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      The Betting on the Presidential Election Has Begun

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      While two leading prediction markets are fighting regulatory restrictions in court, wagers on politics and economics are still being made.Financial journalists love Wall Street aphorisms. I use them whenever I can.“Don’t fight the Fed” has been handy this year. “The stock market climbs a wall of worry” is useful whenever investors are fretting.Here’s one I’ve never been able to drop into an article — not yet, anyway: “It is an old axiom in the financial district that Wall Street betting odds are ‘never wrong.’”But nearly a century ago, on Sept. 28, 1924, one of my anonymous predecessors at The New York Times (bylines were uncommon then) used it. That hallowed saying could be repurposed today, except for a formidable problem. It refers to the betting on elections that took place on Wall Street, which was commonplace back then — and covered extensively in The Times and other major newspapers, as an important source of information about national, state and local political contests.Today, except for indirect and elaborate financial hedges on the policy implications of election outcomes, outright betting on elections is no longer a core part of American finance.Legal battles are underway to change that, however. And in the meantime, three prediction markets — PredictIt, Kalshi and the Iowa Electronic Markets — continue to operate and generate compelling insights. With any of them, it’s possible to make bets on who will win the 2024 presidential election and on a host of other consequential matters.Markets Versus PollsI’ve used prediction markets for years, especially during election season, much as my predecessors presumably used the Wall Street election betting markets — not to place bets but to obtain information.I don’t depend on these markets, and don’t buy the notion that they are superior to other means of obtaining information — or that they have the ability to reliably predict the future or change the world.Even so, they are illuminating. Some studies have found prediction markets to compare favorably with polls, especially when you are weeks or months away from voting. And when an issue or an election is important, one can never have enough data.Right now, for instance.The latest New York Times/Siena College poll shows that for the 2024 election, President Biden is trailing former President Donald J. Trump in five of six swing states. Both PredictIt and the Iowa market indicate, however, that most people placing wagers on those sites believe that in the end Mr. Biden will win.Which Question?John Aristotle Phillips, who runs the PredictIt market on behalf of Victoria University of Wellington, a New Zealand institution, said in an interview that there were frequently major differences between the findings of the polls and the prediction markets. That’s entirely normal, he said. “Polls and prediction markets ask different questions.”A poll asks who, right now, you would prefer as a candidate. But a functioning market that demands real money for a trade asks something else, he said, “not who you want to win but who you think will win.”As a sports fan, I understand the difference.If you asked me which baseball team I wanted to win, I’d always pick the Mets. But over many decades, they have usually disappointed me. So if I had to put money down, I’d never bet on them.What do I really think? It depends on which question you ask.The State of PlayKalshi, PredictIt and the Iowa market operate legally but function under specific limitations.One general problem is that “no states allow betting on political events and, if it was allowed, it would be on a state-by-state basis,” said Cait DeBaun, vice president of the American Gaming Association, which represents the gambling industry. You can’t avoid enticements for betting on sports if you watch a game on television in most major markets, but you won’t see ads for bets on politics. They aren’t permitted.But both PredictIt and the Iowa market offer overtly political wagers under academic exemptions granted by the Commodity Futures Trading Commission.The Iowa market, which started in 1988, is the most purely academic of the three. It is devoted entirely to research and teaching, but is open to anyone who wants to place a wager.PredictIt is operating under an academic exemption, too, but it has had to fight to retain it. The C.F.T.C. withdrew its permission in August 2022, and ordered the site to shut down, saying it had strayed from its academic mission. But PredictIt won a court injunction allowing it to continue operating, and it is suing the C.F.T.C., seeking permanent authority to run its market.It has 19 contracts running now, but Mr. Phillips said he expected to offer “hundreds” soon. “We aren’t going anywhere,” he said. “We’re going to keep operating.”Kalshi, the biggest of the three sites, is the most constrained at the moment in betting on politics. As a commercial derivatives market, it can accept trades amounting to scores of millions of dollars.It already runs prediction markets on inflation, unemployment, oil prices, Federal Reserve policy, government shutdowns, the temperature in Austin, who will win an Oscar and President Biden’s approval rating. The consensus forecasts are often on the mark and extremely useful.But what Kalshi has been unable to do is run a market predicting which political party will control Congress. The Commodity Futures Trading Commission has turned it down, saying that would violate prohibitions on election contracts implied by the Dodd-Frank Act of 2010. So Kalshi sued the C.F.T.C. this month.In an interview, Tarek Mansour, a founder of Kalshi, said that he would ultimately like to start markets on presidential elections and on a range of other contests. “Betting on elections is as old as the United States,” he said, adding that if that betting isn’t done through a careful marketplace like his, it will happen elsewhere anyway.Already, he pointed out, sophisticated and well-financed investors can hedge against the risks of election outcomes through bespoke derivative contracts arranged by investment banks. “Why limit these trades to the very rich?” he asked. “We want to make this kind of hedging available to the average investor.”I said that I would call these “trades” bets.He said, “I wouldn’t disagree.”Betting on U.S. elections takes place abroad. Betfair in Britain runs a robust market. And unregulated offshore betting is conducted on Polymarket, which uses cryptocurrency and was fined $1.4 million by the C.F.T.C. for running afoul of its rules. Then there’s FTX, the failed cryptocurrency exchange that was headed by Sam Bankman-Fried, who was convicted this month on seven counts of fraud and conspiracy. It ran an unregulated, offshore prediction market in the 2020 election cycle.“Driving these markets offshore doesn’t make sense to me,” Mr. Mansour said.I’ll leave these legal matters to the courts and the regulatory agencies to decide.But like my journalistic predecessors, I welcome the data trove that betting on elections provides. I’m hoping the entrepreneurs who run prediction markets will keep the information flowing, so we can really test the truth of the old saying, “Wall Street betting odds are never wrong.” More

