Resolution criteria

The market resolves based on which party wins the most seats in the Senedd election held on 7 May 2026. The winning party is determined by the official results published by the Electoral Commission Wales. All 96 Members will be elected through closed party list proportional representation using the D'Hondt method across 16 six-member constituencies.

Background

The 2026 vote is considered seismic for Welsh politics and is being touted as the "most consequential Senedd election since 1999". Polls have suggested a neck and neck battle between Plaid Cymru and Reform UK. Labour remains on course to be the largest party in 2026, but well short of an outright majority, with their support eroding across all demographics. Reform UK leader Nigel Farage said his party "would work with any other Senedd party" and that the new voting system means "it's not going to be easy" to win an overall majority.

Considerations

This is the first election following reforms that increase the size of the Senedd from 60 members to 96, adopt a party-list voting system, reduce the number of constituencies to sixteen, and shorten its term from five years to four. Under the new electoral system, fragmentation matters and formal coalitions could be the new normal.