Yes! Unlike with the upgrade, the downgrade happens at the end of your billing month, regardless of the date of your change. This way you lose no games if you still have some available to play.
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For example, you have a “Smart Membership” and know that you will be on vacation for 2 weeks during your next billing month and only have time for 2 games then. You can downgrade to “Lite” at any time without losing the games of your Smart Plan. The downgrade happens when your month is up.