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      Israel Agrees to Short Pauses in Gaza Fighting, and More

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      The New York Times Audio app is home to journalism and storytelling, and provides news, depth and serendipity. If you haven’t already, download it here — available to Times news subscribers on iOS — and sign up for our weekly newsletter.The Headlines brings you the biggest stories of the day from the Times journalists who are covering them, all in about 10 minutes.For a few hours daily, residents of northern Gaza have used pauses in the fighting by the Israeli military to make their way south.Samar Abu Elouf for The New York TimesOn Today’s Episode:Israel Has Agreed to Regular Daily Four-Hour Pauses for Civilians to Flee, The White House saidExplosion Rocks a Gaza HospitalJoe Manchin’s Retirement Adds Fuel to 2024 RumorsHouse Republicans Clash Over Spending Days Ahead of Shutdown DeadlineEmily Lang More

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      Liberal Donor Group Targets New York and California House Seats for 2024

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      The Democracy Alliance looks to two large blue states — with $10 million aimed at New York alone — as a way for Democrats to retake control of the House.The Democracy Alliance, a powerful network of major liberal donors, will prioritize winning back control of the House for Democrats next year by planning to pour funds into crucial races in New York and California.According to a private memo circulated to members, the group will help a coalition of labor and political organizations aiming to win back four seats in the state that Republicans flipped last year and to protect one that a Democrat narrowly held. A person with knowledge of the details who spoke on the condition of anonymity said the group was planning to raise $10 million for that coalition, called Battleground New York.“In 2024, the Democracy Alliance is prioritizing the House,” wrote Pamela Shifman, the president of the group. “New York and California House races in 2022 cost us the House — and showed why we can’t afford to take any state for granted.”After a court-ordered redistricting process led to a series of tight races, New York emerged as a surprising political battleground in the 2022 midterm elections. Republicans flipped four seats in the state, where registered Democrats outnumber Republicans by more than two-to-one.Given Republicans’ narrow nine-vote margin in the House, Democracy Alliance donors see making gains in New York and California — deep-blue states — as a way to win back control of the chamber. Next year, along with focusing on the House races, the group plans to support President Biden’s agenda by investing in key swing states and liberal organizations that focus on voting rights.In total, the alliance donors plan to send tens of millions of dollars to Democratic and progressive groups working on the 2024 race. They’ve also been involved in broader attempts to stop third-party presidential candidacies, including those of the centrist organization No Labels, seeing such campaigns as a threat to Mr. Biden’s re-election chances. Leaders of the organization have urged their donors not to give to such efforts.Democracy Alliance channels money from megadonors, whom the group keeps anonymous, to organizations it believes will advance a progressive agenda. Members of the organization pledge to give hundreds of thousands of dollars to recommended causes. Over the last two decades, the group has donated more than $1 billion to progressive organizations and campaigns at both the state and federal levels.Ahead of a private meeting with the network’s donors this weekend, Ms. Shifman also took a victory lap for the organization’s wins in elections this week. The organization invested heavily in an Ohio ballot measure, which voters approved on Tuesday to enshrine abortion rights in the state constitution. The alliance plans to continue to focus on abortion rights next year.“Our partners on the ground in Ohio proved that a well-resourced campaign can push back against nefarious intent and rule-rigging, affirming our strategy to go all-in on abortion in 2024,” Ms. Shifman wrote. More

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      The G.O.P.’s Culture War Shtick Is Wearing Thin With Voters

