We split the prizes into three value bands – higher, medium and lower – and allocate a percentage share of the monthly prize fund to each band.
Higher value band
We pay out two £1 million jackpots each month. We then divide the balance of the prize fund share allocated to the higher value band equally among the remaining prize values. First we work out the number of £100,000 prizes. When there is a balance that’s less than half of that prize value, we carry it over to the share for the £50,000 prizes. Or when there’s a balance that’s at least half of the prize value, we award an additional prize of £100,000. We do this by taking the shortfall from the share for the £50,000 prizes.
We then calculate the numbers of other prizes in this value band in the same way, from highest value to lowest value. When calculating the number of £5,000 prizes, any surplus or shortfall is added to or taken from the medium value band.
Medium value band
From the share of the prize fund allocated to this band, we calculate the number of prizes so that there is one £1,000 prize for every three £500 prizes. Any surplus is added to the share allocated to the lower value band.
Lower value band
We work out the number of lower value prizes so that there’s an equal number of £100 and £50 prizes, and that the total number of prizes of all values (including £25 prizes) is equal to the number of eligible £1 Bond units divided by the odds.
Prize draw details
The table below shows the volume and value of the individual prizes for the February 2024 draw, together with the estimated number of prizes of each value for the March 2024 draw.
| Prize band | Prize value | February 2024 draw | Estimated March 2024 draw |
|---|---|---|---|
| Higher value (10% of prize fund) |
£1 million | 2 | 2 |
| £100,000 | 91 | 86 | |
| £50,000 | 182 | 173 | |
| £25,000 | 365 | 344 | |
| £10,000 | 912 | 860 | |
| £5,000 | 1,823 | 1,723 | |
| Medium value (10% of prize fund) |
£1,000 | 19,024 | 18,027 |
| 500 | 57,072 | 54,081 | |
| Lower value (80% of prize fund) |
£100 | 2,363,595 | 2,160,959 |
| £50 | 2,363,595 | 2,160,959 | |
| £25 | 1,038,003 | 1,455,598 | |
| Total prizes | 5,844,664 | 5,852,812 | |
| Total value | £475,609,325 | £450,666,300 |
