Short Answer

Gary Cordery is not expected to win the Hawaii governorship in 2026, given incumbent Democratic Governor Josh Green's significant fundraising advantage and the state's durable Democratic partisan lean, with the market pricing this outcome at 2.6%.

1. Market Behavior & Drivers

The market's high and stable pricing reflects the political fundamentals of Hawaii's gubernatorial race. Pricing opened at 96.0% for a Democratic win after the August 8 primaries confirmed the general election matchup between incumbent Democratic Governor Josh Green and Republican nominee Gary Cordery. This initial high probability indicates that traders view the incumbent's victory in a heavily Democratic state as a near certainty, with the primary results simply cementing the expected candidates.
The subsequent price movement has been a minor upward drift to 98.7% within a narrow band. The provided news context, such as the Republican ticket's focus on government waste and vaccine mandates, does not coincide with any significant price shift. The total traded volume of 255 contracts indicates low market activity, suggesting the slight price increase is not driven by significant new information or strong trading conviction.
  • Since last update (~42d): Our model's edge against the market compressed by -2.0pp, flipping to -0.2pp.
  • Josh Green's win probability rose +2.8pp (market) and +0.8pp (model), market-led.
  • Gary Cordery's market probability fell -1.4pp, with the model tracking via market-led.
  • Josh Green leads due to significant fundraising and Hawaii's durable Democratic partisan lean.
  • Gary Cordery faces overwhelming financial disparity and strong historical odds against him.

Who Wins and Why

Outcome Market Model Why
Josh Green 98.7% 98.5% Incumbent Democratic Governor Josh Green has a significant fundraising advantage and benefits from Hawaii's strong Democratic lean.
Gary Cordery 2.6% 1.5% Republican Gary Cordery faces significant financial disparity and historical odds in a state with a strong Democratic lean.

Current Context

The 2026 Hawaii gubernatorial general election is scheduled for November 3. As of October 22, 2026, no winner has been declared because the election has not yet taken place [1][2][3]. Incumbent Democratic Governor Josh Green and Republican nominee Gary Cordery advanced from their respective primary elections held on August 8, 2026 [1][4].
Governor Green holds a fundraising lead; prediction markets view Cordery as an underdog. As of October 2026, Governor Josh Green holds a significant fundraising advantage [5]. Prediction markets view Gary Cordery as an underdog, assigning him a very low probability of winning the general election [5]. Key issues in the 2026 campaign include government spending, transparency, housing affordability, and vaccine mandates. The Republican ticket focuses on populist critiques of the current administration [3].
Sources (5)
  1. 12026 Hawaii gubernatorial election - Wikipediaen.wikipedia.org
  2. 2Governor: the November 3, 2026 ballot · The Hawaii Ledgerhawaiiledger.com
  3. 3GOP gubernatorial ticket targets government waste, vaccine mandates | Election 2026hawaiinewsnow.com
  4. 4Hawaii Governor Primary Election 2026 Live Resultsnbcnews.com
  5. 5Underdog Gov Candidate Takes On The Democratic Machine — Again - Honolulu Civil Beatcivilbeat.org

2. Price Chart

Historical Price (Probability)

Outcome probability
Date

3. Market Data

Contract Snapshot

This contract resolves YES if the candidate's associated party wins the Hawaii Governor general election, and NO if their party does not win. The general election is scheduled for November 3, 2026. The maximum payout date for this contract is November 3, 2027.

Available Contracts

Market options and current pricing

Outcome bucket Yes (price) No (price) Last trade probability
Josh Green $0.98 $0.03 99%
Gary Cordery $0.02 $0.99 3%

Market Discussion

The 2026 Hawaii gubernatorial election is scheduled for November 3, 2026, featuring incumbent Democrat Josh Green and Republican challenger Gary Cordery [1][2][3]. As of October 22, 2026, the election has not yet taken place [1]. Governor Green is widely designated as the overwhelming favorite to win, with prediction markets and forecasting models assigning him win probabilities generally exceeding 98% and classifying the race as "Safe Democrat" or "Solid D" [3][4][5].

Sources (5)
  1. 12026 Hawaii gubernatorial electionen.wikipedia.org
  2. 2Governor of Hawaii - Ballotpediaballotpedia.org
  3. 3Hawaii Governor 2026 forecast: Green vs. Cordery · Call the Mapcallthemap.com
  4. 42026 Hawaii Governor Live Election Results | DDHQvotes.decisiondeskhq.com
  5. 5Hawaii Governor 2026 Odds and Forecast | Nijinnmidterms.nijinn.io

4. What potential policy missteps or external events before November 2026 could significantly erode support for incumbent Josh Green?