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      The Republican Party has always leaned on culture war issues to win elections, but for the last three years, since Joe Biden won office in 2020, an aggressive and virulent form of culture war demagoguery has been at the center of Republican political strategy.If the results of Tuesday’s elections in Virginia, Kentucky and Ohio tell us anything, however, it’s that this post-Roe form of culture warring is an abject failure, an approach that repels and alienates voters far more than it appeals to or persuades them.To be fair to Republican strategists, there was a moment, in the fall of 2021, when it looked like the plan was working. Glenn Youngkin, the Republican nominee for governor in Virginia, ran on a campaign of “parents’ rights” against “critical race theory” and won a narrow victory against Terry McAuliffe, a former Democratic governor, sweeping Republicans into power statewide for the first time since 2009. Youngkin shot to national prominence and Republicans made immediate plans to take the strategy to every competitive race in the country.In 2022, with “parental rights” as their rallying cry, Republican lawmakers unleashed a barrage of legislation targeting transgender rights, and Republican candidates ran explicit campaigns against transgender and other gender nonconforming people. “They kicked God out of schools and welcomed the drag queens,” said Kari Lake, an Arizona Republican, during her 2022 campaign for governor. “They took down our flag and replaced it with a rainbow.”Republican candidates and political committees spent millions of dollars attacking gender-affirming care for minors and transgender participation in youth sports. Republican opponents of Michigan’s initiative to protect abortion access in the state warned voters that it would give transgender youth the right to obtain certain forms of care without parental consent. An ad aired in opposition to Abigail Spanberger, a Virginia Democrat running for re-election to the House that year, portrayed gender-affirming care as a way to “chemically castrate” children.Lake lost her race. Michigan voters successfully amended their state Constitution to protect the right to an abortion. Spanberger won re-election, too. Overall, election night 2022 was a serious disappointment for the Republican Party, which failed to win a Senate majority and barely won control of the House of Representatives. The hoped-for red wave was little more than a puddle. The culture war strategy had fallen flat on its face.Undaunted, Republicans stepped back up to the plate and took another swing at transgender rights. Attorney General Daniel Cameron of Kentucky, the Republican nominee for governor of that state, and his allies spent millions on anti-transgender right ads in his race against the Democratic incumbent Andy Beshear. In one television ad, a narrator warns viewers of a “radical transgender agenda” that’s “bombarding our children everywhere we turn.” Beshear won re-election.Youngkin was not on the ballot in Virginia, but he led the effort to win a Republican trifecta in the state, targeting Democrats once again on parents’ rights and endorsing candidates who ran hard against transgender inclusion in schools. “No more are we going to make parents stand outside of the room,” Youngkin said, to a crowd of Republicans on Monday at a rally in Leesburg. “We are going to put them at the head of the table in charge of our children’s lives.”One candidate for State Senate Youngkin endorsed, Juan Pablo Segura, told Fox News that he wants to revisit a failed bill that would have required schools to notify parents if there was any hint a child was interested in transgender identity.Segura lost his race and Youngkin and his fellow Republicans failed to either flip the State Senate or hold on to the House of Delegates. He’ll face a Democratic majority in both chambers of the General Assembly for the rest of his term in office.Some Ohio Republicans also tried to turn their fight against a reproductive rights initiative into a battle over transgender rights, falsely stating that the wording of the amendment would allow minors to obtain gender-affirming surgeries without parental consent. On Tuesday, Ohio voters backed the initiative, 56 percent to 43 percent.I can think of three reasons that voters — going back to the 2016 North Carolina governor’s race, fought over the state’s “bathroom bill” — have not responded to Republican efforts to make transgender rights a wedge issue.There’s the fact that transgender people represent a tiny fraction of the population — they just aren’t all that relevant to the everyday lives of most Americans. There’s also the fact that for all the talk of “parents’ rights,” the harshest anti-trans laws trample on the rights of parents who want to support their transgender children.Additionally — and ironically, given the Republican Party’s strategic decision to link the two — there’s the chance that when fused together with support for abortion bans, vocal opposition to the rights of transgender people becomes a clear signal for extremist views. The vibe is off, one might say, and voters have responded accordingly.If the Republican Party were a normal political party that was still capable of strategic adjustment, I’d say to expect some rhetorical moderation ahead of the presidential election. But consider the most recent Republican presidential debate — held on Wednesday — in which candidates continued to emphasize their opposition to the inclusion of transgender people in mainstream American life. “If God made you a man, you play sports against men,” declared Senator Tim Scott of South Carolina, at the conclusion of the debate.So I suppose that when the next election comes around, we should just expect more of the same.The Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. More

