Bookies, bets and the Brexit outcome!

Published on June 28, 2016 in Industry News

Brexit effect on online gambling worldOnline bookies were having quite a bit of profitable fun taking positions on whether Britain would choose to remain within the European Union.

Online gambling bookies in the UK (and everywhere else)had been taking odds on not only the Brexit Gamble but the American election as well. Available information on the Brexit situation had everyone believing that Britain would probably choose to stay. According to results, that information was false and voters chose to leave. It seems almost unreal that such a radical change is taking place in Europe and the United Kingdom right now.

In the six years David Cameron was the Prime Minister of England there had been three referendums. The first one took place in 2011 when the comfortable majority rejected electoral reform to the liking of Mr Cameron. The second took place in 2014 on Scottish independence and it also played out perfectly for Mr Cameron as it went the direction he had hoped but it was also closer than anyone predicted.

The Prime Minister announced that he would be leaving his position if the people of Britain chose to exit the European Union and that’s exactly what transpired. With this Mr Cameron’s initial announcement, Betfair opened up an online betting opportunity that combined the referendum result and Prime Minister Cameron’s future. Gamblers had a variety of combinations to bet on with multiple gambling service providers who were asking for points of view. A large percentage of the funds were bet on a stay result and many believed that it was a clear sign that a vote to remain in the EU was a safe bet, especially if you were betting with a large sum of money.

With the results in it is quite shocking to see that 51.9% of the UK voted to leave the EU and Prime Minister David Cameron has resigned.

It’s going to be a rough ride for Britain and its inhabitants, and only time will tell what effect leaving the EU will have on businesses and gambling products.