The reason they add to over 100% is due to the 10% fee on profits which limits arbitrage. Specifically, all profits have a fee assessed but it doesn't account for money lost on associated contracts so if you buy Biden winning the election for $0.90 and buy Trump losing for $0.10 ---> if Biden wins, that contract resolves to $1 but you only receive $.99 due to the fee. Meanwhile you have lost $0.9 on your other contract. This effect is most noticeable in markets with multiple contracts (e.g., who will be named secretary of state).