What does a price like 65¢ mean?

A share's price is both the market-implied probability and the cost of the share:

• 65¢ means ≈ 65% chance and a $0.65 cost per share.
• If it wins, the share settles at $1 — a $0.35 profit per share.
• YES and NO prices sum to ≈ $1: if YES is 65¢, NO is ≈ 35¢.

The more confident the market is, the closer the price moves to $1.