Vučić’s “United Serbia” list and incumbent Iotova remain the trader-favored pair at 58 percent in the combined market, reflecting their consistent polling edges ahead of the simultaneous 25 October votes. In Serbia, early parliamentary elections feature a polarized contest between Vučić’s list and the student-backed Srdanović option, where protest momentum and turnout expectations keep the outcome competitive despite the market’s lean. Bulgaria’s presidential race shows Iotova leading Gyurov by roughly 20 points in recent surveys, positioning a likely runoff that traders price as favoring the incumbent ticket. The 41 percent on the Srdanović-Iotova combo and lower prices on Gyurov pairings underscore how shifts in Serbian turnout or late campaign developments could narrow the gap between leading combinations before election night.