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Polymarket has posted a betting market on New York City Mayor Eric Adams no longer being mayor by December 31, 2024.
BetOnline was now has odds up on the next NYC mayor.
Adams was indicted Thursday on federal charges accusing him of taking illegal campaign contributions and bribes from foreign nationals, including lavish overseas trips, in exchange for favors that included helping Turkish officials bypass a fire safety inspection for a new diplomatic tower in the city. Reports suggest that facility would not have passed the inspection.
Adams, a Democrat and former police captain, faces conspiracy, wire fraud and bribery charges in a five-count indictment outlining a decade-long trail of corruption that began when he served as an elected official in Brooklyn and continued through his mayoral administration.
Prosecutors say Adams received free and steeply discounted flight upgrades valued at more than $100,000, free stays in opulent hotel suites, expensive meals, as well as campaign contributions from straw donors, some of which helped him qualify for more than $10 million in matching public campaign funds.
“I want to be clear, these upgrades and freebies were not part of some frequent flyer or benefits program available to the general public. This was a multiyear scheme to buy favor from a single New York City official on the rise,” U.S. Attorney Damian Williams said at a news conference.
Adams had a duty to disclose gifts he received, but year after year “kept the public in the dark,” the U.S. attorney said.
Adams insists he did nothing wrong and will stay on as Mayor, though it is still possible the state's Governor could have him removed.
“I ask New Yorkers to wait to hear our defense before making any judgments,” he said. “From here, my attorneys will take care of the case so I can take care of the city.”
It was unclear when Adams would have to surrender to authorities and appear before a judge. One of his lawyers, Alex Siro, asked a judge to schedule an arraignment for Friday or Monday.
At Polymarket, $115,000 had already been wagered on the Adams departure market with 66% believing he will be gone before year's end.
How This Market Will Resolve
This market will resolve to "Yes" if Eric Adams announces that he will resign from his position as Mayor of New York City, or otherwise ceases to be Mayor for any length of time, between September 11, and December 31, 2024, 11:59 PM ET. Otherwise, this market will resolve to "No".
Note that an announcement of his resignation before the resolution date will suffice to resolve this market to "Yes" regardless of if/when he actually steps down.
The primary resolution source for this market will be official information from the Government of New York or official statements by Eric Adams or his representative, however a consensus of credible reporting will suffice.
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