The uncertainty about the future of the legislature is also quoted on Polymarket. While the parties calculate whether Pedro Sánchez will advance the general elections, the participants of the platform place Alberto Núñez Feijóo as the clear favorite to lead the next Government and consider it more likely that there will be an early call before the end of the year.
These are two different questions, with two distinct markets. In the survey conducted this Saturday, October 3, Feijóo has an 81% implied probability of becoming the next invested president. Pedro Sánchez is around 13%. These percentages come from the operations of the participants: they do not represent voting intention.
The other figure that concentrates attention is the 63% assigned to an early electoral call until December 31, 2026. The condition refers to calling the elections, not to holding them within that timeframe.
Feijóo is the favorite, but his advantage does not arise this weekend
The historical graph allows for a nuanced first impression. In the snapshot from this Saturday, Feijóo appears accompanied by a green upward indicator of 38 points. However, the entire market period is selected.
The trajectory shows that the leader of the PP already maintained a wide advantage during the previous months. Therefore, that accumulated variation cannot be presented as a jump that occurred after the voting on the housing decrees nor as a reaction exclusive to the last hours.
What it means to be the "next president" in this bet
The rules require that the person obtain the confidence of Congress and take office, leading to the formation of a new Government. A merely interim or acting presidency is not enough to resolve the market.
The set horizon is March 31, 2028. Therefore, Feijóo's favoritism does not allow for deducing when there will be elections: this bet can be resolved either after an advance or after subsequent elections.
The advance exceeds 50% in all three deadlines
The market on the call offers three deadlines. The shown probability is 56% until October 31, 60% until November 30, and 63% until December 31.
The percentages should not be added. They are cumulative deadlines: a call in October would also meet the conditions for November and December. They do not equate to specifically betting on elections on November 29.
The reading is that the consulted prices favor the possibility of a call before closing 2026. They do not confirm that Sánchez has made that decision nor do they allow identifying a specific voting date.
A signal of expectations, not an electoral poll
Polymarket allows observing how those operating on the platform value different outcomes. Their prices can change with new information, but also with the purchases and sales of their participants.
There is no representative sample of the Spanish electorate nor an estimation of seats behind these percentages. The 81% of Feijóo is not the electoral support of the PP, just as the 13% of Sánchez is not the voting percentage of the PSOE.
The difference is decisive for interpreting the political data: the market favors Feijóo for the next investiture and considers a close call plausible. When voting will take place and what majority will come out of the urns remain open questions.