The Evolution of the Lottery
In its earliest forms, the lottery was nothing more than a raffle. Ancient documents record drawings of lots to determine ownership. Drawing lots to determine rights began becoming common in Europe during the late fifteenth and sixteenth centuries. In the United States, the lottery was first tied to funding for Jamestown, a settlement in Virginia. Public and private organizations used the proceeds from lottery sales to support towns, wars, colleges, and public works projects.
Early American lotteries were simple raffles
The earliest lotteries in the United States were simple raffles. As early as the fourteenth century, Belgium was holding lotteries for civic projects, and Florence, Italy, held its first lottery in the 1500s. In 1568, Queen Elizabeth I held a grand raffle, with over $400,000 in cash, china, and tapestry prizes up for grabs. This event is considered the first recorded lottery, and lotteries in Europe took off after 1568.
Passive drawing games were dominant type of game in 1973
Lottery games have evolved significantly from the early days of the game. Originally, lottery games were just simple raffles in which players would wait weeks for the results to come out. By the mid-twentieth century, passive drawing games were essentially nonexistent. Since then, consumers have increasingly demanded more exciting games with faster payoffs and more betting options. Today, there are over two thousand different types of lottery games.
Heaviest lottery players are in the top 20% of purchasers
Almost 80% of lottery sales come from a tiny percentage of players. Business schools teach us the pareto principle: 80% of sales come from 20% of customers. In lottery sales, this is especially true. According to a Minnesota study, a mere twenty percent of lottery players accounted for 71% of the total income. In Arizona and Pennsylvania, two-thirds of lottery players paid off their mortgages, while more than a quarter bought new cars.
Lottery syndicates increase chances of winning
One way to boost your chances of winning big is to join a lottery syndicate. Essentially, a lottery syndicate is a group of people who buy multiple tickets and split the prize money when one ticket wins. Syndicates increase your chances of winning by providing a high sense of anticipation. Because you’ll be sharing the cost of tickets, you’ll also be able to purchase more tickets than you’d be able to buy individually.
California woman lost $1.3 million jackpot after fraudulently concealing award from husband
A California woman lost her $1.3 million lottery jackpot after fraudulently conceal-ing it from her husband. Denise Rossi had won the prize in December 1996, just 11 days before she filed for divorce. She claimed that she received the ticket from a co-worker and did not declare the winnings during the divorce proceedings. The judge ruled that she violated state asset disclosure laws, as she had failed to disclose the money during the divorce.