Do you think the Democratic Party will beat the Republicans?

Literal

Democratic-Party [topic-は] Republican-Party [at/on-に] will-win [quotative-と] think-[question-か]?

勝つ ('to win') takes its opponent with に, not を — you win 'against' (に) someone, not 'defeat' them as a direct object. The embedded opinion construction ~と思いますか asks the listener's view on the preceding clause; the quotative と frames everything before it as the thought.