Higher probability of winning.
Premium Bonds
- Thread starter Twentymac
- Start date
Putting the money into a savings account and buying lottery tickets with the interest, gives much better odds of winning than buying Premium bonds.
...but only one shot at winning with the same money.
No, on a like for like basis where you get to retain the entire sum you began with.
Associate
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I dont have any, but its my understanding its really only worth doing if you have a lot of them, as obviously your chances on winning increases.
It makes no more sense to buy a large amount than a small amount; the odds don't change.
I agree that the lottery has better odds but if it is on a like-for-like comparison doesn't this make the comparison flawed....because it doesn't represent how it works....
or am I being dense?
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I don't get this either
Do the odds of winning something not change if you buy 1,000 lottery tickets vs 1?
Say you have £1000 in a savings account which gives you £60 a year or £5 a month in interest. If you use that interest to buy lottery tickets, you still have the £1000. Compared to having £1000 in Premium bonds, you have a better chance of winning - especially a better chance of winning the big £1m+ prize - with the lottery tickets.
You can verify this for yourself easily enough because both the lottery and PBs publish their odds
I don't get this either
Do the odds of winning something not change if you buy 1,000 lottery tickets vs 1?
The odds of 'winning something' change, obviously. If you give me £1000 to buy lottery tickets with, I can promise you will win something
The overall odds per £1 never change though, that's what I meant.
I don't get this either
Do the odds of winning something not change if you buy 1,000 lottery tickets vs 1?
The odds on winning the lottery are something like 1 in 15,000,000. If you buy 1000 tickets, the odds are 1000 in 15,000,000, rather than 1 in 15,000 as some folk seem to think!
Isn't 1 in 15,000 another way of expressing 1,000 in 15,000,000? Just like 100 to 1 = 1000 to 10?
Associate
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No
Can you explain the maths? It's been a long time since I did stats but I thought that 1,000 in 15,000,000 is the same as 1 in 15,000?
Say there are 100 different numbered balls in a sack and 1 is pulled at random. If you have 1 guess prior to the ball being pulled out you've got a 1 in 100 chance. If you have 2 guesses you've got a 2 in 100 chance or a 1 in 50 chance. If you have 50 guesses you have a 50 in 100 or 1 in 2?
No
of course it is
1/15,000 = 1000/15,000,000
(stick it in your calculator in you don't believe me)
therefore, a thousand tickets at 1/15,000,000 chance of winning per ticket means 1/15,000 chance of winning overall
anyone who thinks otherwise is wrong
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How much have you invested in premium bonds?
Associate
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depends on your luck I invested £500 for my kid and he won £50 in the first month and £50 again a couple of months after that ,so he now has £600 you would get no where near that in any bank !
If your a loser then stick with the banks
If your a loser then stick with the banks
Soldato
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Does anyone know if the value changes of these?
For example, I have a couple bought from when I was younger, £1 bond.
Surely it's not worth £1? lol
I have some that I bought recently, £100 worth but you had to buy £100 minimum. Whereas before im guessing not?
For example, I have a couple bought from when I was younger, £1 bond.
Surely it's not worth £1? lol
I have some that I bought recently, £100 worth but you had to buy £100 minimum. Whereas before im guessing not?
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Associate
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no the value stays the same .