Lottery is an opportunity to make money by chance, and it has a long history in the world. In colonial America, for example, Benjamin Franklin used a lottery to raise funds for cannons to defend Philadelphia against the British. Lottery games also took off in the 19th century as a way to finance public works projects such as roads and railroads, schools, hospitals, and churches. In the United States, state governments have a monopoly on operating lotteries and use their profits to fund government programs.

Many people buy lottery tickets on the basis that they are a low-risk, high-return investment. But if they are playing for the wrong reasons, they could end up costing themselves thousands in forgone savings or worse—scarring their financial prospects for years to come. The truth is, the odds of winning are incredibly low.

The most common mistakes of lottery players include overspending, over-buying, and letting the euphoria of winning control their decisions, Chartier says. Showing off wealth is another mistake—it can anger other ticket holders and invite them to pursue you or your assets, he adds.

While it is easy to vilify lottery players, their behavior is largely consistent with the same human impulses that drive all forms of gambling, such as slot machines and horse races. In addition, they contribute billions to government receipts that might otherwise go to other purposes—such as education, health care, and retirement. But it is important to remember that the underlying motive of lottery play is a desire for instant riches.