Mention: Illinois Senate Democratic Primary Debate
Short Answer
Both the model and the market overwhelmingly agree that Billionaire / Millionaire is most likely, with only minor residual uncertainty.
1. Executive Verdict
- 'Epstein' was not mentioned during the February 19, 2026, Illinois Senate debate.
- Campaigns avoided public mention of Epstein prior to the February 19 debate.
- Raja Krishnamoorthi has no direct donor ties to Epstein associates.
- Tom Pritzker's resignation fueled high pre-debate 'Epstein' mention expectations.
Who Wins and Why
| Outcome | Market | Model | Why |
|---|---|---|---|
| Housing | 3.0% | 2.0% | Candidates frequently address affordable housing and urban development policies during debates. |
| Billionaire / Millionaire | 1.0% | 99.9% | Democratic primary debates often feature discussions about wealth inequality and taxation of the wealthy. |
| Pension / Union | 1.0% | 99.5% | Public pension challenges and strong union support are crucial issues in Illinois politics. |
Current Context
Recent debates highlight intense public interest in the Democratic primary. The "Illinois Senate Democratic Primary Debate" is a significant focus for voters, particularly concerning the race to replace retiring Senator Dick Durbin. A key development was the statewide broadcast of a debate on Thursday, February 19, 2026, at 7:00 p.m. CT, featuring the three leading Democratic candidates: U.S. Representative Raja Krishnamoorthi, U.S. Representative Robin Kelly, and Illinois Lieutenant Governor Juliana Stratton [^]. This event was hosted by Nexstar Media Group's Illinois television stations and simulcast on WGN Radio 720 AM [^]. Earlier, on February 14, 2026, the three frontrunners appeared on CBS News Chicago to present their cases to voters [^]. Active betting markets on platforms like Kalshi, regarding mentions of specific phrases during the February 19th debate, indicate ongoing post-debate analysis and public interest in its content [^]. An Illinois primary election voter guide was also published by Axios Chicago on February 13, 2026, providing key information [^]. This primary is part of a broader trend of candidate debates across the state, including a recent Illinois State Senate 9th district debate [^].
Polling and financial metrics reveal a competitive, yet hierarchical, race. Recent polling data indicates Raja Krishnamoorthi leading the field; a Public Policy Polling survey released on February 6, 2026, showed him with 34%, followed by Juliana Stratton at 23%, and Robin Kelly at 8% [^]. RealClearPolling aggregates also place Krishnamoorthi ahead with 31.5%, over Stratton at 15.5% and Kelly at 9.5% [^]. Earlier polls from January 2026 by Emerson College/WGN-TV similarly showed Krishnamoorthi leading with 31%, Stratton with 10%, and Kelly with 8%, though a large plurality (46%) remained undecided [^]. Campaign finance reports highlight Krishnamoorthi's substantial fundraising lead, having raised $24.9 million and spent $19.3 million, while Kelly raised $2.7 million and Stratton raised $2.1 million [^]. Stratton has notably distinguished herself by refusing corporate PAC donations [^]. Endorsements also showcase varied support, with Stratton endorsed by Elizabeth Warren, Senator Tammy Duckworth, Illinois House Speaker Chris Welch, and Governor J.B. Pritzker [^]. Labor unions have endorsed Krishnamoorthi, and the Congressional Black Caucus PAC along with former Chicago Mayor Lori Lightfoot have endorsed Kelly [^]. Political strategists, including former Illinois Republican Party head Pat Brady and former Chicago Mayor Lori Lightfoot, offered analysis on CBS News Chicago regarding the race dynamics on February 14, 2026 [^]. WGN Political Editor Tahman Bradley characterized the three main candidates as "heavyweights" on February 3, 2026 [^]. Spencer Kimball of Emerson College Polling provided insights on January 8, 2026, noting Krishnamoorthi's stronger support among male voters and those over 50 [^].
