Popular betting website PredictIt saw odds of President Trump's impeachment in the House reach new highs early Wednesday, hitting $0.75 against the dollar.

The new high arrives after US acting Ukraine ambassador Bill Taylor gave "damning" testimony to Congress on Trump's dealings with Ukraine and requests for political dirt on the Biden family.

The record price for a "yes" call implies the online betting market seeing a 75% chance of at least one article of impeachment being passed in the House in Trump's first term.

Visit the Business Insider homepage for more stories.

Odds of President Donald Trump's impeachment in the House hit all-time highs on popular betting website PredictIt as the Democrat's impeachment inquiry uncovers new details on the Ukraine scandal.

Bets on Trump's impeachment surged as high as $0.75 for a "yes" call Wednesday morning. The bet is made against a single dollar and symbolizes PredictIt's market forecasting a 75% chance Trump is impeached in the house.

The jump followed "damning" Tuesday testimony from US acting Ukraine ambassador Bill Taylor in a closed-door Congressional hearing. Taylor detailed how the Trump administration explicitly tied aid for Ukraine to investigations into the 2016 US presidential election and the Biden family.

Read more: These 10 megacompanies across tech and healthcare are most likely to get acquired within the next year, according to Morgan Stanley

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 "yes" bets to win out.

Bets for a "yes" outcome first soared over $0.50 on the dollar September 22 after news of the Ukraine scandal first broke and news outlets reported House Speaker Nancy Pelosi would open an impeachment inquiry. The official inquiry was announced September 24.

Now read more markets coverage from Markets Insider and Business Insider:

These 10 countries have minted the most new millionaires in 2019

Tiny trades are making up a record share of market activity — and it's likely the result of historically high prices and algorithmic trading

A Seattle-based machine learning startup advised by the computer scientist who sold his company to Apple just raised $3.9 million in seed funding