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?
Chances of Winning the 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
GameOdds of Jackpot Win PrizePremium Bonds ~1 in 505 million (per £1 bond) £1 millionUK Lotto 1 in 45 million Variable, often £2-10 millionEuroMillions 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, 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 option matters