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Premium Bonds is a lottery bond scheme organised by the United Kingdom government since 1956. At present it is managed by the government's National Savings and Investments agency. The principle behind Premium Bonds is that rather than the stake being gambled, as in a usual lottery , it is the interest on the bonds that is distributed by a lottery.
National Savings and Investments was founded by the Palmerston government (following a suggestion by George Chetwynd, a clerk in the Money Order department of the General Post Office) [4] in 1861 as the Post Office Savings Bank, the world's first postal savings system. The aim of the bank was to allow ordinary workers a facility "to provide for ...
Lottery bonds are usually issued in a period where investor zeal is low and the government may see an issue failing to sell. By knowing ahead of time when the coupons will be paid and how many bonds will be redeemed at the original value and at the lottery value, the issuer can value the bond accurately and know ahead of time the cost of the borrowing.
€371.1 million (US$394.6 million) was the largest single-ticket jackpot in Italy's SuperEnalotto lottery, won on 16 February 2023. €98.4 million (US$112.0 million) [ 79 ] was the largest jackpot in Spain 's La Primitiva (not to be confused with El Gordo de la Primitiva ), won by a single ticket holder on Thursday 15 October 2015.
Index-linked Savings Certificates are British inflation linked bonds from National Savings and Investments, the state-owned savings bank in the United Kingdom. The bond terms are typically 2, 3 or 5 years. The returns are linked to Retail Price Index (RPI) with a tiny added interest rate on top. The Bonds can no only be cashed in at maturity.
A Prize Bond is a lottery bond, a non-interest bearing security issued on behalf of the Irish Minister for Finance by the Prize Bond Company DAC. Funds raised are used to offset government borrowing and are refundable to the bond owner on demand. Interest is returned to bond owners via prizes which are distributed by random selection of bonds.
New South Wales Lotteries have also conducted a number of $10 draw lotteries in the past. The most recent $10 lottery conducted was called Lucky 7, which replaced the Million Dollar Lottery (a non-jackpotting draw lottery that was otherwise similar to the $2 and $5 games) in 1996 and continued until 2001. [20]
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