Bribery Investigation RiskNew evidence tying Green personally to bribery probe or showing tolerated misconduct [1][2][3][4]
Political Media Law CostState agreed to pay over $118,000 in attorneys' fees by May 2026 after unconstitutional law [5]
Key Non-Scandal RiskWorsening housing and affordability crisis is most plausible non-scandal erosion mechanism [6][1][7]
Ethical missteps, particularly corruption or legal issues, could significantly diminish support. Support for incumbent Josh Green faces potential erosion from the ongoing bribery investigation involving Lt. Gov. Sylvia Luke and former official Ryan Yamane [1][2][3][4]. Should new documents, charges, convictions, testimony, or evidence personally link Green to this investigation, or demonstrate his administration tolerated or concealed misconduct, the issue could escalate into an incumbent scandal [1][2][3][4]. Ethical inconsistency, such as protecting or minimizing implicated allies, would represent a highly consequential policy misstep. Additionally, renewed litigation, enforcement actions, or viral claims concerning Hawaii's 2024 law restricting political media, which was found unconstitutional and led to over $118,000 in attorneys' fees, could alienate civil-liberties-minded voters [5].
Economic challenges and disaster response failures pose substantial risks. The worsening housing and affordability crisis is considered the most plausible non-scandal factor for eroding support, given explicit voter frustration regarding housing, inflation, the cost of living, and government performance [6][1][7]. A visible shock in areas such as rent, insurance, utilities, tourism, or homelessness before November 2026 could heighten these concerns sufficiently to reduce Democratic enthusiasm or turnout. Furthermore, mishandled responses to significant external events like wildfires, hurricanes, or public-health emergencies, particularly a new breakdown in Maui-recovery efforts, could be especially damaging, as wildfire recovery is central to Green's reputation [6][8]. Preventable deaths, displacement, corruption, or failures in aid distribution during such events could rapidly diminish public confidence and support [6][8].
Sources (8)
  1. 1Hawaiʻi Democrats unite after primary and hear warning...hawaiipublicradio.org
  2. 2AP Decision Notes: What to expect in Hawaii's state primarywashingtonpost.com
  3. 3Hawaii tackles government ethics in slate of bills passing...courthousenews.com
  4. 4Hawaiʻi Corruption Investigationscivilbeat.org
  5. 5Case closed: Hawaii officials pay up for unconstitutional...adflegal.org
  6. 6Will a Democrat Win the 2026 Hawaii Governor Race? Winner Odds | Lines.comlines.com
  7. 7A Data-Driven Look at the Biggest Bills in Hawai'i's 2025...uhero.hawaii.edu
  8. 8https://polymarket.com/event/hawaii-governor-winner-2026?r=predictionhunteventspolymarket.com

5. What does fundraising and spending data from the 2025-2026 cycle reveal about the financial strength of the Josh Green and Gary Cordery campaigns?

Governor Green's Total Fundraising$3.5 million since 2022 election (as of July 2026) [1]
Republican Cordery's Total FundraisingJust over $400,000 for 2026 cycle (as of October 2026) [2]
Governor Green's Win Probability98% to 99% (as of October 2026) [3][4][5]
Governor Josh Green holds a significant financial lead over Gary Cordery in the 2025-2026 election cycle. As of July 2026, Governor Green's campaign had accumulated approximately $3.5 million since his 2022 election and reported $2 million in cash on hand [1]. In stark contrast, Republican candidate Gary Cordery had raised just over $400,000 for the 2026 cycle by October 2026 [2]. By July 2026, Cordery's campaign had already expended $300,000, incurring $14,000 in debt [1].
This financial imbalance contributes to the race's low competitiveness, according to analysts and prediction markets. They attribute this low competitiveness primarily to the significant financial disparity combined with Hawaii's strong Democratic partisan lean [6][7]. Consequently, prediction markets, as of October 2026, overwhelmingly forecast Governor Josh Green to win the 2026 Hawaii gubernatorial election. His probabilities of victory are consistently reported between 98% and 99% [3][4][5].
Sources (7)
  1. 1New campaign spending reports show fundraising gaps...hawaiinewsnow.com
  2. 2Super PACs Tire Of Spending Big On Candidates As...civilbeat.org
  3. 3Josh Green: 2026 Hawaii Governor Polls & Odds | Prediction Edgepredictionedge.com
  4. 42026 Hawaii Governor Election: Polls & Odds | Prediction Edgepredictionedge.com
  5. 5https://polymarket.com/event/hawaii-governor-winner-2026?r=predictionhunteventspolymarket.com
  6. 6Hawaii primary pits Gov Josh Green against three little-...foxnews.com
  7. 7Hawaii Gov Josh Green cruises to Democratic primary win...foxnews.com

