Recent polling and a late October debate have kept the Indiana secretary of state race tight, with Democrat Beau Bayh and Republican Max Engling trading narrow leads amid 14% undecided voters and support for Libertarian Lauri Shillings plus independent Greg Ballard. Engling replaced incumbent Diego Morales after a contentious June GOP convention marked by ethics complaints, while Bayh secured the Democratic nod with strong fundraising that funded earlier ads. Key issues include election security verification, office audits, and voter turnout, as both major candidates highlight their records on integrity and experience. Traders price the contest as competitive because third-party vote splits and limited historical polling accuracy in down-ballot races leave room for late shifts before November 3.