The lottery is a popular form of gambling, with the prize being money. State-sponsored lotteries typically sell tickets to raise money for a variety of public purposes. The winner is selected by chance in a random drawing, and there is no skill involved in playing. In the United States, a variety of laws govern how state lotteries operate and are administered.

It is believed that the oldest known lottery is the keno slips of the Chinese Han dynasty (205 and 187 BC). In colonial America, lotteries were used to fund private and public ventures including roads, churches, colleges, canals, bridges, and schools. The lottery was also a common source of funding for the Continental Army during the Revolutionary War.

Americans spend about $100 billion on lottery tickets each year, making it the country’s most popular form of gambling. But the game is not without its costs — the chances of winning are slim, and even the lucky winners can find themselves bankrupt in just a few years.

The word lottery is derived from the Latin “loterium,” meaning “fateful drawing.” In English, it first appeared in print in 1560s and was probably borrowed from Middle Dutch loterje, which may have been a calque of Old English hlott. It is cognate with the Germanic noun hlot (“lot, portion, share”). See also fateful. The modern state-sponsored lotteries are regulated and overseen by a centralized organization, usually called a lottery board or commission. This organization selects and trains retailers, certifies them to sell and redeem lottery tickets, pays high-tier prizes, assists retailers in promoting the games, and ensures that both retailers and players comply with state law and rules.