Olympic ticket money to be taken this week

Olympics 2012

Thousands of pounds will start coming out of bank accounts this week in payment for the London 2012 Olympics but people will have to wait over a month to find out what events they've qualified for.

Around 1.8 million people applied for an estimated 20 million London 2012 Olympics, and the signs are that many people have booked more tickets than they can afford.

Although the organisers have repeatedly stated that applicants must "ensure they have sufficient funds available between these dates" many people have over-applied for events.

With the average ticket application exceeding 10 per person and an average ticket price of between £50 and £200, applicants are set to receive bills of hundreds or even thousands of pounds.

The deadline for applications was 26 April and organisers were forced to keep the ballot running an extra hour after an influx of last-minute buyers.

Successful applications

People had to select tickets through the online bidding system but weren't told at the time whether their applications were successful, so many have potentially spent thousands of pounds to make sure they get tickets to something.

Payments are being taken until 10 June and an official notification of what tickets they have qualified for will be emailed by 24 June.

Those who have acquired tickets to events they might not be able to attend, or have bought more than they can afford, will be able to sell back tickets through an official re-selling platform but that will not be available until early next year.

Adrian Bassett, spokesperson for the London Organising Committee of the Olympic Games and Paralympic Games (LOCOG), says details will be released later this year about how ticket money will be refunded during the re-selling period.

If you've missed out, remaining tickets will become available for sale online and by phone on a first come, first served basis from the winter, and after the re-selling period next year.

Worried you might have got more tickets than you bargained for? Read our guide on what to do now.

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