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      I’m a Pollster. Democrats Need Young Voters to Win in 2024.

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      Well before the latest Times/Siena poll raised concerns about Joe Biden’s re-election prospects, John Della Volpe was sounding alarms. The Harvard Kennedy School pollster — who worked on Biden’s 2020 campaign — first noticed a change in the way young voters were thinking about politics last spring. For months he has heard dissatisfaction with the two parties and increasing attraction to third party options from young voters in his town halls.With the next presidential election less than a year away, Della Volpe offers his advice for re-energizing young voters’ interest in the Democratic Party and its candidate.Illustration by Akshita Chandra/The New York Times; Photograph by flySnow/Getty ImagesThe Times is committed to publishing a diversity of letters to the editor. We’d like to hear what you think about this or any of our articles. Here are some tips. And here’s our email: letters@nytimes.com.Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram.This Opinion short was produced by Phoebe Lett. It was edited by Kaari Pitkin and Annie-Rose Strasser. Mixing by Efim Shapiro. Original music by Sonia Herrero, Isaac Jones and Carole Sabouraud. Fact-checking by Mary Marge Locker. Audience strategy by Kristina Samulewski and Shannon Busta. More

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      As Haley Rises, the Clock Is Ticking on Taking Down Trump

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      Nikki Haley has had three solid debates, has ample cash and has climbed in the polls. She’s still banking on a breakthrough to catch up to the front-runner.In the Republican nomination contest, even five-inch stilettos might not be enough to overcome the towering figure of Donald J. Trump.For a third time on Wednesday night, Nikki Haley won praise for her deft performance on a Republican primary debate stage.Over the course of the two-hour face-off, Ms. Haley displayed her foreign policy credentials, parried attacks on her record and even transformed her shoes into a campaign weapon. When Vivek Ramaswamy, Ms. Haley’s most aggressive antagonist, derided her as “Dick Cheney in three-inch heels,” Ms. Haley was ready to rise above.Literally, at least, if not figuratively.“They’re five-inch heels,” she said, standing tall in her spiky black shoes. “And they’re not for a fashion statement. They’re for ammunition.”Still, months of campaigning, a series of strong debate performances, healthy campaign accounts and rising numbers in surveys of early voting states haven’t been enough to put Ms. Haley within striking distance of Mr. Trump, who remains the dominant front-runner. While Ms. Haley’s support has increased, particularly in Iowa, voters have yet to flock to her candidacy in overwhelming numbers. A number of megadonors have taken a wait-and-see approach, keeping an eye on Ms. Haley but remaining on the sidelines.Now, a little less than 10 weeks before Iowa voters cast the first ballots in the caucuses there, the clock is ticking.“The momentum is clearly there, but momentum is a very elusive thing,” said Kevin Madden, a former Republican operative who worked on Mitt Romney’s 2012 and 2008 presidential campaigns. “How does she turn it into an avalanche — 1,236 delegates to secure the nomination at the convention? The blueprint for that has yet to be unveiled.”Ms. Haley’s backers say that Wednesday’s performance should help her continue to make inroads — drawing major donors and gaining support among voters eager for an alternative to Mr. Trump.Fred Zeidman, a Texas businessman who has been one of Ms. Haley’s biggest fund-raisers since the start, said he fielded calls on Wednesday night from people who were “ready to get out their checkbooks.”Onstage, she showed her “substantive” knowledge on policy issues and kept her cool “even when her mettle was tested by Vivek,” he said.Beyond her confrontations with Mr. Ramaswamy, Ms. Haley seized opportunities to demonstrate her foreign policy experience and political acumen and continue making her general election pitch. While her male opponents tried to soften their tone on abortion — the debate came a day after Democrats successfully leveraged the issue against Republican candidates in the off-year elections this week — Ms. Haley simply repeated the conciliatory message of compassion she has been pushing for months.And when it came to international affairs, she offered a rejoinder that none of her rivals could match. When Mr. DeSantis said that as president, he “would be telling” Benjamin Netanyahu to eliminate Hamas after the horrific Oct. 7 attack, Ms. Haley, the former U.S. ambassador to the United Nations, immediately made it clear she had already delivered the message to the Israeli prime minister.