As more and more Democrats come out in support of launching an impeachment inquiry, the betting odds of it happening have increased, as well.

Bloomberg reports that PredictIt, a prediction market for political and financial events, is now giving President Trump a 42 percent chance of being impeached by the end of the year in light of allegations that he pressured Ukrainian President Volodymyr Zelensky to investigate former Vice President Joe Biden's son in exchange for military aid.

Yes, that's still below 50 percent, but it's more than double the market's previous high, which topped out at 20 percent in June after former Rep. Beto O'Rourke (D-Texas) called for impeachment proceedings from the Democratic presidential primary debate stage.

Trump's impeachment odds double to 42%, online betting shows https://t.co/93v0Ev9Mkp pic.twitter.com/s6dQlUtgPb — Bloomberg (@business) September 24, 2019

Of course, a House vote to level charges would just be the first step in the impeachment process, so even if House Speaker Nancy Pelosi (D-Calif.), who has long remained reluctant, is indeed past the impeachment tipping point, there would still be plenty of hurdles facing the Democrats — and, subsequently, those betting on impeachment. Read more at Bloomberg. Tim O'Donnell