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Step 1
Note that people who buy Premium Bonds do not always see it as a betting; they usually look on it more as an investment because you can cash in the bonds and receive your money back. Still, if you look on it as gambling there are some odds and statistics to take into account if you are going to bet on Premium Bonds.
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Step 2
Be aware that the odds of winning a prize if you bet on Premium Bonds are 24,000 to 1 with a top prize of £1 million each month. Your minimum investment is £100 which can then be increased by £10 multiples to a maximum of £30,000. The number of cash prizes is around 1,500,000 and there are 35 billion bonds in the draw. Obviously, as with any other draws, the more bonds you have bought, the better.
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Step 3
Observe that while the prizes offered and the amount of bonds in the draw has grown over the years, the basic principle behind Premium Bonds remains the same; you have the chance to win big cash prizes while at the same time you have absolute security knowing that you can cash in the bonds and get your money back. Premium Bonds are backed by the HM Treasury so there is not much chance they will disappear with your money.
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Step 4
Buy your bonds one month before they will be entered into the prize draw. There are numerous ways in which you can buy them. You can buy Premium Bonds at the Post office using cash or debit cards or the Post Office Online, by telephone and by standing order through your bank.
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Step 5
Go online and buy Premium Bonds (see Resources below) and you can also check if you have won or not at the same website by using the Premium Bond prize checker. At the moment there is currently 28 million pounds in unclaimed prizes, so there may be a lot of very rich people who are still getting up each morning and going to work.
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Step 6
Apply to bet on Premium Bonds as it has never been simpler. If you are applying by telephone or online make sure you have a debit card ready in order to make the purchase and you must also be over 16 years of age. You can also download the form you need to apply and the bonds will be sent to you through the post.
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Step 7
Buy Premium Bonds as a present or and investment when bought for children. There is a special section on the website that shows you how to do this. There is a prize draw each month and any win is tax and capital gain free. When you win from a bet on Premium Bonds you do not even have to declare it on your tax return. Premium Bonds have created 168 millionaires since 1994. Think of it as a tax free savings account where you have the chance to win one million every month.
