What to Do After Winning a UK National Lottery Prize
When you win the lottery, you’ll be excited, especially if you’ve won one of the bigger prizes. If you manage to defy the odds and win a prize, there are a few steps to take next. This blog post covers the steps to take after a lottery win.
<h2>Winning the National Lottery in the UK
The National Lottery has been making people richer and improving lives since its inception in 1994. It’s created many millionaires and generated huge sums of money for various charitable causes.
Currently, six main games operate under The National Lottery brand: Lotto and Lotto Hotpicks, Euro Millions and Euro Millions Hotpicks, Thunderball and Set for Life. Of these, the Euro Millions has by far the biggest total payouts.
Each of them has a range of prizes you can win, depending on how many numbers you match. The more you match, the bigger the payout, though jackpots can be shared amongst any number of winners.
Naturally, the bigger prizes have much lower odds of being won. The jackpots often roll over to the following week because they haven’t been won (or no winners have claimed their prize).
If you’re lucky enough to defy the odds and win a National Lottery prize, you’ll no doubt be delighted, especially if you’ll get a large payout. Here’s what to do if you win the lottery.
<h2>What to Do After a Lottery Win
Whether you buy a ticket from a retailer or on the internet at one of the UK’s online lottery sites, it doesn’t matter. The odds of winning and payouts are still the same.
It should be mentioned that the claim period for any lottery win (whether the ticket is physical or digital) is 180 days following the day of the draw. If you claim after this time period, it won’t be valid.
This is why you must claim your winnings as soon as possible. You wouldn’t want to risk going over the claim period, especially if you’ve won a lot of money.
<h3>Physical Lottery Tickets
First, we’ll look at the steps to take if you purchase a physical lottery ticket from a retailer. It’s very easy to redeem your ticket and get hold of your winnings.
- For prizes worth up to and including £100: Visit your local National Lottery retailer. You should be paid prizes of £100 or less in cash, though some retailers might pay the winnings onto your debit card instead. If the store has till-point terminals, it’s only required to pay prizes worth £50 or less.
- For prizes worth £100.01 to £500: National Lottery retailers are allowed to pay prizes worth up to £500 either as cash or as debit card payments. They’re not required to do this, so the retailer you bought your ticket from can refuse to pay prizes as great as £500.
- For prizes worth £500.01 to £50,000: You’ll need to claim your prize through the National Lottery’s official website and will need your winning ticket on hand.
- For prizes worth more than £50,000: Call the National Lottery on 0333 234 50 50 to claim your winnings. The person you speak to will then arrange a day for you to receive your winnings. The phone line is open from 9am to 8pm Monday to Saturday and from 9am to 5pm on Sunday. Opening hours can vary on Bank Holidays.
When claiming a small lottery prize at a retailer, you’ll have to scan your ticket at the National Lottery terminal. It makes a distinct sound whenever a winning ticket is scanned, even if the retailer can’t pay it.
After scanning your winning ticket, the retailer should give you a receipt. If not, you need to ask for one. If you scan a ticket that isn’t a winner, the retailer is required to give it back to you.
<h3>Digital Lottery Tickets
Many people purchase their National Lottery tickets on the internet because of how convenient it is. Here’s how to claim lottery winnings UK if you purchase a winning ticket online.
- For prizes worth up to and including £500: You don’t need to do anything. The winnings will be paid directly into your National Lottery account.
- For prizes worth £500.01 to £30,000: You must confirm the card linked to your National Lottery account. You can do this by following the steps in the message you receive from the National Lottery following your win. This has to be done before 11pm on the final day of the 180-day claim period. Check your account’s ‘My Messages’ section if you can’t find the message.
- For prizes worth £500.01 to £50,000: You have to call the National Lottery on 0333 234 44 33. The line is open from 8am to 8pm Monday to Saturday and 8am to 5pm on Sunday. Your winnings will be paid by cheque..
- For prizes worth more than £50,000: Call the number listed for the step above. The team member you speak to will arrange for you to collect your prize (this must be done in person).
If you’re unsure whether you’ve won a prize, you can check your National Lottery account’s ‘My Games’ section. This will show you the outcomes of the games you’ve purchased tickets for.
What to Do with the Winnings
Now that you know how to claim lottery winnings, we’ll look at what you should do once the money is actually yours. Of course, it’s entirely up to you as you’ve won the money fair and square.
When your payout is large – in the thousands, tens or hundreds of thousands or even millions – you should think seriously about the next steps you’ll take. Coming into a huge sum of money can set you up for life.
Some National Lottery millionaires are sensible with their money. They save some of it, spend it wisely and tell themselves that the winnings are limited and could run out if they’re not careful.
Others, however, let their life-changing win go to their head. They spend recklessly, make poor financial decisions and act as if there’s a never-ending pool of money they have to spend.
Whether you win thousands or millions, you should always be responsible. Before spending a penny, think carefully about how best to spend the money, considering your current finances, living situation and plans for the future.
By all means treat yourself, but if this is all you do with the winnings, they’re going to run out. You could end up back where you started.
In other words, save money for splurges such as holidays and a new car. The rest of the money should be put towards serious things, e.g. your home and family.
Lastly, lottery winnings in the UK are tax-free. If you’re lucky enough to win, the winnings are yours to keep in full, even if your payout is in the millions.