Voters prioritize economic issues, specific policies, and upcoming election details. The "cost of living" remains the most pressing concern for 40% of voters, followed by healthcare and threats to democracy, both at 13% [^]. Candidates differ on key policy issues; for instance, on the federal minimum wage, Stratton advocates for $25/hour, Kelly for $17/hour, and Krishnamoorthi for $15/hour tied to inflation [^]. Immigration policy, particularly Lieutenant Governor Stratton's stance on abolishing Immigration and Customs Enforcement (ICE) and transferring its duties to Customs and Border Protection, is also a prominent discussion point [^]. Concerns about campaign finance practices, including corporate PAC money and "dark money," are critical for voters [^]. A recurring theme in debates is how candidates plan to serve as a legislative check against potential future administrations, specifically "fighting the Trump administration" and restoring trust in government [^]. Lieutenant Governor Stratton has also proposed reforms for the U.S. Supreme Court, including term limits and expanding the court's size [^]. Candidates are emphasizing their unique experiences and qualifications, whether long-standing public service or statewide executive experience [^]. Voters are seeking information about the March 17, 2026, primary election [^]. The last day for online voter registration is March 1, 2026, and for election authorities to receive vote by mail applications is March 12, 2026 [^]. Early voting began on February 5, 2026, and continues until March 16, 2026 [^]. Primary Election Day is Tuesday, March 17, 2026, with polls open from 6:00 a.m. to 7:00 p.m. [^].
2. Market Behavior & Price Dynamics
Historical Price (Probability)
Outcome probability
Date
This prediction market exhibited significant volatility before a decisive resolution. The market opened with a 40.0% probability and trended upward through early February, marked by two notable spikes. A 27.0 percentage point increase occurred on February 10, followed by a 15.0 percentage point spike on February 12. The February 12 movement, pushing the price from 60.0% to 75.0%, was reportedly driven by a related candidate debate held on that day, which increased trader speculation that the topic would be mentioned in the main primary debate. This speculative buying continued until the price peaked at 91.0%, indicating a strong market consensus that the "YES" outcome was highly probable heading into the event.
The market's definitive movement was an 88.0 percentage point collapse on February 20, the day after the market's resolution date. The price plummeted from 91.0% to 3.0%, effectively resolving the market to "NO." This price action indicates that the anticipated mention did not occur during the Illinois Senate Democratic Primary Debate on February 19, and traders immediately sold off their "YES" shares once the outcome was confirmed. The final price of $0.03 represents the near-certainty of the "NO" outcome. The total volume of 14,771 contracts suggests active participation and strong conviction, particularly around the time of the debate. The chart shows a clear pre-resolution resistance level around $0.91-$0.93, which traders were unable to push past, and a post-resolution support level near zero, from which the price has not recovered.
3. Significant Price Movements
Notable price changes detected in the chart, along with research into what caused each movement.
Outcome: Housing
📉 February 20, 2026: 88.0pp drop
Price decreased from 91.0% to 3.0%
What happened: Despite candidates discussing housing-related issues during the Illinois U.S [^]. Senate Democratic Primary Debate, which took place on January 26, 2026, and was referenced around February 20, 2026, no specific social media activity or traditional news announcement has been identified on February 20, 2026, that would explain an 88.0 percentage point drop for a "Housing" outcome in a prediction market [^]. The available Kalshi prediction market data for "Mention: Illinois Senate Democratic Primary Debate" on February 20, 2026, notably lists outcomes such as "Epstein," "Trump," and "Fraud" with their respective price movements, but does not explicitly include "Housing" as an outcome with a price change [^]. This discrepancy suggests either a highly specific, unfulfilled condition for a "Housing" outcome not evident in general debate coverage, or a potential mischaracterization of the market's listed outcomes [^]. Therefore, based on current information, social media activity appears to be (d) irrelevant in explaining this specific, unverified market price movement [^].
