Lula wins Brazil runoff after prediction markets favored Bolsonaro
While prediction market odds pointed to a clear Bolsonaro victory, Lula emerged the winner in a tight race.
TL;DR
- Lula da Silva was reelected president of Brazil in a runoff election.
- Prediction markets odds favored Flávio Bolsonaro, but Lula won the election.
- Brazil's Superior Electoral Court reported Lula's victory with 51.8% to Bolsonaro's 48.2%.
- Prediction markets' accuracy in anticipating election outcomes was questioned, with examples from past races.
- Brazil-linked stocks and ETFs slid significantly after Lula's victory.
- Bolsonaro is expected to challenge the election outcome.