Short Answer

Both the model and the market overwhelmingly agree that Larry Rhoden is most likely to be the South Dakota Republican Governor nominee, with only minor residual uncertainty.

1. Market Behavior & Drivers

The prediction market for Larry Rhoden to win the South Dakota Republican Governor nomination has trended consistently upward, moving from an opening price of 47.0% to a recent high of 89.0%. The defining event in the contract's price history occurred on July 15, 2026, when the price surged 26.0 percentage points from 63.0% to 89.0%. This sharp repricing directly followed the release of a Keloland News and Emerson College poll. The poll showed Rhoden leading his runoff opponent, Toby Doeden, by a 62% to 32% margin among registered Republicans.
The market's reaction suggests traders view the poll as a decisive piece of information ahead of the July 28 runoff. The previous trading range, with a ceiling around 63.0%, was shattered by the news, establishing a new and much higher consensus. With a current price of 89.0%, the market is signaling a very high probability of a Rhoden victory. Total traded volume of 139,379 contracts indicates significant liquidity and participation in establishing this price level. The market sentiment is unambiguously bullish on Rhoden's prospects.
  • Since last update (~78d): Larry Rhoden's model probability soared +84.2pp, market +80.6pp, now model_led with edge flipped.
  • Dusty Johnson and Jon Hansen's outcomes were resolved 'no', removing them from the market.
  • Toby Doeden's model and market probabilities both dropped significantly, compressing the edge.
  • Overall confidence decreased by 1.0pp, while the model's edge over market widened +3.6pp.
  • Larry Rhoden leads by 62%-32% in a Keloland News/Emerson College poll from July 15, 2026.
  • Rhoden's incumbency provides an advantage despite his second-place primary finish.
  • Toby Doeden's initial primary lead appears insufficient given the latest polling data.

Who Wins and Why

Outcome Market Model Why
Toby Doeden 11.0% 8.6% Toby Doeden won the primary but trails incumbent Larry Rhoden significantly in a July 15 poll.
Larry Rhoden 89.0% 91.4% Larry Rhoden leads Toby Doeden by a substantial margin in a recent poll and benefits from incumbency.

Current Context

As of July 16, 2026, South Dakota lacks a finalized Republican nominee for Governor [1][2]. A primary runoff election is scheduled for July 28, 2026, between businessman Toby Doeden and incumbent Governor Larry Rhoden [1][3][4][2][5]. This runoff marks the first gubernatorial primary since the state's 35% threshold law was enacted in 1985 [2][5].
The June 2, 2026, primary election necessitated a runoff because no candidate secured the 35% threshold required by state law [1][3][6][2][5]. Toby Doeden led with approximately 30.6% of the vote, followed by Governor Larry Rhoden with approximately 25.2% [1][3][6][7][8]. Dusty Johnson received 23% and Jon Hansen 21% [1][3][6].
The winner of the July 28 runoff will advance to face Democratic nominee Dan Ahlers on November 3, 2026 [1][3][4]. Ahlers ran unopposed in the Democratic primary [1][3][4]. Incumbent Governor Larry Rhoden took office in January 2025 after former Governor Kristi Noem resigned to join the Trump administration [1][9].
Sources (9)
  1. 1Doeden and Rhoden advance to runoff in Republican governor primary, Johnson falls to third • South Dakota Searchlightsouthdakotasearchlight.com
  2. 2Incumbent Larry Rhoden and Toby Doeden advance to first-ever primary runoff for South Dakota governor - Ballotpedia Newsnews.ballotpedia.org
  3. 3Jackley and Rounds win; Doeden, Rhoden to meet in runoffsdnewswatch.org
  4. 4South Dakota GOP governor hopeful Toby Doeden, incumbent Larry Rhoden head to runoffthehill.com
  5. 5Larry Rhoden and Toby Doeden to face off in first-ever primary runoff for South Dakota governor - Ballotpedia Newsnews.ballotpedia.org
  6. 6At 100% reporting, Doeden, Rhoden leadkeloland.com
  7. 72026 South Dakota Governor | Live Election Resultsvotes.decisiondeskhq.com
  8. 8Larry Rhoden - Ballotpediaballotpedia.org
  9. 9South Dakota Governor Primary Election 2026 Live Resultsnbcnews.com

2. Price Chart

Historical Price (Probability)

Outcome probability
Date

3. Significant Price Movements

Notable price changes detected in the chart, along with research into what caused each movement.

