Chances of Winning on UK Premium Bonds vs Lottery Jackpot
NSI describe the UK Premium Bonds as "a fun way to save, with the chance to win tax-free prizes each month". While the UK National Lottery describes itself as "changing lives every day".
In terms of winning either, you have a better chance of winning the Premium Bonds jackpot compared to the UK National Lottery jackpot, though the prizes and formats differ significantly.
Premium Bonds Jackpot
• Shockingly, each £1 bond has a 1 in 505 million chance of winning the £1 million jackpot in each monthly draw (as of November 2024).
• If you hold multiple bonds, your chances do increase but proportionally. For example, with £50,000 (maximum holding), chances improve to approximately 1 in 10,100 each month. Still a long shot but who knows? You could be the lucky one. It still boils down to luck. Right?
UK Lottery Jackpot
• The odds of winning the Lotto jackpot (matching all 6 numbers) are 1 in 45 million per ticket.
• For the EuroMillions jackpot, the odds are even slimmer at 1 in 139.8 million.
Comparison
Odds of Jackpot Win
-PrizePremium Bonds ~1 in 505 million (per £1 bond) £1 million
UK Lotto 1 in 45 million Variable, often £2-10 million
EuroMillions 1 in 139.8 million Variable, often £50 million+
Key Differences
• Premium Bonds: Your money is safe, and you can withdraw it anytime. You don’t lose your initial investment, but the “interest” is in the form of prizes, and winning is not guaranteed.
• Lottery: You pay for each ticket, and you don’t get that money back. It’s all about luck and truly a gamble.
So let’s say your priority is risk-free saving, with a chance to win? Then Premium Bonds are the better option.
However, if you’re chasing much larger jackpots and are okay with gambling, the lottery would probably appeal to you more.
Go ahead and use our comments section to let us know if you’re already doing either; how you’re doing and whether you’ve started having read this article. Your opinion matters...