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Zohran Mamdani won the high-stakes New York City mayoral race Tuesday, a victory widely anticipated by cryptocurrency bettors, who had overwhelmingly backed the Democratic Socialist.
Mamdani, the 33-year-old progressive state representative, had a 100% chance of winning the election on Polymarket, surging past his closest competitor, former New York Governor Andrew Cuomo. Over $400 million has been wagered on the outcome.
Another Polymarket contract had assigned a 70% probability that Mamdani's winning margin would fall between 10% and 20%.
See Also: Zohran Mamdani Slams Elon Musk After Tesla CEO Endorses Andrew Cuomo For New York Mayor: ‘Only Cost $959 Million In Tax Breaks’
Interestingly, a bettor placed a $1.05 million bet on Mamdani and expected to walk away with $127,000 in profits.
Polygon (CRYPTO: POL)-based Polymarket lets users bet on outcomes using the USDC (CRYPTO: USDC) stablecoin. Note that U.S. residents are currently barred from using Polymarket, but it is expected to start operations in the near future.
Meanwhile, federally-regulated prediction platform Kalshi had 98% odds on Mamdani winning the contest.
Mamdani becomes the city’s first Muslim mayor and the youngest. The race became nationally significant, drawing criticism and support from major political personalities.
Cuomo received a last-minute endorsement from President Donald Trump, who said that the city would collapse if Mamdani wins.
Trump warned earlier that if Mamdani becomes mayor, it would be “highly unlikely” that he would contribute Federal Funds, other than the very minimum as required, for New York City.
Mamdani found support from Sen. Elizabeth Warren (D-Mass.) and Sen. Bernie Sanders (I-VT) for his focus on public welfare.
Image via Ron Adar / Shutterstock.com
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