Premium Bonds Odds

[Barquentine]

I have managed to find several websites which explain the odds of winning ANY prize from holding premium bonds.
One site also explained the odds of winning the £1million prize is 40 billion to 1 (because there are about that many bonds in circulation).
But my maths isn't very good - so with a holding of £15000 does that mean those 40 billion to 1 odds drop to 2.7 million to 1 (approx) - i.e. just divide by the no. of £1 bonds held? Or is it not that simple?

[sandyRoe]

That seems right. They'd give the odds of 1 bond winning a prize. To find the odds, as you suggest, divide by the number of bonds you have.

[factor-fiction]

Yes

[R1Geezer]

yes that is correct, each bond has odds of 40billion to one and you have 15000 goes.

[factor-fiction]

To be precise, if you buy 15000 bonds rather than just one bond your odds are not exactly 15000 times as great since there are now slightly more bonds available. So if your odds with one bond were 1 in 40,000,000,000, your odds when you increase your holding to 15000 become 15000 in 40,000,014,999.
I just thought I'd clarify that before someone picks us upon the point.

Another factor is that I don't think the additional bonds go into the draw straight away