Hungary's Election: A Record Vote Could End Viktor Orban's 16-Year Rule

Contracts on Polymarket for the likelihood of Magyar becoming the next PM rose to 88%, an all-time high as turnout numbers trickled in, with $69 million traded. | World News

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Hungarians are voting in record numbers in an election that could end Prime Minister Viktor Orban's 16-year hold on power.

Orban faces his strongest challenge yet from a former ruling elite insider, Peter Magyar, who has rallied Hungarians by playing on discontent with rampant corruption, a cost-of-living crisis, and the poor state of public services.

A defeat for Orban would have an impact far beyond his country of almost 10 million, affecting the European Union's efforts to project geopolitical power beyond its borders and promote democratic values.

The European Union's longest-serving leader has been a persistent obstacle to the bloc's efforts, most recently by vetoing a €90 billion loan to Ukraine.

Magyar says he plans to bring Hungary back to the European mainstream, while Orban has urged Hungarians to vote for Fidesz for their security.

Polling stations will close at 7 p.m. local time, with partial results expected to be posted on the election office's website an hour later.

Voter turnout rose to 66% by 3 p.m. and was on track for an all-time high, exceeding the participation rate four years ago by 13 percentage points.