In the nearly 40 years since then, I have won only once – receiving a cheque in the post just over 20 years ago for €50 – and, as a result of my terrible fortune, I have largely forgotten about the investment.Had my father decided to invest the100 quid in the S&P 500 in New York instead of in prize bonds for his delinquent son, the £100 would now be worth more than €5,000.
And repayments to people who decided to cash in their prize bonds jumped 46 per cent to €532 million, according to the recently released annual report from the company. The Lotto has odds of 10 million to one. And, of course, the Euromillions and Lotto jackpots – even at their smallest – will go a lot further than the biggest prize-bond wins.
The value of the prize fund on the table is determined by the National Treasury Management Agency , which applies an interest rate to the value of outstanding prize bonds, with lower rates meaning lower value prizes. It is also worth noting that while the average rate of return on prize bonds is 1 per cent, it is not a guaranteed rate of return and you might actually get nothing.