📈 July 15, 2026: 26.0pp spike

Price increased from 63.0% to 89.0%

Outcome: Larry Rhoden

What happened: The primary driver of the 26.0 percentage point price spike for "Larry Rhoden" on July 15, 2026, was the release of a new poll. On that date, a Keloland News and Emerson College poll was released, showing Governor Larry Rhoden with a substantial 62% to 32% lead over Toby Doeden among registered Republican voters for the runoff election [1]. This significant lead, appearing on the same day as the market movement, directly increased the perceived probability of Rhoden's nomination. Social media activity was irrelevant as a primary driver; no relevant posts from key figures or viral narratives were found in the provided research.
Sources (1)
  1. 1Keloland News/Emmerson college poll shows Gov. Rhoden with large lead over Aberdeen businessman Toby Doeden - Dakota Broadcastingdakotabroadcasting.com

4. Market Data

Contract Snapshot

This contract resolves "Yes" if Larry Rhoden wins the Republican Party's nomination for the 2026 South Dakota Governorship, with the outcome verified by state governments; otherwise, it resolves "No." The market opened on July 3, 2025, and will close either after the nomination occurs or by November 3, 2026, with payouts projected 5 minutes after closing. This is a mutually exclusive event, and a specified list of individuals and organizations are prohibited from trading due to insider trading rules.

Available Contracts

Market options and current pricing

Outcome bucket Yes (price) No (price) Last trade probability
Larry Rhoden $0.89 $0.12 89%
Toby Doeden $0.12 $0.89 11%

Market Discussion

The market overwhelmingly favors Larry Rhoden to be the South Dakota Republican Governor nominee, with his probability currently at 89%. This strong consensus is supported by a recent KELOLAND-Emerson poll, and traders observe that those who bet on Toby Doeden are experiencing significant losses and cutting their positions. The discussion highlights a clear market confidence in Rhoden, with some participants expressing regret for not having invested in his nomination earlier.

5. What key endorsements from former candidates could influence the July 28, 2026, runoff between Toby Doeden and Larry Rhoden?

Lance Russell EndorsementToby Doeden [1]
Dusty Johnson Supporters LeanLarry Rhoden (due to governing experience) [2]
Donald Trump EndorsementNone [3]
Supporters of primary-eliminated candidates will significantly influence the runoff. The July 28, 2026 runoff election between Toby Doeden and Larry Rhoden is primarily shaped by the voting preferences of those who backed Dusty Johnson and Jon Hansen, both eliminated in the June 2 primary [2][4][5]. State Representative Taylor Rae Rehfeldt, who previously supported Dusty Johnson, indicated that Johnson's base is expected to favor Larry Rhoden, citing his perceived governing experience [2]. Similarly, House Majority Leader Scott Odenbach, a supporter of Jon Hansen, also stated his likelihood of voting for Larry Rhoden [2].
Direct endorsements are limited, with key voter blocs remaining divided. Republican Attorney General nominee Lance Russell has issued an endorsement for Toby Doeden [1]. However, support from Jon Hansen's former base appears more fragmented; while some may align with Doeden due to shared opposition to the use of eminent domain for carbon pipelines, others have expressed disapproval of Doeden's campaign tactics [2]. A notable absence in the race is an endorsement from former President Donald Trump [3].
Sources (5)
  1. 1South Dakota Attorney General candidate Lance Russell endorses Toby Doeden in runoff election - Dakota Broadcastingdakotabroadcasting.com
  2. 2Larry Rhoden and Toby Doeden to face off in first-ever...news.ballotpedia.org
  3. 3Republicans picking Rhoden by wide margin in new pollkeloland.com
  4. 4The Republican gubernatorial primary runoff is two weeks...kotatv.com
  5. 5Bitter GOP primary for South Dakota governor heads to runoff as businessman Toby Doeden, Gov. Larry Rhoden advance - CBS Newscbsnews.com

6. What is Toby Doeden's path to victory in the July 28 runoff based on his first-place finish in the June 2 primary?

Toby Doeden Primary Votes41,791 (30.62%) [1][2]
Runoff Election DateJuly 28, 2026 [3][4]
Vote Threshold for Nomination35% [5][6]
Toby Doeden secured a runoff against the incumbent governor. He finished first in the June 2, 2026, South Dakota Republican gubernatorial primary, receiving 41,791 votes, or 30.62% [1][2]. This outcome led to a runoff election against incumbent Gov. Larry Rhoden scheduled for July 28, 2026 [1][2]. This marks South Dakota's first gubernatorial primary runoff since a 1985 law established a 35% vote threshold for nomination [5][6].
Doeden's campaign emphasized his outsider status and fiscal reforms. Campaigning as a businessman and political outsider, Doeden advocated for phasing out property taxes and reducing government spending [7]. He also criticized "career establishment politicians" and challenged Governor Rhoden on fiscal policy, particularly regarding Rhoden's support for sales tax increases to fund property tax cuts [7].
The runoff winner is widely expected to secure the general election. The Republican nominee emerging from the July 28, 2026, runoff between Doeden and Rhoden is highly favored to win the general election, given that the Democratic Party has not held the South Dakota governor's office since the 1970s [7][8].
Sources (8)
  1. 12026 South Dakota Governor | Live Election Resultsvotes.decisiondeskhq.com
  2. 2The Republican gubernatorial primary runoff is two weeks away: What you need to knowkotatv.com
  3. 3Toby Doedenballotpedia.org
  4. 4South Dakota gubernatorial election, 2026 (June 2...ballotpedia.org
  5. 5Incumbent Larry Rhoden and Toby Doeden advance to first...news.ballotpedia.org
  6. 6Larry Rhoden and Toby Doeden to face off in first-ever...news.ballotpedia.org
  7. 7Bitter GOP primary for South Dakota governor heads to runoff as businessman Toby Doeden, Gov. Larry Rhoden advance - CBS Newscbsnews.com
  8. 8South Dakota Republicans choose governor nominee in closely watched primary - Mitchell Republic | News, weather, sports from Mitchell South Dakotasiouxfallslive.com

