The electors are not even yet cast but Britons are already voting with their pocketbooks a day before the key vote to decide whether or not the U.K. should leave the European Unity.
Lines were forming at currency exchange shops and betting councils across London on Wednesday, the day before voting booths will ajar for citizens to decide whether or not to make a «Brexit.»
British bookies rtake of already taken in almost 50 million pounds ($94 million Cdn) advantage of bets on the outcome of the vote, which polls give an ever so snub advantage to the «remain» side. That makes Brexit the most bet on event in the history of the U.K., sur ssing the old titleholder, the 2012 U.S. presidential cam ign, when bookies took in $75 million importance of bets.
Wednesday’s bet total is forecast to double through the day on Thursday.
Betfair, bookmakers Ladbrokes and Fit Power and the Betting Research Unit at Nottingham Business School all approximation that the total value of bets on the vote placed in Britain resolution reach, and likely exceed, 100 million pounds.
«This is comfortably the biggest governmental betting event in history and dwarves both the general election and the Scottish referendum,» demanded Lewis Davey, spokesman for ddy Power, referring to the Scottish show of hands on independence last year.
The vote is expected to be close with both sides currently counting at more than 40 per cent support. «If the opinion polls are anything to go by, Thursday’s EU referendum looks set to be skinflinty,» Capital Economics said Wednesday.
And as was the case in Scotland’s vote, not everybody under the sun in the gambling market is putting their money on the side they indeed want to win.
For Stephen Jones, 55, betting is a form of insurance against unfulfilment. He intends to vote to leave the EU, but has placed bets on «remain» to at least get something in if it should happen of his side’s defeat.
«If we are going to remain in the EU, at least I will take compensation,» about Jones, who expects to get 3,000 pounds back in profit in such an incident. «But my big win is to leave the EU.»
Bookies are currently giving the odds of the «leave» side engaging a less than 25 per cent probability, which is why the British clobber has been rallying of late. The pound is up by more than five per cent against the U.S. dollar since the assassination of Be disadvantaged by MP and «remain» supporter Jo Cox last week.
Still, many citizens are entrancing no chances and converting their money out of pounds and into dollars and euros as securities against a vote to leave.
Ja nese investment bank Nomura asserted in a report this week it expect the British pound to devalue by as much as 15 per cent by the end of 2017 if Britons referendum to leave the EU on Thursday.
British news per the Financial Times reported Wednesday that there were protracted lines at currency shops throughout London, and most of the transactions were climb out of the pound.