“The first thing I said to him when it happened was I said, ‘Finish them,’” Haley said.Yet Ms. Haley faces a significant climb. One recent poll of Iowa had Ms. Haley tied at 16 percent support with Gov. Ron DeSantis of Florida — with Mr. Trump 27 points ahead. Part of her challenge is the crowded field, which has made it more difficult for any single candidate to consolidate support. And plenty of donors, of course, have stuck with Mr. Trump: On Thursday, Bernie Marcus, the Home Depot founder, who had not committed to matching his previous financial support for the former president, announced he would be backing his third presidential bid.Ms. Haley’s supporters say that the race remains fluid and that there is still time for the field to winnow into a Haley-Trump matchup in South Carolina, her home state and the third on the nominating calendar. They believe that Ms. Haley can emerge as the central alternative to Mr. Trump, even if her main primary rival — Mr. DeSantis — remains in the race.A close second-place finish — or even capturing the biggest vote share in Iowa after Mr. Trump — could catapult Ms. Haley into New Hampshire and the contests that follow, attracting fresh support and prompting some rivals to bow out, argue her aides and surrogates.Ms. Haley’s team has been trying to leverage her unique profile. The only woman on the stage, she stands out by definition.Campaign aides and surrogates describe women as some of her most critical enthusiastic boosters, donors and volunteers. “Women for Nikki” groups have been expanding across the country since her campaign began in February, largely based on word-of-mouth and friends reaching out to friends, campaign aides and volunteers said. They now include spinoffs for young mothers, students and military spouses.“This is being driven by a momentum because of who she is and how she connects with people,” said Jennifer Nassour, a regional co-chairwoman of the “Women for Nikki” coalition. On the campaign trail, both men and women are quick to cite their excitement for the possibility of the first female president, but they argue that Ms. Haley’s qualifications, competence and projection of calmness in the face of chaos are driving their support.“I want to see a woman that will fight for our country and put our country first, and that’s what she did when she was at the U.N., and I believe that’s what she will do,” said Noel Searles, 75, a retired sales manager who recently listened to her speak at a diner in Londonderry, N.H.Yet, in some ways, Ms. Haley has been caught in a circular cycle. Some of the Republican Party’s largest donors have been cautious, expressing interest but wanting to see if she can capture enough support among primary voters to make a serious run at Mr. Trump. Supporters of Ms. Haley argue that the backing of major party donors could help her consolidate support by nudging some rivals toward the exits.As the race heads toward Iowa, one advantage Ms. Haley has is money. Between July 1 and the end of September — the most recent numbers available in federal campaign finance filings — she raised $11 million across her political committees, a steady increase over the two previous quarters.What’s more, her campaign has kept costs low: In the third quarter, her campaign spent $3.5 million, about 43 cents of every dollar it took in. That is a marked contrast with Senator Tim Scott’s presidential campaign, which spent $2.70 of every dollar it received, and Mr. DeSantis’s campaign, whose spending slowed over the quarter but still leveled out spending nearly every dollar it took in.As of Thursday, the campaign had not itself bought any advertising time. (A super PAC backing Ms. Haley has spent more than $22 million on advertising in early primary states, according to an analysis by AdImpact, a media-tracking firm.)There are some signs major donors are turning their attention to her. Harlan Crow, a wealthy real estate developer, hosted a fund-raiser for her in October with well-connected real estate and oil and gas donors in attendance. Former Gov. Bruce Rauner of Illinois, a top giver to Mr. DeSantis, transferred his allegiance to Ms. Haley after the first debate. Last week, one of former Vice President Mike Pence’s top donors — the Arkansas poultry magnate Ron Cameron — said he would back her, after Mr. Pence dropped out of the race.Arun Agarwal, a Haley donor and textiles executive in Dallas, expressed optimism more key backers would follow. He said he received several texts from major Texas donors as the debate progressed asking what they could do to help. Mr. Agarwal added that he had seen this slow and steady rise before: He first reached out to Ms. Haley sometime around 2004 when he came across a news article of her long-shot bid for the South Carolina State House. To his surprise, she won that race.There were such “high expectations going into last night and she met them,” he said. “We need to get off the sidelines and start supporting what we believe in.” More