7. How do Toby Doeden and Larry Rhoden compare on key policy positions relevant to South Dakota Republican primary voters?

Toby Doeden on Property TaxesAdvocates for the abolition of property taxes [1]
Larry Rhoden on Property TaxesHighlights record of enacting property tax cuts [1]
Larry Rhoden's Legislative ActionSigned REINS-style law (SB 133) in March 2226 [2][3]
Businessman Toby Doeden and Governor Larry Rhoden hold distinct positions on key financial and economic policies. Doeden advocates for the abolition of property taxes and criticizes what he describes as "reckless" state spending and subsidies [1]. In contrast, Governor Rhoden highlights his record of enacting property tax cuts and endorses existing economic development approaches [1]. These differing stances mark a clear contrast between the candidates regarding property taxes, state spending, and economic development strategies [1].
Governor Rhoden has enacted several conservative policy initiatives during his term. Evidencing his focus on conservative policies [1], Rhoden signed a REINS-style law (SB 133) in March 2226, which requires legislative review for significant executive agency rules [2][3]. Furthermore, Governor Rhoden has indicated his support for South Dakota's participation in a federal education tax credit scholarship program [2].
Sources (3)
  1. 1Governor candidates differ in evaluating $15 million of state aid for Brookings project • South Dakota Searchlightsouthdakotasearchlight.com
  2. 2South Dakota is the latest state to indicate participation in the federal education tax credit scholarship program - Ballotpedia Newsnews.ballotpedia.org
  3. 3South Dakota enacts REINS law, first new REINS state in 2026 - Ballotpedia Newsnews.ballotpedia.org

8. What public polling data is available for the South Dakota gubernatorial runoff for the period between June 3 and July 28, 2026?

Toby Doeden primary vote share30.6% [1][2][3]
Larry Rhoden primary vote share25.2% [1][2][3]
Gubernatorial runoff election dateJuly 28, 2026 [4][3]
No public polling data is available for the South Dakota gubernatorial runoff. Specifically, no public polling data exists for the period between June 3 and July 28, 2026 [5][6][7]. The runoff election for the Republican gubernatorial nomination, scheduled for July 28, 2026, features businessman Toby Doeden and incumbent Governor Larry Rhoden [4][3]. This runoff was triggered following the primary election on June 2, 2026 [4][3]. In the June 2 primary, Toby Doeden received 30.6% of the vote, while Governor Larry Rhoden garnered 25.2% [1][2][3].
Prediction markets offer insights despite the absence of direct public polls. While direct public polling for the specified June 3-July 28 period is unavailable, prediction markets like Kalshi, Coinbase, and Robinhood have active markets tracking the candidates' odds [5][6][7]. Ballotpedia's compilation of polls for the runoff includes entries with survey date ranges from May 18-19, 2026 (Emerson College) and May 18-20, 2026 (Meeting Street Insights), which fall outside the requested June 3-July 28 window [8]. Decision Desk HQ's runoff page also suggests the availability of polling data through its aggregation, though specific results for the June 3-July 28 period were not retrieved [9].
Sources (9)
  1. 1South Dakota Primary Results 2026: Senate, House and Governor | AP Newsapnews.com
  2. 2At 100% reporting, Doeden, Rhoden leadkeloland.com
  3. 3The Republican gubernatorial primary runoff is two weeks away: What you need to knowkotatv.com
  4. 4Bitter GOP primary for South Dakota governor heads to runoff as businessman Toby Doeden, Gov. Larry Rhoden advance - CBS Newscbsnews.com
  5. 5South Dakota Republican Governor nominee? Odds & Predictions 2026kalshi.com
  6. 6South Dakota Republican Governor nominee - Electionsrobinhood.com
  7. 7South Dakota Republican Governor nominee? | Prediction Markets | Coinbasecoinbase.com
  8. 8Larry Rhoden - Ballotpediaballotpedia.org
  9. 92026 South Dakota Governor | Live Election Resultsvotes.decisiondeskhq.com

