Assuming that there is actually an element that appears more than n / 2 times, the expected running time is O(n). You can think about it this way - each time you choose an element, you need to do O(n) work to check whether it's the majority element. The question then is how many elements, on expectation, you're going to have to pick. Each time you choose an element randomly, you have at least 1/2 probability that you do pick something that's a majority element. On expectation, that means that you'll need to pick two elements before you find a majority element, so the runtime will be O(n). If you're curious why, notice that the probability that you find what you're looking for after exactly k probes (k > 0) is at most 2-k, since you need to have the first k - 1 probes not succeed and then have the kth probe succeed. You can then compute the expected value as
0 * 2-0 + 1 * 2-1 + 2 * 2-2 + ...
= 2
(This summation is known to work out to exactly two, though proving it is a bit messy.)
In the worst-case, though, every time you pick an element, you'll choose something that isn't a majority element. This is extraordinarily unlikely, though - the probability that you don't find a majority element after k rounds is at most 2-k. For k = 300, this number is less than one over the number of atoms in the universe. Therefore, even though you can't bound the worst-case runtime, it's so astronomically unlikely that it's something you can safely ignore.
Hope this helps!