Georgian Dream officially won the 2024 parliamentary elections with 53.9% of the vote, securing 89 of 150 seats. Yet markets are pricing in growing uncertainty about their 2028 prospects, with odds falling from 76¢ to 45¢. The victory came amid widespread allegations of vote-buying and ballot-stuffing, with opposition parties and President Salome Zourabichvili refusing to recognize results and triggering Georgia's ongoing political crisis. The V-Dem Institute has already downgraded Georgia from an "electoral democracy" to an "electoral autocracy". With 504 units in volume, this represents the highest-conviction bet among political markets — traders are clearly wagering that Georgian Dream's grip on power may not survive the mounting domestic and international pressure through the next election cycle.