6. How do the platforms of Josh Green and Gary Cordery differ on key 2026 campaign issues like housing affordability and government spending?

Green Housing Target50,000 –64,000 affordable units over the next decade [1][2]
Cordery Housing Target15,000 fee-simple homes [3][4][5]
Green Victory Odds92% to 98.7% (as of October 2026) [6]
Candidates offer contrasting approaches to Hawaii's housing affordability crisis. Incumbent Josh Green advocates a state-led, large-scale strategy, aiming to deliver 50,000–64,000 affordable units over the next decade. His approach involves utilizing emergency proclamations, state-owned land, and public-private collaboration [1][2]. Challenger Gary Cordery, in contrast, proposes a market-driven strategy that targets 15,000 fee-simple homes. Cordery’s plan emphasizes permitting deregulation and opposition to government-subsidized housing [3][4][5].
Government spending and tax relief present another clear divergence. Cordery criticizes Hawaii's $20.5 billion budget as excessive compared to similarly sized states. He calls for audits and broader tax relief, including eliminating the General Excise Tax (GET) on food and medicine [5][7]. Green, conversely, has focused on targeted middle-class tax relief measures. He also aims to generate revenue through tourism-related fees to fund resiliency initiatives [5][7].
Current prediction markets heavily favor Josh Green for the governorship. As of October 2026, prediction markets indicate Green is a strong favorite to win. Democratic victory odds range between 92% and 98.7% [6].
Sources (7)
  1. 1Governor Green Unveils 2026 Policy Report Titled...governor.hawaii.gov
  2. 2Hawaii Governor Wants to Build 64000 Affordable Homes....governing.com
  3. 3🇺🇸Gary Cordery has officially filed to run for Governor of...facebook.com
  4. 4KEY ISSUES & PRIORITIES | Gary Corderygarycorderyforgovernor.com
  5. 5Candidate Q&A: Governor – Gary Corderycivilbeat.org
  6. 6Josh Green: 2026 Hawaii Governor Polls & Odds | Prediction Edgepredictionedge.com
  7. 7WHO IS BUYING UP HAWAIʻI'S HOMES? While local...facebook.com

7. What is the availability and historical accuracy of public polling for Hawaii gubernatorial elections leading into the 2026 general election?

Public Polling Data StatusNone released for 2026 Hawaii gubernatorial general election as of October 2026 [1]
Historical Poll Accuracy Error in Hawaii10.4 percentage points (weighted-average for general-election polls since 1998) [2]
Incumbent's Implied Win Probability94-99% (as of October 2026, from prediction markets) [1][3][4][5]
The 2026 Hawaii gubernatorial election lacks traditional polling, despite candidate nominations. The general election is set for November 3, 2026, with incumbent Democratic Governor Josh Green expected to face Republican nominee Gary Cordery [6]. As of October 2026, no public polling data has been released for this specific election [1]. Historically, polls conducted in Hawaii are among the least accurate in the United States, exhibiting a weighted-average error of 10.4 percentage points for general-election polls since 1998, likely due to unique demographics and low voter engagement [2].
Prediction markets strongly favor incumbent Governor Josh Green for victory. Despite the absence of traditional polling, alternative indicators from prediction markets such as Kalshi and Polymarket heavily favor Governor Josh Green to secure victory in the 2026 election [1][3][4][5]. As of October 2026, these markets consistently indicate implied win probabilities for the incumbent ranging from 94% to 99% [1][3][4][5].
Sources (6)
  1. 1Hawaii Governor 2026 Polls — Green vs Cordery — PoliAggpoliagg.com
  2. 2Which states have the most — and least — accurate polls?abcnews.com
  3. 3Hawaii Governor Winner? 2026 Race Odds: Green vs. Cordery | Kalshikalshi.com
  4. 42026 Hawaii Governor Election: Polls & Odds | Prediction Edgepredictionedge.com
  5. 5Live odds: Hawaii Governor winner? | ElectionOddselectionodds.live
  6. 62026 Hawaii gubernatorial electionen.wikipedia.org

8. Given Hawaii's strong Democratic voting history, what is the most plausible strategic path to victory for Republican Gary Cordery in the 2026 general election?

