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Bookmakers Wrong! BREXIT Wins

Written by:
Guest
Published on:
Jun/24/2016

The British people have voted to leave the European Union.  David Cameron to step down.  Markets likely to be in turmoil Friday.

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51.89 percent voted on Brexit or the exit from the EU, 48.11 percent voted on staying.  This is an update as of 4:37 am EST.

Bank of England promises £250bn to calm markets after Brexit vote - live updates

The Brexit referendum applies to Britain exiting the EU (Brexit is short for “British Exit”).  Much of Wales voted in favor of leaving.  The Scotland majority have voted to remain and there were fears that Scotland may leave the United Kingdom as a result.

The ramifications could be huge.  Just ahead of the vote, directors of 51 FTSE 100 companies employing 1.75 million people have signed a letter in support of Britain remaining in the European Union.

The bookmakers appeared to be providing the best gauge on Brexit sentiment with massive wagering being reported and odds moving according to public punter (bettor) action.  By early morning Thursday, the line for “staying” had drifted from 1-3 to 1-4.  Overall in just the past two weeks, the chance of Brexit fell from 43 percent to 25 percent.

On the markets the pound closed in on its strongest level for five months.

With news of Great Britain leaving the Euro markets were already volatile during the Friday morning hours.

Futures on the Dow Jones industrial average were down more than 500 points as investors attempted to measure what the global fallout would be on global trade. World markets were already cratering even as 10% of the votes remained to be counted and pointed to a tight win for voters wanting the United Kingdom to leave the 28-nation EU.

It appeared as if the bookmakers may have made out okay with most action on remaining in the EU, however, Gambling911.com will continue to monitor throughout the morning hours.

This story is developing .....

- Aaron Goldstein, Gambling911.com

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