Douglas Ruas secured a first-round victory in the Rio de Janeiro gubernatorial election after the Superior Electoral Court invalidated Anthony Garotinho’s votes on eligibility grounds, pushing Ruas past the 50% threshold of valid ballots with 50.88% against Eduardo Paes at 44.16%. The Tribunal Regional Eleitoral confirmed the retabulation on October 10, with formal proclamation scheduled for October 15. Traders assign Ruas a 98.6% implied probability because the outcome aligns with verified vote totals and Paes has conceded while appeals remain limited. Remaining uncertainty stems from any final challenges at the Supreme Court or procedural delays in certification, though such steps have not altered the certified results to date. The market reflects the skin-in-the-game consensus on these institutional steps rather than pre-election polling volatility.