**The Miss Universe 2026 second-place market remains tightly contested ahead of the November 24 finale in San Juan, Puerto Rico, with no single delegate commanding clear separation.** Costa Rica leads trader sentiment at 21.1% implied probability, followed closely by India, Serbia, and Cambodia, reflecting a broad field of pre-arrival favorites including the Philippines’ Bea Millan-Windorski, Colombia’s María Alejandra López, and host Puerto Rico’s Jennifer Barreto. Recent arrivals and early public voting for a direct top-30 slot have highlighted strong national titleholders and international experience, while the subjective judging criteria and upcoming national costume and preliminary competitions on November 21–22 introduce volatility that keeps probabilities fragmented across more than 60 outcomes.