Good question, in my short time the only referendum voting I can recall was with regard to Quebec staying or splitting from Canadaas a nation. The vote was concluded to stay, and the separatist movement has become very quiet compared to those days. I am not sure if a rock-paper-scissors, best two out of three policy applies to these sorts of things.
As with any polarizing topic there will always be wringing of the hands and gnashing of the teeth on the part of the the losing camp. I just have no idea how these things actually work with regard to legal obligation to act based on the outcome of a referendum.