The lottery is a game of chance that can rewrite your life. But, the odds of winning are long. It’s a game that is played by people of all economic backgrounds. And it is an important way for some to get their hands on money they wouldn’t otherwise have.
The earliest lotteries began in the Low Countries in the 15th century. There, town records show that public lotteries were used to raise funds for things like walls and fortifications, as well as to help the poor. Proponents argue that states need the revenue, and that gambling is inevitable, so why not capture it for good?
A lottery is a game of chance that is run by a state or national government. Prizes vary but the general formula is: a certain number of tickets are sold and then the winners are chosen through a random drawing.
In America, most of the ticket revenue goes into the prize pool while some goes to administrative and vendor costs. The rest gets divvied up differently by each state. This video explains how lottery works and shows how the different states allocate their prize funds.
It’s a great video to use with kids & teens to help them learn about the lottery, and as a part of a Money & Personal Finance lesson plan or K-12 curriculum. And, it could be a useful discussion tool for parents to have with their children to make sure they understand the reality of lottery prizes and how much the initial odds matter before they decide to play.