The Prize Bond Company DAC reported in its annual assessment that robust sales of prize bonds totalled €489 million in 2023, bringing the value of the prize bond fund to €4.65 billion. The firm, which oversees the prize bond system for the National Treasury Management Agency (NTMA), stated that a total of 309,685 prizes were distributed last year, a rise of 30.9% compared to the previous fiscal year.
Cash prizes for the year amounted to €24.1 million, a substantial increase of 50.9%. According to the firm, the 2023 sales figures reinforce the longstanding appeal of the prize bonds among retail customers as a safe saving option. These customers have weekly opportunities to win a considerable number of prizes while maintaining their investment’s value.
In 2023, repayments totalled €531.9 million, while the aggregate investment in prize bonds by year-end stood at €4.65 billion. Each week, over 9,000 prizes are given, with a weekly jackpot worth €50,000 and a monthly jackpot of €500,000.
About 51% of Prize Bonds in 2023 were sold through the Post Office, which remains the main sales outlet. Company chair Debbie Byrne expressed optimism over the rising trend in the use of their self-service online platform as a convenient way for customers to manage their investments.
As of year-end 2023, unclaimed prizes, which are those not claimed after six months, saw a slight drop from €3.4 million in 2022 to €3.3 million. The Prize Bond Company pointed out that unclaimed prizes, which are held indefinitely until claimed, represent only a minuscule fraction of the total value of prizes handed out since the programme’s inception in 1957.
The company informs every winner of their prize based on the latest address registered. Each prize bond costs €6.25, with a minimum purchase requirement of four units or €25 total. These bonds are then eligible for a weekly cash raffle.
Prize bonds form a part of the expansive array of State savings products made available to individual consumers by the NTMA. Even though both An Post and Fexco jointly operate the Prize Bond Company, all the funds are directly entrusted to the Government and overseen by the NTMA.