**Serbia's snap parliamentary election on October 25 features a competitive contest between the ruling "United Serbia" list led by Aleksandar Vučić and the opposition "Student List" backed by the protest movement.** Vučić's recent resignation as president to pursue the prime minister role, following prolonged student-led demonstrations over corruption and the 2024 Novi Sad canopy collapse, has shaped the race. Late September polls show varying leads, with some giving the Student List an edge around 37-45% and others placing United Serbia ahead near 48%, reflecting turnout uncertainty among younger voters and undecideds. This volatility supports market pricing that assigns substantial probability to "another list" prevailing or narrow margins, as coalition dynamics, opposition consolidation, and campaign developments in the final weeks could shift vote shares significantly before election day.