Evolutionary graph theory investigates how spatial constraints affect processes that model evolutionary selection, e.g. the Moran process. Its principal goals are to find the fixation probability and the conditional distributions of fixation time, and show how they are affected by different graphs that impose spatial constraints. Fixation probabilities have generated significant attention, but much less is known about the conditional time distributions, even for simple graphs. Those conditional time distributions are difficult to calculate, so we consider a close proxy to it: the number of times the mutant population size changes before absorption. We employ martingales to obtain the conditional characteristic functions (CCFs) of that proxy for the Moran process on the complete bipartite graph. We consider the Moran process on the complete bipartite graph as an absorbing random walk in two dimensions. We then extend Wald’s martingale approach to sequential analysis from one dimension to two. Our expressions for the CCFs are novel, compact, exact, and their parameter dependence is explicit. We show that our CCFs closely approximate those of absorption time. Martingales provide an elegant framework to solve principal problems of evolutionary graph theory. It should be possible to extend our analysis to more complex graphs than we show here.