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      Kamala Harris Is Set to Visit South Carolina for Campaign Kickoff

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      The vice president is said to be planning a surprise Friday trip to file paperwork for the state’s primary, which will be the first party-approved voting of 2024.Vice President Kamala Harris will travel to Columbia, S.C., on Friday to formally file President Biden’s paperwork to appear on the Democratic primary ballot in the state, according to two people familiar with her plans.Ms. Harris’s trip will punctuate the end of a tumultuous week for her and Mr. Biden. Democrats began the week in a panic over polls that showed Mr. Biden trailing his likely Republican challenger, former President Donald J. Trump, in five of six expected battleground states. Then they found their spirits lifted when Democrats performed well in Tuesday’s elections in Virginia, Kentucky and Ohio, where a ballot measure enshrining abortion rights in the state constitution passed.The Biden campaign had said its South Carolina paperwork would be filed by Representative James Clyburn, the South Carolina Democrat who helped resuscitate Mr. Biden’s 2020 campaign by endorsing him three days before his state’s primary. Mr. Biden repaid the favor by pushing the Democratic National Committee to put South Carolina at the front of the party’s presidential nominating calendar.Ms. Harris and Mr. Clyburn will meet to file the primary paperwork at the South Carolina Democratic Party headquarters, said the people familiar with the plans, who spoke on the condition of anonymity because the trip was supposed to be a surprise.After The New York Times asked about the trip on Thursday evening, Ms. Harris made a sly suggestion on social media that she may appear with Mr. Clyburn.The White House had intended to keep Ms. Harris’s trip secret until she arrived in South Carolina. Her official White House schedule for Friday reads: “The vice president is in Washington, D.C., and has no public events scheduled.”A Biden campaign spokesman and Ms. Harris’s White House spokeswoman declined to comment on the trip.Mr. Biden, at a fund-raising event Thursday night in Chicago, dismissed polls from The Times and CNN released this week that each showed him trailing Mr. Trump.“The press has been talking about two polls,” Mr. Biden said. “There are 10 other polls we’re winning.” Mr. Biden then told the assembled donors that their money was not wasted on him but joked that he could “screw up” during his re-election bid.Representative Dean Phillips of Minnesota and Marianne Williamson, the self-help author who ran in the 2020 Democratic presidential primary, have already filed paperwork to appear on South Carolina’s Democratic primary ballot.Nevada, the second state on the party’s calendar, had its deadline to file for the primary last month. Mr. Biden, Ms. Williamson and 11 other candidates filed to run in Nevada’s Democratic primary.Mr. Biden did not file for the primary in New Hampshire after officials there refused the D.N.C.’s request to move its primary after South Carolina’s. More

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      Will Joe Manchin Run for President? He Keeps Fueling 2024 Rumors.

