Oh I didn’t realise that a quid was the minimum to enter the draw. I dropped in £25 thinking it was a better investment than a lottery ticket!
Comparative wise, I think there is a 1 in 9.3 chance of winning something on the lottery, and 1 in 30000 for PBs.
The plus side is that there is no risk of loss on premium bonds, so as a bet, not sure how to factor that in, but I like to think of it as I could have bought 12.5 lottery tickets, and only 1.5 of them statistically would have won something (and probably just a free ticket).
A lottery ticket costs £2, so compared to PBs you have a 2 in 30000 chance monthly, or an average of 1 in 1250 a year.
That doesn’t sound great, but inflation is what say 2%, so your true cost is 1/50th of the PB entry fee in reality, so your chances of a win based on risk are 1 in 25(1250/50).
I think that’s right, so holding premium bonds for a minimum of 2 and a bit years, you have the same odds of winning something, at a fraction of the cost.
I’m not sure that thought is statistically accurate, but its how I like to look at it