Nichols and Meyer Capital Partners Point Out A Glitch In The 2012 Olympics Billing System?

Online, March 29, 2011 (Newswire.com) - A glitch has been reported in the ticket booking system for the 2012 Olympics, but will it falter the beneficial effects on the UK economy?

The 2012 Olympics are set to boost the UK economy over the next two years by £6-7bn. The Olympics will provide jobs and future investment, which will aid the economy at a tenuous time. It will provide utilities, better transport links, and equipment which will remain for years to come. If the Bird's Nest and the Water Cube in Beijing are anything to go by, tourists will gravitate towards the Olympic arena for years to come. This economic boost however, is partially dependent on ticket sales.

Tickets for 2012 Olympics went on sale 15th March 2011 and Olympics officials have stated that ticket sales are doing well. Others, however, would beg to differ with potential spectators unable to buy tickets online. It is feared that a downturn in ticket sales could be detrimental to the revenue the Olympics will bring.

Customers holding Visa cards that expire before end of Aug 2011 are unable to purchase tickets and there is no other way to buy online. As one of the official sponsors of the 2012 Olympics Visa hold exclusive rights. This issue is thought to cost millions of customers the ability to book online. The big question, however, is whether or not ticket sales will stifle the economic benefits of the Olympics.

The answer: apparently not! According to Olympic officials, there was no 'glitch' to begin with as this issue is explained in the ticket information. Tickets aren't bought straight away but instead, customer details are entered into a ballot which will be drawn in April. Due to this method of ticket allotment, card details will be taken immediately but the tickets will not paid for until the summer, consequently all card details must still be valid at that time. It is this method of ticket allocation, whereby customers have up to six weeks to enter themselves into the ballot, that has stopped the website from crashing due to customer congestion, as is often the case with major events. Olympic officials therefore argue that ticket sales have been upheld, despite some disgruntled customers. To further keep sales in good stead, there are also additional payment methods for those who are unable, or unfamiliar with online payment. It is possible to pay by cash, cheque or card at Lloyds TSB branches for 2012 tickets.

There have been 6.6.million tickets released for public ballot ranging in price from £20 per person for initial games, to up to £2000 for opening and closing ceremonies. The over 60's will be able to attend for as little as £16 for some events. It is estimated ticket sales will produce a whopping, economy boosting, £500 million in profit.

Whilst the 2012 ticketing system has come under some criticism, ticket sales are said to be doing well and it is doubtful that the confusion over booking with Visa will cap the economic benefits of the 2012 Olympics. It is important to note that, whilst ticket sales will bring substantial revenue, other benefits come from utilities, transport links and equipment.