With the 75th Miss Universe pageant set for November 24 in San Juan, Puerto Rico, the second-place market reflects broad uncertainty across a field exceeding 120 entrants. Trader consensus prices numerous nations at even odds while assigning Costa Rica the highest implied probability at 27.9 percent, followed by China at 17.8 percent and a long tail of single-digit contenders. Recent delegate arrivals, national costume preparations, and early public voting have yet to consolidate momentum, as historical voting patterns show second place often hinges on preliminary competition performance, interview strength, and last-minute audience engagement rather than pre-event favorites alone. Upcoming prelims on November 22 remain the key catalyst likely to shift positioning before the finale.