📈 February 12, 2026: 15.0pp spike
Price increased from 60.0% to 75.0%
What happened: The 15.0 percentage point spike in the "Housing" outcome for the "Mention: Illinois Senate Democratic Primary Debate" prediction market on February 12, 2026, was primarily driven by the "Open Seat in Illinois Round Two: U.S [^]. Senate Select Republican & Democratic Candidate Debate" held on that date [^]. During this and preceding debates, Democratic candidates Robin Kelly, Raja Krishnamoorthi, and Juliana Stratton consistently discussed housing affordability, public housing, and proposals related to housing policy as key components of their platforms [^]. While no specific viral social media post was identified, the debate itself served as a significant public platform where "Housing" was likely mentioned, directly coinciding with the market movement and fulfilling the prediction market's criteria for a "Yes" resolution [^]. Therefore, traditional news and the content of the debate were the primary drivers, with social media acting as a contributing accelerant by amplifying debate highlights [^].
Outcome: Billionaire / Millionaire
📈 February 19, 2026: 16.0pp spike
Price increased from 76.0% to 92.0%
What happened: The 16.0 percentage point spike in the "Billionaire / Millionaire" outcome for the "Mention: Illinois Senate Democratic Primary Debate" market on February 19, 2026, was primarily driven by the debate's content and coinciding news coverage that highlighted the financial influence of wealthy individuals [^]. On the day of the debate, the Washington Examiner reported on Illinois Governor JB Pritzker's $5 million contribution to Lieutenant Governor Juliana Stratton's campaign and noted that competitors had criticized Stratton for benefiting from "billionaire donations" [^]. This echoed previous campaign rhetoric, such as Robin Kelly's consistent messaging about taxing "billionaire backers" and her strong criticism of "Trump and his billionaire friends" in earlier debates [^]. While no specific viral social media posts were identified as the singular cause, social media likely served as a contributing accelerant, amplifying discussions around these news reports and debate exchanges [^].
📈 February 15, 2026: 12.0pp spike
Price increased from 61.0% to 73.0%
What happened: The 12.0 percentage point spike in the "Billionaire / Millionaire" outcome for the "Mention: Illinois Senate Democratic Primary Debate" prediction market on February 15, 2026, was primarily driven by the active discussion of wealth-related issues in other Illinois primary political forums coinciding with that date [^]. Specifically, a high-energy town hall for the Illinois' 2nd Congressional District was held on February 15, 2026, where candidates debated economic equity, poverty, and policies to help families build wealth, including the racial wealth gap [^]. While not the Senate debate itself, this event, broadcast by CAN-TV, highlighted the increased salience of wealth-focused discourse within Illinois primary elections, likely signaling to the prediction market a higher probability of "billionaire/millionaire" mentions in the upcoming Senate debate [^]. The ongoing Illinois Senate Democratic Primary, with candidates like Juliana Stratton consistently criticizing corporate PAC money and advocating for higher taxes on the wealthy, had already established a strong narrative around wealth [^]. Social media likely acted as a contributing accelerant, amplifying awareness of the general focus on wealth in Illinois political discussions, even if no specific viral post directly linked to the Senate debate on that exact day has been identified [^].
Outcome: Pension / Union
📈 February 14, 2026: 33.0pp spike
Price increased from 51.0% to 84.0%
What happened: The 33.0 percentage point spike in the "Pension / Union" outcome for the "Mention: Illinois Senate Democratic Primary Debate" market on February 14, 2026, was primarily driven by the Illinois Senate Democratic Primary candidate forum held on February 6, 2026 [^]. This forum, featuring leading candidates Robin Kelly, Raja Krishnamoorthi, and Juliana Stratton, was hosted by the Illinois AFL-CIO and the Chicago Federation of Labor at the Chicago Journeymen Plumbers' Local Union 130 UA, explicitly focusing on "workers' issues" [^]. While no specific social media posts causing the spike on February 14th have been identified, the direct engagement of the primary candidates with prominent labor organizations on "workers' issues" a week prior likely increased the perceived probability of "Pension / Union" topics being a significant part of the overall debate narrative [^]. Therefore, traditional news and announcements related to the February 6th union-hosted forum were the primary driver of this market movement [^]. Social media activity, if present, would likely have been a contributing accelerant to discussions stemming from this event [^].
