If New Hampshire is the first Democratic primary or caucus during the 2028 presidential cycle, then the market resolves to Yes. The determination is based on the official calendar or schedule announced or recognized by the party, not on when primaries or caucuses actually take place. Only primaries and caucuses that are officially recognized by the party as part of the presidential nominating process are considered. Unofficial “beauty contest” primaries, straw polls, or events where the party has indicated no delegates will be awarded are not encompassed by the Payout Criterion. If multiple states are scheduled for the same date as the earliest date, then the markets for all such states will resolve so "Yes" holders receive $1 divided by the number of states scheduled for that earliest date rounded down to the nearest cent and "No" holders receive $1 minus the Yes payout. If the party has not announced an official calendar before the end date, then determination will be based on the consensus of Source Agencies regarding which state the party recognizes as scheduled first. Examples that would resolve the market to Yes include: the party announces that New Hampshire will hold the first primary on January 23, 2028 (where 2028 is the election year), the party releases an official calendar showing Iowa with the first caucus date, or the party announces Iowa and New Hampshire are both scheduled for the same date, which is the earliest date (both states’ markets resolve to $0.50). Examples that would NOT resolve the market to Yes include: a state announces it will go first but the party has not recognized this in their official calendar, a state holds an unsanctioned primary that the party says will result in no delegates, or a state is scheduled second or later in the party’s official calendar. Outcome verified by official organizations, ABC, Fox News, MSNBC, The Wall Street Journal, Semafor, New York Times, CBS, Axios, CNN, Reuters, The Washington Post, Bloomberg News, the Associated Press, Energy Information Administration, Politico