How to read a price
When Yes trades at 47¢ it implies a 47% probability. Every dollar at that price pays $1 if Yes wins.
Each market has two outcomes: Yes and No. They always price to roughly $1 between them — because exactly one of them will pay $1 at resolution. If Yes is 47¢, No is 53¢ (give or take spread). Buy at 47¢ → win $1 if Yes → +$0.53 profit per share. Lose 47¢ if No.
Translating between prices and probabilities
The price IS the implied probability. 47¢ ≈ 47%. 12¢ ≈ 12%. 95¢ ≈ 95%. The market thinks the higher-priced side is more likely. Cheap longshots can be a great deal if you have an edge — but they're cheap because most people think the event is unlikely.
Why you can sell before resolution
You don't have to hold until the market ends. If you bought Yes at 47¢ and news pushes the price to 70¢, you can sell at 70¢ for a 23¢ profit per share — without waiting for resolution. Most traders ride momentum this way.