The political betting markets — a forum used to give political speculators the chance to put their money where their mouth is — are predicting a Republican victory tomorrow.

Political betting markets offer bettors the opportunity to buy shares predicting one political event to occur or another. In any given bet, the value in cents of each outcome will add up to approximately one dollar.

These shares are then worth a dollar each if the event that they are betting on comes to pass, or nothing if it does not. Many bettors also simply trade shares like stocks, picking shares they think are undervalued, waiting for them to go up, and then selling them before the election.

Although these markets are generally fed by the same news, polls, and history that fuel other predictions, they are regarded by some as more reliable due to the risk of loss involved.

On Monday morning, the betting market on PredictIt, the larger of America’s two political markets, had shares predicting that Republicans would control the Senate trading at 69 cents. Shares predicting Democratic control of the upper chamber were trading at 35 cents.

By share price, gamblers are also predicting that Georgia will have the smallest margin of victory, followed by Arizona, Nevada, Pennsylvania, and New Hampshire.

The markets are also taking Republican control of the House as a near foregone conclusion, with a share predicting a Republican victory trading at 90 cents and shares predicting a Democratic victory trading at 12 cents.

Shares predicting a Republican House and Senate are trading at 69 cents. Shares predicting a Republican House and a Democratic Senate are trading at 29 cents per share. 

Shares predicting a Democratic House and Senate are trading at 11 cents per share and shares predicting a Democratic House and a Republican Senate are trading at 2 cents per share.

Election Betting Odds, a site created by the columnist John Stossel, tracks the odds on the international Polymarket, the U.K.-based Smarkets, and the U.S.-based PredictIt.

According to Election Betting Odds, gamblers across these three markets give Republicans a 65 percent chance to take the Senate and Democrats a 35 percent chance. 

They also give Republicans a 87 percent chance to take the House and give Democrats a 13 percent chance to retain it.

Now, the accuracy of prediction markets is another question. They correctly predicted the overall outcomes of the 2018 midterms as well as the 2020 election. However, they also missed the 2016 presidential election.

These predictions may be the last made on American elections, at least in America, as some regulators are beginning to question whether these betting markets should be allowed to continue.

PredictIt, the only large political betting market in America, was ordered by the Commodity Futures Trading Commission to shut down its business by February 15, 2023, after operating in a legal gray area since 2014.

The company has since filed for a pause on this order in a court case it brought in the Western District of Texas; the case is pending.

If the court were to rule in favor of PredictIt, it would mark a major change of course in terms of federal policy on the topic. 

In the past month, the CFTC rejected an attempt by a company called Kalshi to obtain a license to offer political betting. Earlier this year, the commission also fined Polymarket $1.2 million for offering political options in America.