Justin Wolfers | Uh-oh: Rubio surges past Bush in prediction markets

Justin Wolfers, NewYork Times:

It’s official: Jeb Bush is no longer the leading contender to become the Republican candidate for president. Instead, prediction markets now rate Marco Rubio as far more likely to get the nod.

One broad measure of the betting markets puts Mr. Rubio’s chances at 34 percent versus Mr. Bush’s at 23 percent.

The extent of this reversal is stark. Mr. Bush’s name recognition, executive experience and links to the Republican establishment led the betting markets to rate him the most likely winner even before he announced his candidacy. He took an early and commanding lead in fund-raising and won the most endorsements from fellow Republicans. He also led in most national polls, at least until mid-July, when Donald Trump wrestled the national spotlight from him and has continued to entertain its bright glare. Recent polls suggest that only around 7 percent of potential Republican voters plan to vote for Mr. Bush.

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