Brexit is good news for Euromillions Lottery players – but only if they win the jackpot – has Camelot revealed.
Not only will UK gamblers continue to be the biggest lottery in Europe, but the jackpot wins have in fact been much more valuable since the UK's historic decision to leave the EU – due to the collapse of the British pound compared to the euro.
In anticipation of the Brexit vote, a jackpot of € 100 million would have been worth about £ 73.2 million – but in the days following the referendum result, that same jackpot was worth around £ 80.8 million. And, even better news for the jackpot winners of Euromillions, the Pound has dropped further against the Euro since the EU referendum, on July 23, 2016 – which means that the jackpot winnings of Euromillions are now even more valuable.
Although the jackpot is paid in euros, all other Eurmillions prizes are paid in the currency of the country where the ticket was purchased. This means that these prices are now worth less in the UK.
With regard to the Euromillions jackpots that are now worth more, a Camelot spokesman said: "This is due to the pound that fell prey to the euro due to the uncertainty about the country's financial future after the Brexit.
"As EuroMillions uses the euro as the base rate, jackpots on the night of each draw have to be converted into pounds and Swiss francs according to the current exchange rates.
"If the pound is weak compared to the euro, the price offered to British cardholders is worth more than if the pound is strong."
The news is not so good for non-jackpot winners, however, because rewards are won from a separate prize pool, the money that consists of part of the ticket money from the official lottery provider of each country, reports Wales Online.
This money is pooled and divided on the basis of the contribution of players in the different currencies, instead of being a direct conversion. If the price of a ticket in sterling is worth less than the equivalent in euros, the value of prices in the UK decreases to compensate for the difference. Because the value of both currencies can fluctuate, British players win bigger non-jackpot prizes when the pound is stronger.
However, playing the Euromillions is not dependent on membership of the EU.
A spokesperson for Camelot said: "EuroMillions is currently active in nine European countries and EU membership is not a requirement – for example, EuroMillions is active in Switzerland (a non-EU country).
"The EuroMillions agreement has been concluded between the lottery operators in the nine countries – not the governments, Camelot is one of the founding members of EuroMillions, together with the French and Spanish lottery operators.
"In addition, EuroMillions is currently operating successfully in three different currencies – euro, Swiss franc and pound here in the UK – with prices in each country calculated on the basis of the actual exchange rates established on the night of that draw, once the results are known.
Euromiliions takes place at 20:45 every Tuesday and Friday in Paris. The results are published shortly after the draw on associated and independent websites around 23:00. To participate in the EuroMillions Lotto, tickets can be purchased at many stores, namely at licensed shops and online websites.
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