Yes, Google Blogger allows adult content. But obviously there are some restrictions. I will copy directly from Blogger’s Content Policy to show you what kind of adult content is not allowed in your Blogger blogs:
Adult Content: We do allow adult content on Blogger, including images or videos that contain nudity or sexual activity. But, please mark your blog as ‘adult’ in your Blogger settings. Otherwise, we may put it behind a ‘mature content’ interstitial.
There are some exceptions to our adult content policy:
- Do not use Blogger as a way to make money on adult content. For example, don’t create blogs where a significant percentage of the content is ads or links to commercial porn sites.
- No incest or bestiality content: We do not allow image, video or text content that depicts or encourages incest or bestiality.
Child safety: We have a zero tolerance policy towards content that exploits children. Some examples of this include:
- Child pornography: We will terminate the accounts of any user we find publishing or distributing child pornography. We will also report that user to law enforcement.
- Pedophilia: We do not allow content that encourages or promotes sexual attraction towards children. For example, do not create blogs with galleries of images of children where the collection of images or text accompanying the images is sexually suggestive.
So as you can see, you can use your blogspot blog for adult blog purpose without getting banned if you are a bit careful. But don’t get excited so easily 
As I have mentioned earlier in this blog Google Adsense doesn’t allow you to put ads on an adult site. So though you will get half support for quick money, you will have to find the main thing, the money part from some other ad company than Google 
