Elections Intelligence

South Dakota Governor

DEFENDED SEATSafe R

Larry Rhoden (R) has held this seat since 2025 and is running for re-election.

Dan Ahlers Challenger
3.6¢
Party market · checked 2:09 PM ETView on Kalshi ↗
98.3¢
Larry Rhoden Incumbent

FTP Race Signal

FTP Race SignalA composite of market, polling and money. The prediction-market price anchors it; a polling average moves it: the last 30 days, or the three most recent pollsters when fewer polled. Polls paid for by a candidate, party or allied group move 2 points toward the other side and count half. When the three most recent independent pollsters each have the race within three points, it is a Toss-up unless the market is already decisive. Fundraising counts only at a five-to-one gap. Past results are context, not inputs. A rating changes only when the evidence clears the line.

The market prices this seat about where its history left it: a 27-point Republican hold in 2022, priced at 98.3¢ today.

Safe R
Safe DLikely DLean DToss-upLean RLikely RSafe R
Prior result · Safe RR+26.81 in 2022. Market · Safe RR 98.3¢: traders' price for a Republican hold.

No polls of this matchup. The market favors Rhoden.

The market moved 2¢ toward the Republican in the last 7 days. As of October 12.

Market

BandPRICEToss-up50¢ to 65¢Lean65¢ to 82¢Likely82¢ to 95¢Safe95¢ and above
R 98.3¢

Kalshi party market · checked 2:09 PM ET

View market on Kalshi ↗

Polling

BandPOINTSToss-up0 to 5Lean5 to 10Likely10 to 20Safe20 and above
—
Emerson College ↗ A+ Jul 12 to 13 · n=500 LV · Runoff Rhoden +30 Independent

Prior result

BandPOINTSToss-up0 to 5Lean5 to 12Likely12 to 25Safe25 and above
R+26.8

Kristi Noem (R)

62.0% to 35.2% · 2022 general election

def. Jamie Smith (D). Margin verified against retrieved official results.

Fundraising

BandRATIO TO 1Parity1 to 5Lean5 and above
2.8 to 1

Cash on hand · thru May 13

Dan Ahlers$59.2K ↗
Larry Rhoden$169.6K ↗

Closing balance at May 13, 2026, not money raised; Rhoden leads 2.8 to 1 on cash, which takes no place on the spectrum.

The general election is on November 3, which is 22 days away.