Update on Oct. 8:
Kalshi is set to launch a market titled “Eric Adams out as NYC Mayor this year?” on Oct. 9 at 8:15 a.m. EST. Both ‘Yes’ and ‘No’ shares will open at 50 cents each.
Currently, the corresponding market on Polymarket is priced at 56 cents per ‘Yes’ share and 54 cents per ‘No’ share.
This launch presents a strategic opportunity for those interested in entering at lower costs. While Kalshi currently does not charge a withdrawal fee (normally $2), it does apply a trading fee, which ranges from $0.10 to over $1. Traders should factor these fees into their calculations. For full details, refer to Kalshi’s fee schedule.
To participate, activate the reminder on Kalshi to be alerted when the market opens at 8:15 a.m. ET on Oct. 9.
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New York City Mayor Eric Adams appeared in federal court in Manhattan this morning for his arraignment on bribery and fraud charges. The 57-page indictment, unsealed yesterday, accuses him of conspiracy, bribery, wire fraud, and soliciting campaign contributions from foreign nationals.
Adams, 64, pleaded not guilty before Judge Katharine H. Parker during the hearing.
Following the indictment, several markets related to Eric Adams emerged on Polymarket, focusing on a common question: Will Eric Adams resign as NYC mayor?
Eric Adams' resignation odds timeline
The price of “Yes” in the market “Eric Adams out as NYC mayor before 2025?” surged by 388% on Wednesday as news of the indictment broke, continuing to rise into today. The market had been relatively quiet until Sept. 18, when Kristen Edgreen Kaufman, a member of the Mayor’s Office of International Affairs, announced her resignation.
David Banks, Chancellor of NYC’s public school system, also resigned on Tuesday, adding to the number of departures from Adams’ administration amidst the swirl of federal corruption investigations at City Hall.
As of Friday, Sept. 27, 2 p.m. ET, the price for “Yes” stands at 69 cents, with a trading volume of $151,544.
The indictment details several instances of alleged corruption, including Adams increasing the limit on illegal foreign donations to secure contributions from the Turkish government during his 2021 mayoral campaign. It also accuses him of bypassing safety concerns to pressure the Fire Department into approving a new high-rise Turkish Consulate in Midtown Manhattan.
Adams faces resignation pressure
Adams has strongly denied the charges, calling them “entirely false and based on lies” in a video statement on Wednesday. He vowed to fight the case “with every ounce of my strength and spirit,” maintaining his intention to remain in office. However, calls for his resignation have grown since the indictment was made public.
I do not see how Mayor Adams can continue governing New York City.
— Alexandria Ocasio-Cortez (@AOC) September 25, 2024
The flood of resignations and vacancies are threatening gov function. Nonstop investigations will make it impossible to recruit and retain a qualified administration.
For the good of the city, he should resign.…
First and foremost, this is a sad day for New Yorkers. Trust in public institutions — especially City Hall — is essential for our local democracy to function and for our city to flourish. The hardworking people of New York City deserve a city government and leadership they can…
— Brad Lander (@bradlander) September 26, 2024
While Democratic Governor Kathy Hochul has the authority to remove Adams from office, sources told CNN that she is not currently considering such a move, calling the situation “premature to comment further until the matter is confirmed by law enforcement.”