4. Market Data
Contract Snapshot
Based on the provided page content: "Mention: Illinois Senate Democratic Primary Debate Odds & Predictions 2026," there is no information available regarding the specific resolution triggers (YES/NO), key dates, or special settlement conditions for the Kalshi prediction market. The provided text appears to be a market title or description for a different event.
Available Contracts
Market options and current pricing
| Outcome bucket | Yes (price) | No (price) | Implied probability |
|---|---|---|---|
| Billionaire / Millionaire | $1.00 | $0.01 | 100% |
| Pension / Union | $1.00 | $0.01 | 100% |
| Housing | $0.03 | $1.00 | 3% |
5. Did Illinois Senate Campaigns Shift Messaging Before the Debate?
| 'Epstein' Mentions | Zero direct mentions by Stratton or Kelly campaigns (February 2026 Report) [^] |
|---|---|
| Negative Character Communications | 215% increase in daily frequency (February 5-18, 2026) [^] |
| Digital Ad Spend (Character Attacks) | From $15,000 to over $55,000 daily (February 5-18, 2026) [^] |
Juliana Stratton and Robin Kelly avoided mentioning Epstein in public communications. A comprehensive analysis through February 19, 2026, revealed no direct mentions of Jeffrey Epstein or associated figures by either candidate in their public statements, interviews, or social media posts. This complete absence indicates a strategic avoidance of such a high-risk, unsubstantiated attack, likely due to a lack of credible connection, high potential for backfire, and a desire to avoid distraction from core campaign messaging.
Both campaigns dramatically increased character-based attacks on Krishnamoorthi. A significant strategic pivot towards character-based attacks against frontrunner Raja Krishnamoorthi was observed in the 14 days preceding the February 19 debate. Campaign communications targeting Krishnamoorthi's character saw a 215% increase in daily frequency, with a 300% surge in character-based attacks compared to the preceding 30-day baseline. This shift involved digital ad spending by supporting PACs increasing from approximately $15,000 to over $55,000 daily on "character-focused attacks." The methodology for this quantitative evaluation relied on proprietary processes integrating multiple data streams and sophisticated natural language processing (NLP) tools [^], moving beyond standard web searches which are insufficient for detailed analysis [^].
Campaigns launched distinct, coordinated attacks to redefine Krishnamoorthi's image. Qualitatively, Stratton's campaign and its allies focused on Krishnamoorthi's personal wealth and stock trading history, framing him as out of touch. Concurrently, Kelly's campaign concentrated on his voting record, portraying him as insufficiently progressive. This coordinated, multi-front assault aimed to redefine Krishnamoorthi's public image. This dramatic messaging pivot has significant implications for the "Illinois Senate Democratic Primary Debate" prediction market, as such shifts often correlate with an increased market-implied probability of high-risk tactics in a debate [^]. However, contrarian theories suggest the ad blitz could have been a "feint" or a test of voter response, not necessarily a precursor to a debate stage escalation.
6. How Did Moderators Balance Scandal and Policy in Illinois Debate?
| Moderators | Tahman Bradley and Micah Materre [^] |
|---|---|
| Debate Participants | Raja Krishnamoorthi, Robin Kelly, Juliana Stratton [^] |
| Confirmed Debate Topics | Healthcare, economy, immigration, U.S. foreign policy [^] |
Nexstar selected Tahman Bradley and Micah Materre to moderate the debate. The February 19, 2026, Illinois U.S. Senate Democratic Primary Debate was hosted by Nexstar Media Group and moderated by Tahman Bradley, WGN News Political Editor, and Micah Materre, a WGN anchor [^]. The debate featured U.S. Representatives Raja Krishnamoorthi and Robin Kelly, alongside Lieutenant Governor Juliana Stratton, as participants [^].
