Sales of prize bonds arrived at a “strong” €489 million in 2023, with the value of the fund reaching €4.65 billion, the Prize Bond Company DAC said on Tuesday as it published its annual report.
The company, which administers prize bonds on behalf of the National Treasury Management Agency (NTMA), said some 309,685 prizes were awarded last year, a 30.9 per cent increase in the financial year.
The monetary value of prizes was €24.1 million, an increase of 50.9 per cent.
The company said 2023′s sales figures underlined the long-standing appeal of prize bonds as a secure savings choice among retail customers, who each week have the chance to win a significant number of prizes while retaining the value of their holdings.
During 2023, the value of repayments was €531.9 million, while the total sum invested in prize bonds at the end of 2023 was €4.65 billion.
More than 9,000 prizes are awarded weekly with a weekly jackpot prize valued at €50,000 and in addition a jackpot prize of €500,000 in the last weekly draw each month.
The Post Office remains the primary point of sale for Prize Bonds with about 51 per cent purchased via the network in 2023.
“The opportunity to win prizes remains a defining feature of the prize bonds product and part of its enduring popularity. I am encouraged to see an increase in the usage of our self-serve online services, a convenient way for customers to view and manage their holdings,” said Debbie Byrne, who chairs the Prize Bond Company.
At the end of 2023 unclaimed prizes – prizes not claimed after six months – decreased to €3.3 million, from €3.4 million at the end of 2022. This represents a small portion of the value of prizes awarded since the launch of the scheme in 1957, the company said.
Unclaimed prizes are held indefinitely until claimed by a bond holder and every prize winner is contacted at the address last registered with the Prize Bond Company.
The unit price of a prize bond is €6.25 with a minimum purchase of four units, at a total cost of €25. All eligible prize bonds enter a weekly cash draw.
The prize bonds are part of the wider range of State savings products offered to retail customers by the NTMA. While the Prize Bond Company is a joint venture between An Post and Fexco, all money is placed directly with the Government under the management of the NTMA.
