Prediction Markets Fail as Lula Wins Historic Brazil Runoff

Luiz Inácio Lula da Silva won Brazil's runoff election, securing a fourth term as president. Prediction markets had given Senator Flavio Bolsonaro over 80% odds of winning after he led the first round and gained other candidates' support. The miss is a reputational blow for crypto-linked prediction platforms, but it does not directly move crypto prices.