Will eventually resolve to the party which won the popular vote for the race, as determined by the local, state, and ultimately federal governments.
In the case the race is called by the major news organizations, the market may optionally resolve early.
This market covers events up to and including Election Day, November 5: if Party A's candidate X wins the popular vote that day, but intervening events cause the next inaugurated Senator to be from Party B, the market will resolve to Party A.
If candidate X switches party affiliations, the switch will not affect the outcome if it is after the beginning of Election Day, local time.
1,000
3.00Analysis from the Manifold newsletter:
Connecticut: Sen. Chris Murphy (D) vs. Matthew Corey (R)
Democrat win chances per models: >99% (The Hill), 99% (538), 100% (Split Ticket)
Expert forecasts: Solid D (Cook), Safe D (Sabato), Solid D (Inside Elections)
Polling average (538): Not enough polls
Election result in 2018, a Democratic wave year: D+20 (Murphy vs. Corey)
Election result in 2012, amid Obama's reelection: D+12 (Murphy vs. McMahon)
Recent Connecticut presidential election results: Biden+20 (2020), Clinton+14 (2016), Obama+17 (2012)
Commentary:
This seat had an interesting race in 2006, when incumbent Joe Lieberman lost the Democratic primary and won on an independent “Connecticut for Lieberman” ticket. In 2012, he retired and was replaced by Chris Murphy, then the youngest US senator but now about to win his third term.