Trump impeachment odds skyrocket to 62% on popular betting website

The popular betting website PredictIt on Tuesday saw its odds of President Donald Trump's impeachment in the House soar as high as $0.62 against the dollar, implying a roughly 62% probability.That price, an all-time high for Trump's presidency, was double the closing price for the same bet on Saturday.The site's official rules outline the bet as the House of Representatives passing at least one article of impeachment against Trump during his first term.House Speaker Nancy Pelosi is set to announce an official impeachment inquiry on Tuesday, multiple news outlets reported.Visit the Markets Insider homepage for more stories.The popular betting website PredictIt saw its odds of President Donald Trump's impeachment in the House soar on Tuesday, rising as high as $0.62 for a "yes" call.The latest price, the highest seen for the bet throughout Trump's presidency, was more than double Saturday's closing price for the same call.The bet is made against a single dollar, leading PredictIt's market to forecast a 62% likelihood that Trump will be impeached in the House.PredictIt's official rules outline the bet as the House of Representatives passing at least one article of impeachment against Trump during his first term. The site doesn't require a trial or a conviction in the Senate for the betting market to reach a "yes" conclusion.House Speaker Nancy Pelosi is set to announce an official impeachment inquiry on Tuesday after months of pressure, multiple news outlets reported.Those reports followed recent revelations that Trump urged the Ukrainian president, Volodymyr Zelensky, to investigate former Vice President Joe Biden, alleging corruption.Now read more markets coverage from Markets Insider and Business Insider:'It's going to 30,000': A CIO who oversees $4.9 billion explains why the Dow is headed for fresh record highsand shares his top 4 stock picks for the upswingGOLDMAN SACHS: Buy these 7 stocks set to offer explosive profit growth as the rest of the market slowsThe cofounder of $300 billion private-equity behemoth Apollo outlines 4 mistakes the average investor makesand explains how he takes advantageJoin the conversation about this storyNOW WATCH: Animated map shows where American accents came from
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