Prize Bond fund soars but prize pot is reduced

More than 280,000 prizes were awarded to customers, a 13% increase in the financial year

From February this year, the two annual €1m prizes were replaced by four €250,000 prizes. In addition, the number of €50 prizes per week reduced from February

Sales of Prize Bonds have surged in the past year as customers ploughed extra savings due to Covid into the State-backed prize draw.

The size of the fund now exceeds €4.1bn, with sales of €735.7m taking place last year, a 37% increase on 2019. Prize Bonds repaid amounted to €283.1m, while €19.2m in prizes were paid out last year.