news/publisher-sues-for-list-of-nearly-600k-hoosier-voters-under-suspicion/article_1672e899-e2e1-5f3a-898d-72e54a6a6b14.html) |
Ethics Investigation Referral | Secretary Morales referred for alleged misuse of state resources (March 2026) [[^]](https://www.indystar.com/story/news/politics/2026/03/06/diego-morales-investigation-by-marion-county-election-board-claims-ethics-violation/89020140007/) |
Election Software Issue | Secretary Morales pledged to address discovered election software glitch (February 2026) [[^]](https://eu.indystar.com/story/news/politics/2026/02/27/diego-morales-promises-fix-after-vendor-discovers-election-software-glitch/88881258007/) |

**The Secretary of State's office faced scrutiny regarding voter roll maintenance and legal challenges**

The Secretary of State's office faced scrutiny regarding voter roll maintenance and legal challenges. In April 2026, a publisher filed a lawsuit seeking a list of nearly 600,000 Hoosier voters that had been sent to the U.S. Citizenship and Immigration Services (USCIS) [[^]](https://www.tribstar.com/indiana/news/publisher-sues-for-list-of-nearly-600k-hoosier-voters-under-suspicion/article_1672e899-e2e1-5f3a-898d-72e54a6a6b14.html). This legal action, also reported in March 2026, specifically identified The Indiana Citizen as the entity seeking access to this voter list [[^]](https://www.thestatehousefile.com/politics/lawsuit-filed-indiana-citizen-seeks-list-of-nearly-600k-hoosier-voters-sent-to-uscis/article_a70eed6d-5d25-4363-bef7-66cb6fc173ab.html). These 2026 lawsuits centered on transparency and access to the list of voters shared with USCIS, building on a prior 2023 settlement that addressed voter verification processes involving the Department of Homeland Security [[^]](https://indianacitizen.org/dhs-settlement-morales-rokita-tout-win-on-voter-verification-but-expert-warns-of-disenfranchisement/).

Secretary Morales also faced an ethics investigation and voting system concerns. In March 2026, the Marion County Election Board formally referred Secretary of State Diego Morales to state authorities for an ethics investigation [[^]](https://www.indystar.com/story/news/politics/2026/03/06/diego-morales-investigation-by-marion-county-election-board-claims-ethics-violation/89020140007/). This referral stemmed from accusations that Morales allegedly utilized state resources to produce a campaign video [[^]](https://www.wrtv.com/news/local-news/marion-county-election-board-refers-indiana-secretary-of-state-diego-morales-to-inspector-general). Public criticism followed in April 2026 when a prominent GOP election official publicly denounced a "pattern of negligence" attributed to Morales [[^]](https://www.indystar.com/story/news/politics/2026/04/16/top-gop-election-official-blasts-pattern-of-negligence-under-morales/89641247007/). Separately, in February 2026, Secretary Morales committed to addressing an election software glitch identified by a vendor, highlighting issues related to voting system security [[^]](https://eu.indystar.com/story/news/politics/2026/02/27/diego-morales-promises-fix-after-vendor-discovers-election-software-glitch/88881258007/).

## Who are the Democratic Indiana Secretary of State candidates for 2026?

Confirmed Democratic Candidates | Beau Bayh and Blythe Potter [[^]](https://www.ballotpedia.org/Indiana_Secretary_of_State_election,_2026) |
Beau Bayh Fundraising by Jan 2026 | Nearly $2 million [[^]](https://eu.indystar.com/story/news/politics/2026/01/12/beau-bayh-vying-for-secretary-of-state-raises-nearly-2-million/88140748007/) |
Beau Bayh Fundraising Status Apr 2026 | Leads competitors [[^]](https://www.indystar.com/story/news/politics/2026/04/15/beau-bayh-leads-competitors-in-fundraising-for-indiana-secretary-of-state-competition-in-fundraising/89627354007/) |

**Two candidates are confirmed for the 2026 Indiana Secretary of State Democratic nomination**

Two candidates are confirmed for the 2026 Indiana Secretary of State Democratic nomination. Following the party's filing deadlines for the 2026 state convention, the confirmed Democratic candidates vying for Indiana Secretary of State include Beau Bayh and Blythe Potter [[^]](https://www.ballotpedia.org/Indiana_Secretary_of_State_election,_2026). These individuals have been identified in various reports and listings, including Ballotpedia and Wikipedia, as well as a forum for Democratic candidates held in February 2026 [[^]](https://www.ballotpedia.org/Indiana_Secretary_of_State_election,_2026).

Beau Bayh's significant fundraising has notably reshaped the campaign landscape. His entry into the race has been characterized by substantial financial contributions, acting as a major catalyst for the campaign. By January 2026, Bayh had raised nearly **$2** million for his campaign [[^]](https://eu.indystar.com/story/news/politics/2026/01/12/beau-bayh-vying-for-secretary-of-state-raises-nearly-2-million/88140748007/). Earlier in the campaign, he had already secured more than **$1** million [[^]](http://www.wfyi.org/news/articles/indiana-secretary-of-state-campaign-finance-democrat-beau-bayh-raised-1-million-to-challenge-republican-diego-morales). Reports from April 2026 further indicated that Beau Bayh continued to lead his competitors in fundraising for the Indiana Secretary of State competition [[^]](https://www.indystar.com/story/news/politics/2026/04/15/beau-bayh-leads-competitors-in-fundraising-for-indiana-secretary-of-state-competition-in-fundraising/89627354007/). Blythe Potter is also listed as a Democratic candidate for the position [[^]](https://ballotpedia.org/Blythe_Potter).

## What Could Change the Odds

**Key takeaway.** Catalyst analysis unavailable.

## Key Dates & Catalysts

- **Expiration:** November 03, 2027
- **Closes:** November 03, 2027

## Decision-Flipping Events

- Catalyst analysis unavailable.

## Related Research Reports

- [EU loses a member before 2030?](/markets/elections/international/eu-loses-a-member-before-2030/)
- [Who will run for the Democratic presidential nomination in 2028?](/markets/elections/2028/who-will-run-for-the-democratic-presidential-nomination-in-2028/)
- [Who will run for the 2028 Republican presidential nomination?](/markets/elections/2028/who-will-run-for-the-2028-republican-presidential-nomination/)
- [Texas Republican Attorney General nominee?](/markets/elections/primaries/texas-republican-attorney-general-nominee/)

## Historical Resolutions

No historical resolution data available for this series.

## Disclaimer

This content is for informational and educational purposes only and does not constitute financial, investment, legal, or trading advice.
Prediction markets involve risk of loss. Past performance does not guarantee future results.
We are not affiliated with Kalshi or any prediction market platform. Market data may be delayed or incomplete.

### Data Sources & Model Transparency

**Data Sources:** Octagon Deep Research aggregates information from multiple sources including news, filings, and market data.

**Freshness:** Analysis is generated periodically and may not reflect the latest developments. Verify critical information from primary sources.