The drawing of lots to decide matters of fate and property has a long history, including several instances in the Bible. Public lotteries to raise money for a variety of purposes have been around since the 17th century, and private lotteries were common at dinner parties, as a form of entertainment that was sometimes called an apophoreta. Benjamin Franklin held a lottery in 1776 to raise funds for cannons for Philadelphia’s defense during the American Revolution, and Thomas Jefferson sponsored one in 1826 to help relieve his crushing debts. Lotteries are also popular in many countries as a way to raise revenue.
Most modern lotteries let players choose numbers or have machines randomly spit them out for them. If those numbers match a winning combination, the player wins a prize. Lottery prizes can range from modest cash sums to expensive vehicles, vacations, or even a new home.
A lot of people play the lottery because they feel lucky. They might be right: Lotteries offer the allure of instant wealth in an age of inequality and limited social mobility. But the real reason is less innocent. Lotteries are a big business, and they know it. They rely on aggressive advertising campaigns to lure in new customers and make their games more appealing. They print gaudy tickets that look like nightclub fliers spliced with Monster Energy drinks. They promise enormous jackpots — even though most of the money will be paid out in equal annual installments over 20 years, with inflation and taxes drastically eroding the actual value.