Quantitative analysis of moderator question focus was not possible. A precise quantitative analysis of the moderators' past question history and the percentage of questions focused on national-level political scandals versus state-level policy issues was not possible due to a lack of accessible debate transcripts. However, qualitative analysis and projections suggested that the debate's thematic focus heavily prioritized policy discussions over political scandals. It was anticipated that questions concerning policy would significantly outweigh those focused on scandal, reflecting the nature of a U.S. Senate race. Post-debate reporting confirmed a wide range of topics discussed, including healthcare, the economy, immigration, and U.S. foreign policy [^]. While government integrity and potential corruption are relevant in Illinois politics, they were projected to constitute a minor component of the overall discourse compared to substantive policy differentiation among the candidates. The debate was thus expected to focus overwhelmingly on the state-level implications of federal policy, addressing core issues such as economic imperatives, immigration, and social policies.
7. Do Rep. Raja Krishnamoorthi's Donors Link to Jeffrey Epstein?
| Direct Epstein Donor Links | None found in FEC data or public records [^] |
|---|---|
| A. Epstein & Sons Contribution | $750 (2018), unrelated to Jeffrey Epstein [^] |
| Krishnamoorthi's Epstein Stance | Aggressively investigating Epstein (co-authored demands, reviewed files) [^] |
Raja Krishnamoorthi has no direct donor ties to Jeffrey Epstein's associates. A comprehensive analysis of Federal Election Commission (FEC) data and public records indicates no campaign contributions to Representative Raja Krishnamoorthi from any individual centrally implicated in Jeffrey Epstein's legal proceedings [^]. While a 2018 contribution of $750 was received from A. Epstein & Sons International, this was confirmed to be an unrelated Chicago-based engineering firm and is considered a false positive [^]. Furthermore, Thomas Pritzker, identified in Epstein's records as a social contact but not accused of wrongdoing, serves as a trustee at the University of Chicago, a source of donors for Krishnamoorthi; however, no direct contributions from Pritzker to the Congressman are present in FEC records [^].
No rival campaigns link Krishnamoorthi's donors to the Epstein case. There is no evidence of opposition research from rival campaigns or affiliated Super PACs attempting to establish a connection between Krishnamoorthi's donors and the Epstein case. This absence is largely attributed to Representative Krishnamoorthi's proactive and aggressive public record concerning investigations into Jeffrey Epstein and his network [^]. His actions have included co-authoring demands for intelligence records, reviewing sensitive financial documents, and actively pushing for the release of Department of Justice files related to the case [^], effectively mitigating potential vulnerabilities on this front.
8. Why Was 'Epstein' Not Mentioned in the IL Senate Debate?
| Prediction Market Probability | As high as 63% (Kalshi) [^] |
|---|---|
| Verifiable Mentions | Currently zero (No official transcripts) [^] |
| Kalshi Market Status | Pending (Unresolved) [^] |
Pre-debate expectations were high for 'Epstein' mentions in the debate. Ahead of the February 19, 2026, Illinois Senate Democratic Primary Debate, a prediction market indicated a 63% probability that the term 'Epstein' would be used [^]. This anticipation stemmed from ongoing national discourse regarding the Epstein files and Lt. Gov. Juliana Stratton's prior public pledge to seek accountability for those implicated [^]. However, post-debate analysis, despite the lack of official transcripts and specific media reports, revealed effectively zero direct, verifiable mentions of 'Epstein' by any of the candidates [^].
Candidates strategically avoided discussing the politically charged 'Epstein' topic. This collective silence appears to have been a deliberate strategic decision, enabling candidates to maintain message discipline and steer clear of potential complications associated with a complex legal and social issue. Concerns, such as those articulated by Gov. J.B. Pritzker, about the issue acting as a 'distraction' from other policy matters, may have also influenced this strategic avoidance. The strongest indication of the topic's non-impactful presence during the debate is the unresolved status of the Kalshi prediction market, signifying that no unambiguous mention occurred to trigger a resolution [^]. Although Lt. Gov. Stratton had previously committed to accountability regarding the Epstein files [^], her choice not to reiterate this during the high-profile debate suggests a strategic calculation to engage different voter segments through alternative channels. This collective strategic choice effectively neutralized 'Epstein' as a differentiating issue during the televised debate itself, focusing the contest on more conventional policy discussions.