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      The West Virginia senator, who announced Thursday that he would not seek re-election, has stoked chatter about a third-party run. But his allies have been tight-lipped about his plans.Almost since he arrived in Washington, Senator Joe Manchin III of West Virginia has complained about the partisan nature of the Capitol and insisted that Americans aren’t as politically divided as the people they send to Congress.With his announcement on Thursday that he will not seek re-election next year, Mr. Manchin again floated the possibility that he thinks the solution to America’s polarized politics lies in the mirror.“What I will be doing is traveling the country and speaking out to see if there is an interest in creating a movement to mobilize the middle and bring Americans together,” Mr. Manchin said in his retirement video.He added, “I know our country isn’t as divided as Washington wants us to believe. We share common values of family, freedom, democracy, dignity and a belief that together we can overcome any challenge. We need to take back America and not let this divisive hatred further pull us apart.”What Mr. Manchin actually plans to do remains a mystery. His closest aides and advisers insist they don’t know. A conservative Democrat who has served as one of his party’s key votes in the Senate, he has long kept his own counsel on his biggest decisions and made up his mind at the last minute.Mr. Manchin has flirted this year with No Labels, a group that has made noise about running a centrist candidate for the White House. No Labels officials said Thursday that Mr. Manchin’s announcement had taken them by surprise, though they commended him “for stepping up to lead a long-overdue national conversation about solving America’s biggest challenges.”“Regarding our No Labels Unity presidential ticket, we are gathering input from our members across the country to understand the kind of leaders they would like to see in the White House,” the group said in a statement.Some allies of Mr. Manchin are skeptical that he will run for president. For one, it would cost hundreds of millions of dollars to run a credible independent or third-party campaign, and Mr. Manchin has never been a formidable fund-raiser on his own.Fellow Senate Democrats and their super PAC subsidized much of his 2018 re-election effort and were poised to do so again next year had he chosen to run. He did hold a fund-raising event for his political action committee last weekend at the Greenbrier, the West Virginia resort owned by Gov. Jim Justice, a Republican who is running for the state’s Senate seat.But the odds of him winning the presidency would be extremely long, especially at this relatively late date.“I wouldn’t say that he can’t or won’t run, but I know he hasn’t run for anything that he doesn’t want to win, ever,” said Phil Smith, a longtime lobbyist and official at the United Mine Workers of America and an ally of Mr. Manchin’s. “If you look at independent candidates for president, even well-known ones, those who started this late never got more than 2 to 3 percent of the vote.”Then there’s the question of Mr. Manchin’s age. He is 76, and would be running in a race with heightened attention and concern about the ages of President Biden, 80, and the likely Republican nominee, former President Donald J. Trump, 77.Mr. Manchin, a former West Virginia University quarterback, remains in good physical condition for a septuagenarian. In May, he completed a three-mile race in Washington in just over 40 minutes.One thing Mr. Manchin has always enjoyed since he won a special election to the Senate in 2010, when he was West Virginia’s governor, is the attention that comes with being a critical vote when Democrats control the chamber.That has often afforded him a platform that has made him popular among cable television bookers and centrist donors, while drawing the ire of the Democratic Party’s progressive activists. He said this summer that he was thinking “seriously” about leaving the Democratic Party.