Premium Bond Holders in Australia and Wales Most Likely to Win Prizes, Analysis Shows

Premium Bond holders in certain regions are significantly more likely to win prizes than others, according to an analysis of National Savings & Investments (NS&I) data. While 22 million Britons hold these bonds hoping for the £1 million jackpot, the frequency of wins varies considerably by location.

Understanding Premium Bond Odds

The likelihood of winning a Premium Bond prize is directly tied to the amount held, as each £1 bond has an equal chance of winning. Savers can hold up to £50,000, with the number of individuals maxing out their holdings increasing in recent years. The average holding has risen to £6,029. For those with the maximum £50,000, the chance of winning a monthly prize is approximately 90.8%. The odds of winning a £1,000 prize are one in 138, and for the £100,000 prize, it's one in 28,643.

For smaller holdings, the odds lengthen considerably. A £1,000 holding, for instance, yields a monthly chance of winning £1,000 of one in 6,897 and a one in 1.43 million chance of winning £100,000. The overall chance of winning any prize in the monthly draw for a £1,000 holding falls to one in 22. Over a year, a £1,000 holding has a one in 485 chance of winning £1,000, and a £100 holding has a one in 4,878 chance.

Despite the odds, smaller holdings can still yield significant wins. For example, a £100,000 prize was won from a £350 holding in Havering, east London, and a £25,000 prize from a £50 holding in Cheshire. However, these are exceptions rather than the norm, with smaller holdings often taking decades to return any winnings.

Regional Prize Distribution

An analysis of top-tier prizes (worth £1,000 or more) awarded since January 2023 reveals stark geographical differences. Australia emerged as the luckiest region, with a top prize awarded for every £149,864 in collective holdings, despite average individual holdings being lower than in the UK. This was followed by Wales, where a £1,000 prize was won for every £151,864 held.

Within England, the South West, South East, East, West Midlands, and East Midlands ranked third through seventh respectively. Northern Ireland followed in eighth place, with a £1,000 prize for every £154,813 held. Other overseas locations, including Canada and Jersey, ranked ninth.

Conversely, Greater London was found to be the unluckiest region, with a £1,000 prize awarded for every £175,007 in holdings. Yorkshire and The Humber ranked second-to-last, with a prize for every £165,640 held. Scotland was third from the bottom.

Million-Pound Winners

Since January 2023, three areas have each seen six £1 million winners: Hampshire (including the Isle of Wight), London, and Norfolk. Merseyside has had five millionaires, while Nottinghamshire, Cumbria, and Hertfordshire have each had four.

Notably, Wales has not recorded a £1 million winner in this period, despite over 1.1 million bondholders. Lancashire also has not had a millionaire winner since January 2023. Overall, 39 areas across Britain have produced £1 million winners.