With the debate over whether Britain should join the Single Currency raging on and the Yes campaign thrown off course by Sweden's recent decision on the issue, the industry has delivered a resounding No vote in a recent poll run by SGM-FX, the independent Foreign Exchange company that is working with ATEOnline to deliver specialised currency services to the gaming and gambling industry.
Asked the question "With the debate over the single currency intensifying, have your say over whether Britain should join the Euro," 68% of respondents said no, contrasted with 32% responding in the affirmative.
This response appears to endorse reports in trade publications such as Coinslot over the last few months that the industry has serious concerns about the ramifications of adopting the Euro. As reported in Coinslot in March "Many of our readers may well be working out the cost to their business should the yes vote prevail...largely for the industry there will be a heavy price to pay."
Whilst there may be potential benefits from an export point of view, there are serious issues regarding the cost of conversion and length of planning time needed.
SGM-FX's Steffan Jones said "While we anticipated the no vote in Sweden we were surprised by the high level of anti Euro sentiment. This will cause more volatility in the foreign exchange markets. That in turn means managing and getting exchange rates right now has become even more important."
"We know that there is often confusion about just how changes in currency rates and foreign exchange markets will effect a particular industry. SGM-FX provides a specialised service helping plan and safeguard against such uncertainty and also to achieve the best available exchange rates," he said.
SOURCE:
ATEOnline Press Release.
