Regardless of whether the UK remains in the EU or not, players will still be able to buy EuroMillions tickets, just like Great Britain will still enter EuroVision each year and European football competitions will stay the same. However, the economy is likely to be affected and shifting exchange rates will be analysed closely, and this could have a direct effect on the value of EuroMillions prizes won in the UK.
EuroMillions prizes are fixed as Euro amounts before UK winners receive the equivalent pound sterling value based on the exchange rate at the time of the draw. It is for this reason that Chris and Colin Weir won £161.6 million when the Euro prize was worth €185 million in July 2011, yet Adrian and Gillian Bayford took home £148.6 million in August 2012 when the Euro value was higher at €190 million.
Opinion is divided over the future of the economy in a UK outside the EU, but some financial institutions have argued that the pound could suffer a significant downturn. John Wraith, a UK Rates Strategist at Swiss company UBS, said recently in Pound Sterling Live: “We have studied where we think EUR/GBP will end the year, depending on the result of the UK referendum on EU membership. We find that EUR/GBP should either move to around 0.73, or to parity, depending on the result of the vote.”
If the forecast of parity proves to be accurate, it would mean that the pound value would be the same as for the Euro. For that reason, campaigners to stay in the EU such as Prime Minister David Cameron have warned that ‘Brexit’ would risk the UK’s economic and national security.
For example, a minimum EuroMillions jackpot of €15 million would also be worth £15 million, which sounds much better for UK players than the current base jackpots of between £11 million and £12 million. However, if the pound loses value, that £15 million would not go such a long way, as the pound would not be as strong as it was before and purchasing power would therefore be reduced.
Just how the economic landscape would change if the UK were to opt out of the EU is set to remain a key battleground in the political debates over the next few months, while the strength of the Euro could also be affected by whether or not the UK stays. Exchange rates could fluctuate quite dramatically in the interim period amid all the uncertainty, but there will always be fantastic EuroMillions prizes up for grabs.