Money invested in prize bonds declines nearly 30% during 2024 

Last year, people invested just over €350m in prize bonds — a decline of 28.3% from the €489.1m recorded in 2023, report shows

Of the 475,102 prizes awarded last year through prize bonds, 99.5% were valued at €75.

The total value of the State’s Prize Bond fund declined by 4% during 2024, following a nearly 30% decline in the amount of money invested into the savings vehicle, a new report shows.

The latest annual report from the Prize Bond Company,  which administers prize bonds on behalf of the National Treasury Management Agency, shows last year people invested just over €350m in prize bonds — a decline of 28.3% from the €489.1m recorded in 2023.

At the same time, prize bond repayments, which is people opting to take their money out of the scheme, rose 1.2% to €538.2m.

This resulted in the overall fund value declining 4%, to €4.46bn.

Throughout the 2024, the fund paid out 475,102 prizes with a combined value of €45.6m.

Of those 475,102 prizes awarded during the year, the majority, 99.5%, were for prizes worth €75. There were 1,040 prizes valued at €500 and 1,040 prizes valued at €1,000.

There were 52 prizes valued at €50,000 awarded and zero prizes awarded for €250,000. There were 12 prizes awarded valued at €500,000.

Prize bonds are sold as units and each unit is entered into a weekly draw. A jackpot prize valued at €500,000 is awarded in the last draw every month.

Prize Bond Company chairperson Debbie Byrne said the strong growth in the fund reflected the “continued customer confidence in prize bonds as a unique retail savings product”.

As of the end of 2024, the value of the unclaimed prizes — which are prizes not claimed after six months and which have accumulated since prize bonds were established in 1957 — stood at €3.4m.

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 Prize Bond Company is jointly owned by An Post and financial services company Fexco.

The company paid just under €3.9m to An Post during last year for the provision of administration services. As of the end of the year, the company still owes An Post €282,629.

The company entered into a new contract dated May 8, 2023, with Fexco. The contract provided for certain aspects of the administration of the prize bond scheme to be carried out by Fexco until December 31, 2027.

Fexco earned total fees of €8.7m in 2024, also for the provision of administration services. Coming into 2025, the company owed Fexco €723,026.