Incumbent Governor's Victory Probability92% to 99% (Josh Green) [1][2][3]
Cordery's Path to VictoryHighly improbable [1][2][3]
Cordery's Housing Target15,000 new homes [1][3]
A victory for Republican Gary Cordery in the 2026 Hawaii gubernatorial election is considered highly improbable. Prediction markets assign incumbent Democratic Governor Josh Green a significant 92% to 99% probability of victory over Cordery [1][2][3]. This slim chance for Cordery is attributed to Hawaii's strong, decades-long Democratic partisan baseline, a lack of statewide Republican competitiveness, and considerable resource and name-recognition disparities between his campaign and the incumbent governor [1][2][3].
Cordery's campaign outlined a 'Contract with Hawaii' platform. The contractor and Republican nominee proposed advocating for government transparency, tax reductions such as eliminating the General Excise Tax (GET) on food and medicine, and market-driven housing solutions with a goal of 15,000 new homes [1][3]. These proposals contrasted with Governor Green's state-led initiatives for housing [1][3]. However, the research does not specify how these platform elements would realistically enable Cordery to overcome the substantial challenges, especially given that the incumbent governor is heavily favored [1][2][3].
Sources (3)
  1. 12026 Hawaii Elections, Odds & Candidates | Prediction Edgepredictionedge.com
  2. 2https://polymarket.com/event/hawaii-governor-winner-2026?r=predictionhunteventspolymarket.com
  3. 32026 Hawaii Governor Election: Polls & Odds | Prediction Edgepredictionedge.com

9. What Could Change the Odds

Key Catalysts

Hawaii's general-election governor matchup as of October 22, 2026, features incumbent Democrat Josh Green against Republican Gary Cordery, with the general election scheduled for November 3, 2026 [1][2][3]. Green secured the Democratic primary with 88.5% of the vote, while Cordery won the Republican primary with approximately 75.9% [4]. Republicans have not won Hawaii's governorship since 2006 [4]. Decision Desk HQ rates Hawaii Safe Democratic and assigns Green a 99% forecast probability, establishing Green as the clear baseline winner prediction [5]. Bullish catalysts for Green include his incumbency, Hawaii's persistent Democratic advantage, a decisive primary victory, the absence of a competitive third-party general-election candidate on the ballot, and broad forecaster consensus [4][5].
Potential bearish catalysts for Green include an unexpectedly strong Cordery campaign, a late scandal or major local policy backlash, voter turnout or enthusiasm failure, or polling and forecast model error [4][5]. However, available cited evidence does not currently identify a specific Hawaii-based catalyst strong enough to threaten the Safe Democratic rating [4][5]. The official Hawaii Office of Elections serves as the authoritative source for certified results and election administration; final winner confirmation should rely on its certified reports [6][1]. Key election timeline dates include ballots arriving by October 16, voter service centers operating from October 20 through November 3 (excluding Sundays), the paper-registration deadline on October 26, the alternate-address absentee-ballot request deadline on October 27, and election day on November 3, when ballots are due by 7:00 p.m. [1][7].

Key Dates & Catalysts

  • Expiration: November 03, 2027
  • Closes: November 03, 2027
Sources (7)
  1. 1Office of Elections | Governor and Lieutenant Governorelections.hawaii.gov
  2. 2Governor: the November 3, 2026 ballot · The Hawaii Ledgerhawaiiledger.com
  3. 3Hawaii gubernatorial and lieutenant gubernatorial election, 2026 - Ballotpediaballotpedia.org
  4. 42026 Hawaii gubernatorial electionen.wikipedia.org
  5. 52026 Governor Election Predictions: Forecast & Odds | DDHQvotes.decisiondeskhq.com
  6. 6Office of Elections | Results - Hawaii.govelections.hawaii.gov
  7. 7Candidates Running in the 2026 Election with their Ballot and Legal Names, Which May Be Different | Campaign Spending Commissionags.hawaii.gov