Who Will Win the 2026 California Governor’s Race
California voters will choose a successor to term-limited Governor Gavin Newsom in the 2026 gubernatorial election, and prediction markets are already tracking a crowded field of contenders vying to lead the nation’s most populous state.
The race features a mix of prominent Democratic officeholders, Republican challengers, and independent or outsider candidates. Among the names drawing attention are former Vice President Kamala Harris, Lieutenant Governor Eleni Kounalakis, former Los Angeles Mayor Antonio Villaraigosa, businessman Rick Caruso, former State Controller Betty Yee, State Superintendent Tony Thurmond, State Senate leader Toni Atkins, former Congresswoman Katie Porter, Congressman Eric Swalwell, San Jose Mayor Matt Mahan, former U.S. Senator Alex Padilla, conservative commentator Steve Hilton, Riverside County Sheriff Chad Bianco, former gubernatorial candidate Nicole Shanahan, businessman Tom Steyer, and former Attorney General Xavier Becerra, among others.
Why It Matters
As governor of California, the winner would oversee a state with the world’s largest sub-national economy, significant influence over national climate and technology policy, and outsized weight in Democratic Party politics heading into future presidential cycles. A crowded primary field, including several candidates with national profiles, makes this contest one of the most closely watched gubernatorial races of the 2026 midterm cycle.
How Prediction Markets Frame the Race
Both Kalshi and Polymarket have opened markets asking which individual candidate will ultimately win the general election for California governor. Traders can take positions on each named contender, as well as catch-all “other” outcomes for lesser-known entrants. As candidates formally announce, drop out, or shift in perceived viability ahead of the June 2026 primary, these markets are expected to see continued repricing based on polling, fundraising, and endorsements rather than fixed odds.
Total Volume
$70.1m
Kalshi $25.6m · Polymarket $44.4m
Leading Market
Xavier Becerra
Kalshi 98% · Polymarket 97%
Xavier Becerra Volume
$20m
Kalshi $7.5m · Polymarket $12.5m
Xavier Becerra 24h Change
+0.50%
Kalshi +0.50% · 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 |
|---|---|---|---|---|---|---|
| Xavier BecerraDemocratic Party | 97.6¢ | 7.0% | , trade Xavier Becerra on Kalshi (opens in a new tab) | 98.0¢ | 5% | , trade Xavier Becerra on Polymarket (opens in a new tab) |
| Steve HiltonRepublican Party | 2.6¢ | 7.0% | , trade Steve Hilton on Kalshi (opens in a new tab) | 3.0¢ | 5% | , trade Steve Hilton 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) |
|---|---|---|---|
| Xavier BecerraDemocratic Party | $19,976,801.39 | ||
| Steve HiltonRepublican Party | $50,075,176.04 |