Version 1 started from the first-round leader's base rate of 8 in 11, about 0.73, and landed at 0.42: about 0.85 that she is the candidate on the ballot, times 0.95 to reach the runoff, times about 0.53 to win it, minus a point. Two things changed. First, a signpost fired: Toluna Harris showed her ahead of Philippe 57 to 43 on September 28 and 56 to 44 on October 12, a lead of 12 points or more, which we had said would add 8 points. Second, Melenchon finished second in every scenario in the Harris wave published October 12, and Le Pen beats him with 67 percent in that poll. But that wave was fielded October 5 to 8, before Raphael Glucksmann won the October 11 social-democratic primary, in which La France Insoumise took no part, so it cannot show whether a second left candidate pulls Melenchon back below Philippe. Ifop's October 12 to 14 poll already has Philippe ahead of Melenchon, 18 to 16, when he is the centre's only candidate.
We also correct version 1. It treated the Court of Cassation and the electronic tag as the biggest wildcard, but France Inter reported on July 9, from a senior judicial source, that Le Pen would not wear a tag before the election in any case, because her appeal suspends that part of the sentence. Version 1 cited the court's timetable but not that report, and so overstated the chance of a forced switch. Defence briefs were due by October 15 and the court has said it will try to rule before the April 18 first round. We now put her chance of being the National Rally's candidate at 0.92.
Recomputed, our calculation: 0.92 for being the candidate, times 0.95 to reach the runoff, times about 0.63 to win it, weighting a Melenchon runoff at 0.38 with a win chance of 0.80, a Philippe runoff at 0.42 with 0.52, and other opponents at 0.20 with 0.55. That gives about 0.55. We do not take the full model number or the full 8-point signpost: the 12-point lead over Philippe comes from one pollster, Odoxa's much larger survey shows a closer race with about 30 percent of runoff voters undecided, and the Melenchon-second finding predates Glucksmann's primary win. We land at 0.46, our calculation, 4 points up from version 1 and 2 above Kalshi's 0.44. That sits below the 0.73 base rate for first-round leaders, a deliberate discount because a far-right candidate has never won a French runoff and polls six months out are noisy.