What Happens When You Win the EuroMillions Lottery?

Winning the lottery can be a life-altering experience, often bringing both excitement and anxiety. When a lucky individual discovers they've won a jaw-dropping amount, such as the recent £216 million EuroMillions jackpot, their life is instantly transformed. This article explores what happens after that exhilarating moment, detailing the steps lottery winners must take to claim their prize and the support available to them.

Last updated: 04 October 2023 (BST)

• Lottery winners must verify their ticket immediately after realising they've won.
• A dedicated team of Winners Advisors assists winners through the claiming process.
• Winners can remain anonymous, keeping their win a secret if desired.
• Financial and legal advice is provided to help manage newfound wealth responsibly.
• All winnings over £50,000 include a visit from a Winner's Advisor for support.

The Immediate Steps After Winning

When winners check their numbers and find they have won, the first instinct is often disbelief. However, it is crucial to remain calm and follow the correct procedures. The first step is to flip the ticket over to find the phone number for the lottery's customer service. According to Andy Carter, a Senior Winner’s Advisor at Camelot, this call initiates the process of claiming the prize.

“If you were to win the EuroMillions tomorrow night, you would check the ticket, ring the number on the back of the ticket, and that would put you through to a lottery line,” Andy explains. “They would then get a member of my team to call you back.” This initial phone call is vital, as it sets in motion the necessary steps to claim a lottery win.

Support from the Winners Advisors

Once the call is made, winners are not left to navigate the process alone. A dedicated team of Winners Advisors is available to guide them through the entire experience. Andy or one of his colleagues will aim to visit the winner in person as soon as possible—ideally the next day.

During this home visit, winners will undergo verification checks to confirm the legitimacy of their ticket. “Within half an hour, I can tell if someone has won the money,” Andy states confidently. This verification process is essential, as it reassures winners that their life-changing sum is indeed real.

Receiving the Prize Money

Once the winning ticket is verified, the lottery can pay out the money on the same day. However, there are specific protocols in place. For instance, while winners can select their bank, they must have the winnings deposited into a single, new account set up specifically for this purpose. This ensures that the money is secure and properly managed.

It typically takes two days for the money to process before it can be withdrawn, meaning that winners will wait no longer than three days from the moment they realise they have won to when they can access their funds. Andy explains, “Winners have no choice but to have their winning sum deposited in one single bank account.” This measure helps prevent mishandling of the funds.

Anonymity and Publicity Choices

One of the most significant decisions a lottery winner faces is whether to remain anonymous or publicly celebrate their win. According to Andy, all winners are initially treated as anonymous. However, the choice to disclose their win is ultimately up to them. “It’s entirely the winner’s decision if they want to share news of their win,” he says.

In some cases, winners may want to go public to celebrate their good fortune, especially if they have won a substantial amount. Andy notes that, “Often, the rule of thumb tends to be the higher the amount of money, the more likely the winner will be to take publicity.” Those who choose to keep their win a secret can do so without any pressure from the lottery organisation.

Legal and Financial Guidance

Beyond the immediate excitement, winners face the reality of managing a significant sum of money. Fortunately, the National Lottery offers an aftercare programme that provides access to legal and financial advice. For winners of £1 million or more, a meeting with a financial advisor is arranged two to three weeks after the win to discuss strategies for managing their newfound wealth.

Andy advises winners to take their time in making financial decisions. “You have to remember that plans will change over time, which is why we urge people not to do anything too quickly,” he explains. This approach allows winners to become more comfortable with their wealth and think strategically about their future.

Common Spending Habits of Lottery Winners

While some lottery winners may be tempted to spend their money quickly, Andy asserts that this behaviour is rare. “The vast majority of winners are very conservative,” he says. Many winners choose to invest in their family and friends, purchase homes, or take holidays, but they tend to approach their finances with caution.

A notable example is Callie Rogers, one of the UK’s youngest EuroMillions winners, who faced difficulties after a rapid spending spree. However, Andy insists that such stories are exceptions rather than the rule. Most winners prioritise safeguarding their wealth and making thoughtful financial choices.

The Importance of Financial Education

Winning the lottery is not merely about having access to a large sum of money; it also involves understanding how to manage it effectively. The National Lottery's advisory team plays a crucial role in this respect, offering guidance on legal and financial matters. They help winners build a foundation for long-term financial stability and success.

Andy emphasises the importance of education and ongoing support for winners. “Once the money arrives in a winner’s bank account, it’s up to them what they do with it from then on,” he notes. This autonomy is essential, as it empowers winners to make informed decisions about their future.

What Happens to Unclaimed Prizes?

In the event that a winner does not come forward to claim their prize, there are specific protocols in place. Elanor Corbett, PR Executive at The National Lottery, explains that unclaimed prizes have a maximum of 180 days to be claimed. After this period, the money, along with any interest accrued, is redirected to National Lottery Good Causes.

The lottery contributes significantly to charitable causes, raising around £30 million each week through ticket sales. Therefore, it is essential for winners to take action promptly to ensure they receive their rightful winnings.

FAQs

What should I do immediately after winning the lottery?

You should check your ticket to confirm the win, then contact the lottery's customer service using the number on the back of the ticket to initiate the claiming process.

How long does it take to receive lottery winnings?

Typically, once your ticket is verified, you can expect to receive your winnings within three days, as it takes two days for the money to process in your chosen bank account.

Can lottery winners remain anonymous?

Yes, winners can choose to remain anonymous if they prefer. The National Lottery respects this decision and keeps the win confidential unless the winner opts to go public.

Is there any tax on lottery winnings?

No, there is no tax on the winnings themselves. However, any income generated from the winnings, such as interest, will be subject to normal income tax.

What happens to unclaimed lottery prizes?

Unclaimed prizes must be claimed within 180 days. If not claimed, the money is donated to National Lottery Good Causes, along with any interest earned during the waiting period.

Winning the lottery can dramatically alter one's life, and understanding the subsequent steps is crucial for managing that change. With the right support and a careful approach, winners can navigate this new reality successfully. #LotteryWinners #EuroMillions #FinancialAdvice