20% happens about 1 in 5 times. I know that's snarky wording but 20% shots come though constantly in daily life.
I think as humans we are really bad at intuition about probabilities, and it being an election only makes it much worse. I don't think anyone is consciously conflating these with poll numbers but percentages of voters are the numbers we see a lot more than prediction markets, and 80% is idunno an 80% chance of getting between 50% and 54% of the vote or something.
It's not a 'prediction market', it's a gambling market. It's far more accurate to say 80% of gamblers were convinced Bolsanaro would win than to say there's an 80% likelihood he would win. It's not measuring likelihood as it's untethered from things that impact the actual results. Obscuring it basic gambling with the word 'prediction' doesn't change the fact that's naked gambling at the end of the day.
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