Continuing the theme of UK Premium Bonds and the UK lottery. I can tell you yes, you have a better chance of winning the Premium Bonds jackpot than the jackpot on the UK National Lottery. Thats even though the prizes and formats differ significantly.
Chances of Winning Premium Bond Jackpot
• 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 increase proportionally. For example, with £50,000 (the maximum holding), your chance improves to approximately 1 in 10,100 each month.
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
Game Odds 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. What you have is not taxed.
• Lottery: You pay for each ticket, and you cannot get that money back, so it’s purely a gamble.
If your priority is risk-free saving with a chance to win, Premium Bonds are the better option. If you’re chasing much larger jackpots and are okay with gambling, the lottery will be more appealing.