Prize Bond sales surge of €530m raises fund to €3.65bn
SALES of Prize Bonds have hit a record high despite the chances of winning the top prize falling over the past few years.
Some €537m was funnelled into Prize Bonds last year to take the total fund to €3.65bn.
This is the highest level that has been put into the bonds since the fund was set up in 1957, the Prize Bond company said when issuing its annual report yesterday.
The number of cash prizes won by customers increased by 10.5pc to 248,140.
However, there are now just two €1m prizes a year. Back
Value of Prize Bonds cashed in fell by 9pc to €299m last year
in 2016 there were six a year, before this was reduced in 2017 to four €1m prizes a year.
The value of Prize Bonds “cashed in” by customers during the year fell by 9pc to €299m compared to the same period in 2018, as customers continued to hold onto their Prize Bonds.
Chairman of the Prize Bond company Brian Fay said: “With gross sales of €537m for the year, customers are not only investing in Prize Bonds, but also holding their investments as evidenced by the decline in the value of bonds cashed in, down 9pc on the previous year.”
Prize Bonds are sold to raise money for the State.
The Prize Bond Company is a joint venture between An Post and Fexco. All money is placed directly with the Irish Government under the management of the National Treasury Management Agency (NTMA).
Prize Bond draws are held every week. There is a €1m prize awarded on the last draw of June and December. A top prize of €50,000 is awarded in every other weekly draw.