9. What are the arguments for incumbent Larry Rhoden overcoming his second-place primary finish in the July 28 runoff?

Doeden's Primary Vote Share30.6% [1][2]
Rhoden's Primary Vote Share25.2% [1][2]
Runoff Threshold35% of vote [3][1]
Governor Rhoden faces a runoff after a second-place primary finish. Incumbent Governor Larry Rhoden, who ascended to the governorship in January 2025 following Kristi Noem's resignation [4], is competing against challenger Toby Doeden in a Republican gubernatorial primary runoff on July 28. This runoff occurred because neither candidate reached the mandated 35% vote threshold in the initial June 2 primary [3][1]. In that primary, Doeden secured 30.6% of the vote, placing first, while Rhoden came in second with 25.2% [1][2].
Recent polling suggests Rhoden holds a lead approaching the runoff. Despite his second-place finish in the primary, Governor Rhoden appears to be leading Doeden in recent polling conducted in mid-July 2026, ahead of the runoff election [5]. This upcoming runoff marks the first gubernatorial primary runoff in South Dakota since a 1985 law mandated that candidates must secure at least 35% of the vote to avoid such a contest [6][4].
Sources (6)
  1. 1The Republican gubernatorial primary runoff is two weeks away: What you need to knowkotatv.com
  2. 2At 100% reporting, Doeden, Rhoden leadkeloland.com
  3. 3Bitter GOP primary for South Dakota governor heads to runoff as businessman Toby Doeden, Gov. Larry Rhoden advance - CBS Newscbsnews.com
  4. 4Incumbent Larry Rhoden and Toby Doeden advance to first-ever primary runoff for South Dakota governor - Ballotpedia Newsnews.ballotpedia.org
  5. 5South Dakota 2026 Poll: Larry Rhoden Leads Toby...emersoncollegepolling.com
  6. 6Larry Rhoden and Toby Doeden to face off in first-ever...news.ballotpedia.org

10. What Could Change the Odds

Key Catalysts

South Dakota's gubernatorial race is underway, with the primary election held on June 2, 2026, and the general election scheduled for November 3, 2026 [1][2][3]. Incumbent Governor Larry Rhoden assumed office on January 25, 2025, following Kristi Noem's resignation [4]. South Dakota governors are limited to two consecutive four-year terms [5][6][7]. As of July 16, 2026, the Republican nominee for the 2026 South Dakota gubernatorial election has not been determined [8][9][10]. The June 2, 2026, primary did not produce a winner with the required 35% of the vote [8][9][10].
This outcome mandates a Republican primary runoff election on July 28, 2026, between incumbent Governor Larry Rhoden, who secured 25.2% of the primary vote, and Toby Doeden, who received 30.6% [8][9][10]. This event marks the first gubernatorial primary to require a runoff in South Dakota since a 1985 law set the 35% threshold [8][9][10].

Key Dates & Catalysts

  • Expiration: November 03, 2026
  • Closes: November 03, 2026
Sources (10)
  1. 12026 South Dakota gubernatorial electionen.wikipedia.org
  2. 2Election Calendarsdsos.gov
  3. 32026 Election Calendarsdsos.gov
  4. 4Larry Rhodenen.wikipedia.org
  5. 5South Dakotasdsos.gov
  6. 6Governor of South Dakotaballotpedia.org
  7. 7Article IV, South Dakota Constitution - Ballotpediaballotpedia.org
  8. 8Larry Rhoden and Toby Doeden to face off in first-ever primary runoff for South Dakota governor - Ballotpedia Newsnews.ballotpedia.org
  9. 9Incumbent Larry Rhoden and Toby Doeden advance to first-ever primary runoff for South Dakota governor - Ballotpedia Newsnews.ballotpedia.org
  10. 10Larry Rhoden - Ballotpediaballotpedia.org

12. Related News

+26.0pp
Last updated: July 16, 2026, 12:33 UTC

Early Voting Surge Lifts Gov. Rhoden's Odds in SD GOP Runoff Market

Reports on Wednesday of a surge in advance voting for South Dakota's Republican gubernatorial runoff, attributed by election officials to an influx of party-switchers, prompted a significant repricing...
-35.9pp
Last updated: July 16, 2026, 12:33 UTC

Doeden, Rhoden Odds Surge for SD Gov Nominee as Primary Results Eliminate Johnson

The prediction market for the 2026 South Dakota Republican gubernatorial nomination experienced a significant repricing on Wednesday, June 03, 2026, following the state's primary election. The contrac...

13. Historical Resolutions

Historical Resolutions: 2 markets in this series

Outcomes: 0 resolved YES, 2 resolved NO

Recent resolutions:

  • KXGOVSDNOMR-26-JHAN: NO (Jun 03, 2026)
  • KXGOVSDNOMR-26-DJOH: NO (Jun 03, 2026)