“If he sees that Biden continues to be the Democratic nominee and Trump the Republican nominee, I think he truly sees a huge slice of the American electorate, both Republican and Democratic, fed up with both of their parties’ nominees,” said former Representative Nick Rahall, a fellow West Virginia Democrat who has known Mr. Manchin for decades.For months this year, Mr. Manchin has cozied up to No Labels, which has so far secured ballot access in 12 states in its attempt to offer an alternative to Mr. Biden and Mr. Trump. The group’s president, Nancy Jacobson, has told potential donors that the group intends to select a Republican to lead its ticket, a decision that would exclude Mr. Manchin if No Labels maintains that position.One candidate openly teasing a No Labels run, Larry Hogan, the former Republican governor of Maryland, released a foreign policy video on Tuesday that looked and sounded like a campaign advertisement, denouncing the isolationism in his party and declaring himself “a Reagan guy.”Mr. Hogan appeared at a Bloomberg event last month and said that when he spoke with No Labels officials and donors, “most of them are now assuming it should be a Republican at the top of the ticket.”No Labels has methodically moved forward on its possible presidential campaign, unveiling a manifesto — a platform of sorts — in July and holding its own centrist events. They have featured a rotating cast of characters including Mr. Manchin, Mr. Hogan and Jon Huntsman Jr., a former Utah governor and moderate Republican.The group plans to raise $70 million before a convention in Dallas scheduled for April. But No Labels officials say they will decide whether to announce that campaign before then, possibly after Super Tuesday on March 5, when the Republican presidential primary contest may be all but over.The decision could come earlier, with the field of presidential candidates outside the major parties continuing to expand.On Thursday, Jill Stein, whose presence on the ballot in 2016 may have helped secure the White House for Mr. Trump, joined Robert F. Kennedy Jr., the iconoclastic vaccine skeptic, and Cornel West, the left-wing academic, as challengers to the Republican and Democratic nominees. Ms. Stein will seek to represent the Green Party, as she did in 2016.But No Labels’s drive to get a slot on the ballot in all 50 states appears to have stalled at 12. Thirty-four states allow a group like No Labels to claim a place-holder slot without a candidate, but 16 others and the District of Columbia require a ticket.“They’re not going to run a 50-state campaign,” said Mr. Smith, the lobbyist and union official. “They’re just not.”There will be no shortage of unsolicited advice for Mr. Manchin from Democrats when it comes to his plans.Matt Bennett, the co-founder of the centrist Democratic group Third Way, who is organizing efforts to stop Third Way and dissuade Mr. Manchin from joining their ticket, said he was “not worried” about Mr. Manchin running as an independent candidate.Rahna Epting, the executive director of the progressive group MoveOn, said Thursday that Mr. Manchin should “reject any overtures from No Labels’s dangerous ploy.” More