A game or method of raising money in which tickets with numbers on them are sold, and prizes are awarded to the people whose tickets are drawn. Also used to refer to any event or process whose outcome appears to be determined by chance:
The concept of a public lottery dates back to the Low Countries in the fifteenth and sixteenth centuries, where towns held lotteries to raise funds for town fortifications and poor relief. The word is probably from the Dutch noun lot, meaning “fate,” or from French loterie, from the action of drawing lots to determine ownership or other rights (see a similar meaning in ).
In modern times, many state and local governments conduct lotteries. In addition, private corporations run national and international lotteries. Many states prohibit the sale of lotto tickets to minors, and some require a high minimum purchase.
Lottery winners can receive their winnings in either a lump sum or periodic payments. A lump sum allows a winner to invest all of the prize money right away, but it may be best for long-term financial security to take advantage of professional financial management advice.
Although the odds of winning are astronomically slim, many people still consider purchasing a lottery ticket a low-risk investment. However, the fact that lottery players as a group contribute billions in government receipts that could be better spent on retirement or college tuition should make them think twice about purchasing one.
