**Serbia’s snap parliamentary elections on October 25 feature Aleksandar Vučić’s United Serbia list facing the main challenge from the Student List, formed by the student-led protest movement.** Prolonged demonstrations over alleged corruption and the 2024 Novi Sad railway canopy collapse prompted Vučić’s presidential resignation and the early vote. Recent Faktor Plus polling from mid-September showed United Serbia at 48.6% and the Student List at 37.1%, pointing to a double-digit lead for the ruling alliance. Trader pricing on the margin of victory reflects this positioning alongside notable uncertainty, with “Another list wins” at 50% and United Serbia 10%+ at 29.5% capturing the range of possible gaps or alternative outcomes in a competitive race still weeks from election day.