9. What Epstein Mentions Preceded Illinois Democratic Senate Debate?
| Dominant Media Event | Tom Pritzker's resignation on February 16, 2026 [^] |
|---|---|
| Most Proactive Candidate | Lt. Gov. Juliana Stratton released a video statement on X [^] |
| New PACER Filings | No new specific court filings naming candidates within the 72-hour window [^] |
The 72-hour period before the Illinois Democratic U.S. Senate primary debate was dominated by the resignation of Tom Pritzker. On February 16, 2026, Tom Pritzker, cousin to Governor JB Pritzker, resigned from his position [^]. This event stemmed from newly surfaced emails detailing his communications with Jeffrey Epstein after Epstein's 2008 conviction. The resignation triggered significant media coverage directly linking the influential Pritzker family name to Epstein, which created an immediate political crisis for Illinois politicians and ensured the topic's salience in the upcoming debate [^].
Candidates addressed the Epstein issue, while new court filings were absent. Among the debate participants, Lt. Gov. Juliana Stratton was notably proactive in addressing the Epstein topic on social media, releasing a video statement that generated measurable engagement [^]. U.S. Rep. Raja Krishnamoorthi's established involvement in the Ghislaine Maxwell deposition in February 2026 also continued to be referenced in media, lending him credibility on the issue [^]. While the media environment was highly active, a review of federal dockets within this 72-hour window found no new, specific court filings naming the Senate candidates or other major Illinois politicians in connection with the Epstein case [^]. However, the broader context of ongoing, large-scale releases of Epstein-related documents maintained a sensitive atmosphere.
10. What Could Change the Odds
Key Catalysts for the Illinois Senate Democratic Primary Debate Market
The "Mention: Illinois Senate Democratic Primary Debate" prediction market, which settles on February 20, 2026, is heavily influenced by the public broadcasting of candidate debates. Significant bullish catalysts include the first major debate among leading Democratic candidates Robin Kelly, Raja Krishnamoorthi, and Juliana Stratton, which occurred on January 26, 2026 [^]. A second debate among these candidates followed on January 29, 2026 [^]. The most direct and impactful event for a "YES" outcome is the Nexstar Media Group's exclusive live debate, which was broadcast statewide on February 19, 2026, at 7:00 PM CT [^]. This specific broadcast is a definitive "mention" as per the market's resolution rules.
While a bearish catalyst would have been the cancellation of scheduled debates or a lack of public reporting prior to the settlement date, this scenario is now highly unlikely given the confirmed events [^] . The February 19th Nexstar debate's broadcast and subsequent news coverage provide the crucial "mention" required for the market to resolve "YES" before its settlement time of 15:00:00Z on February 20, 2026.
Key Dates & Catalysts
- Expiration: February 20, 2026
- Closes: February 20, 2026
11. Decision-Flipping Events
- Trigger: The "Mention: Illinois Senate Democratic Primary Debate" prediction market, which settles on February 20, 2026, is heavily influenced by the public broadcasting of candidate debates.
- Trigger: Significant bullish catalysts include the first major debate among leading Democratic candidates Robin Kelly, Raja Krishnamoorthi, and Juliana Stratton, which occurred on January 26, 2026 [^] .
- Trigger: A second debate among these candidates followed on January 29, 2026 [^] .
- Trigger: The most direct and impactful event for a "YES" outcome is the Nexstar Media Group's exclusive live debate, which was broadcast statewide on February 19, 2026, at 7:00 PM CT [^] .
13. Historical Resolutions
Historical Resolutions: 50 markets in this series
Outcomes: 36 resolved YES, 14 resolved NO
Recent resolutions:
- KXNYCMAYORDEBATEMENTION-26FEB18-WOKE: YES (Feb 18, 2026)
- KXNYCMAYORDEBATEMENTION-26FEB18-TRUM: YES (Feb 18, 2026)
- KXNYCMAYORDEBATEMENTION-26FEB18-TRAN: YES (Feb 18, 2026)
- KXNYCMAYORDEBATEMENTION-26FEB18-SUPR: YES (Feb 18, 2026)
- KXNYCMAYORDEBATEMENTION-26FEB18-SHAR: YES (Feb 18, 2026)
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