What is a Lottery?
Lottery is a form of gambling whereby individuals pay for tickets that are entered into a random drawing for a prize. The probability of winning depends on the specific lottery, and is generally very slim. Many lottery games are run by governments, while others are private enterprises.
Lotteries have a long history, with references in the Bible and the Old Testament as well as in Roman law. They were introduced to the United States by British colonists, although initial reaction was mostly negative. Lotteries are often promoted by generating large, seemingly newsworthy jackpots that generate lots of free publicity in the media. These mega-sized jackpots also increase ticket sales, as many people are tempted to purchase multiple tickets in the hope of winning.
The word lottery is thought to have originated from Middle Dutch loterie, which was a calque of the French word loterie, itself a calque of the Middle High German lotinge. The latter word means “action of drawing lots”; it is possible that early lotteries involved the draw of lots for a variety of prizes, including goods and land.
Lottery players are a distinct class of consumers, and their consumption is highly responsive to economic fluctuation. Lottery expenditures increase as incomes fall, unemployment rises, and the sense of financial security for the future erodes. These fluctuations are a reflection of the national decline in wealth, and have made a great many Americans fixate on the idea that winning a lottery jackpot could change their lives for the better.