Prediction Markets Fail as Lula Wins Historic Brazil Runoff

Luiz Inácio Lula da Silva has won Brazil’s runoff election, securing a fourth term as Brazil’s president. Lula defied prediction markets that gave Senator Flavio Bolsonaro over 80% odds of winning after taking the lead in the first round and receiving the support of other candidates. Luiz Inácio Lula da Silva, Brazil’s current president, has defied the odds and retained his seat after losing the first round election by over 2 million votes. With 99.99% of the total votes counted , Lula received 51.78% of the popular vote, with 64,248,884 votes, while Senator Flavio Bolsonaro, son of former President Jair Bolsonaro, reached only 59,822,138 votes (48.22%).

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