Who Will Win the 2026 Alaska Governor’s Race
Alaska’s 2026 gubernatorial election is shaping up to be one of the most crowded and closely watched governor’s races in the state, with incumbent Governor Mike Dunleavy term-limited and unable to seek re-election. Prediction markets have opened contracts on which candidate will ultimately win the seat, tracking a wide field that spans established statewide politicians, current legislators, and lesser-known contenders.
A Wide-Open Field
The race features a mix of Republicans, Democrats, and independents, reflecting Alaska’s unique top-four primary and ranked-choice general election system, which tends to reward candidates who can build broad coalitions rather than rely solely on party base support. Names under consideration include Lieutenant Governor Nancy Dahlstrom, former U.S. Senator Lisa Murkowski, former U.S. Representative Mary Peltola, State Senator Shelley Hughes, Anchorage Assembly and legislative figures such as Matt Claman and Bernadette Wilson, along with former Anchorage Mayor David Bronson, former Lieutenant Governor Edna DeVries, Attorney General Treg Taylor, and several other declared and potential candidates.
Alaska’s ranked-choice voting system, adopted through a 2020 ballot initiative, adds a layer of complexity to forecasting the outcome, since second- and third-choice rankings can decide the winner if no candidate secures a majority outright. This makes the race harder to handicap using traditional polling alone, increasing the relevance of prediction market pricing as a real-time gauge of shifting candidate viability.
Why It Matters
Alaska’s governor plays an outsized role in decisions over oil and gas leasing, the Permanent Fund dividend, and state fiscal policy amid chronic budget deficits. The outcome will also be closely watched as a bellwether for how independents and moderates perform in a ranked-choice environment, particularly given the national profile of candidates like Murkowski and Peltola.
How Prediction Markets Frame the Race
Both Kalshi and Polymarket have launched markets allowing traders to bet on the eventual winner across the full slate of declared and rumored candidates. As filing deadlines pass and the primary field narrows, expect trading activity to concentrate on the top contenders, with the broader list of names gradually thinning as candidates drop out or fail to qualify for the ballot.
Markets will likely see the most volatility around candidate announcements, fundraising reports, and the results of the state’s top-four primary, which will set the field for the ranked-choice general election.
Related terms
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Alaska -
Mary Peltola -
Mike Dunleavy (politician) -
Ranked-choice voting in the United States -
Lisa Murkowski -
Jonathan Kreiss-Tomkins -
Treg Taylor -
Nancy Dahlstrom -
Bill Walker (American politician) -
James Parkin -
Alaska Permanent Fund -
Lesil McGuire -
Matt Claman -
Shelley Hughes -
Dave Bronson -
Tom Begich -
Edna DeVries -
Click Bishop
Total Volume
$3.6m
Kalshi $978.8k · Polymarket $2.6m
Leading Market
Jonathan Kreiss-Tomkins
Kalshi 88% · Polymarket 87%
Jonathan Kreiss-Tomkins Volume
$995.3k
Kalshi $281k · Polymarket $714.3k
Jonathan Kreiss-Tomkins 24h Change
-1.00%
Kalshi -1.00% · Polymarket 0.00%
Calculate Your Potential Return
- Kalshi(opens in a new tab) 7.0% fee
- Polymarket(opens in a new tab) 5.0% fee
| Market | Kalshi Yes | Kalshi Fee | Kalshi Payout | Polymarket Yes | Polymarket Fee | Polymarket Payout |
|---|---|---|---|---|---|---|
| Jonathan Kreiss-TomkinsDemocratic Party | 88.0¢ | 7.0% | , trade Jonathan Kreiss-Tomkins on Kalshi (opens in a new tab) | 87.0¢ | 5% | , trade Jonathan Kreiss-Tomkins on Polymarket (opens in a new tab) |
| Bernadette WilsonRepublican Party | 13.0¢ | 7.0% | , trade Bernadette Wilson on Kalshi (opens in a new tab) | 12.0¢ | 5% | , trade Bernadette Wilson on Polymarket (opens in a new tab) |
| Adam CurtisRepublican Party | — | — | — | 1.0¢ | 5% | , trade Adam Curtis on Polymarket (opens in a new tab) |
| Bill WalkerIndependent | 1.0¢ | 7.0% | , trade Bill Walker on Kalshi (opens in a new tab) | 1.0¢ | 5% | , trade Bill Walker on Polymarket (opens in a new tab) |
| Click BishopRepublican Party | — | — | — | 1.0¢ | 5% | , trade Click Bishop on Polymarket (opens in a new tab) |
* Estimates if candidate wins. Actual returns may vary.
All Markets
| Market | Total Volume | Kalshi(opens in a new tab) | Polymarket(opens in a new tab) |
|---|---|---|---|
| Jonathan Kreiss-TomkinsDemocratic Party | $995,287.47 | ||
| Bernadette WilsonRepublican Party | $915,191.93 | ||
| Treg TaylorRepublican Party | $88,290.92 | No market | |
| Adam CurtisRepublican Party | $355,117.30 | ||
| Bill WalkerIndependent | $170,867.54 |