New to this and I am not understanding something that seems fundamental...
In a TWO way race, what is the difference between buying 'No' on candidate A and buying 'Yes' on candidate B. I presume 'No' is the safer buy given unlikely scenarios like the contest never taking place.
Seems I am missing something important here.
I think you got it yourself at the end, but let me express it in other terms:
In a race for one position, there can never be two winners, but they can be two losers. The possibilities that that happens are multiple, but their probabilities are small:
- the contest is delayed and nobody can win
- one candidate could fall ill or die and the replacement beats the other candidate
- a third candidate enters the race if not legally prohibited and wins