Initially proposed to cope with debt from the Nine Years’ War (1689-97), the Million Adventure offered 100,000 tickets at £10 each. The Million Adventure was also a saving program, in that it paid ticket holders a £1 per year until 1710, or a 6.15 percent annual return. Harold Wilson, then the shadow chancellor of the Exchequer, called Premium Bonds a “squalid raffle,” but the British people rushed to buy them. Today about one in three Britons owns Premium Bonds. It has taken longer for prize-linked savings to catch on in the United States, but it’s happening.

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Persons: we’re, Benjamin Franklin, Murphy, Harold Wilson, Truist’s Organizations: American Gaming Association, Sports, Britons, Bonds, InTouch Credit Union of, Yotta Technologies Locations: U.S, United Kingdom, British, Denmark, Ireland, New Zealand, Sweden, United States, InTouch Credit Union of Plano , Texas