The history of lotteries

The origin of lotteries can be traced far back in history. In the Old Testament, Moses had to take a census of the people of Israel and divide the land by using lotteries. Roman emperors used lotteries to hand out property and slaves.

When British colonists brought lotteries to the United States, the people reacted negatively, particularly among the Christians. As a result, ten states banned them between 1844 and 1859.

12 STASHED

2 LIKES

What Is a Lottery?

investopedia.com

MORE IDEAS FROM THE ARTICLE

A cash lottery creates excitement and fantasies of paying debts or never having to work again.

  • Lotteries are criticised for being an addictive form of gambling.
  • The chances of winning are slim. Statistically, you're more likely to be struck by lightning or becoming a billionaire than winning the Mega Millions jackpot.
  • Those who do win a jackpot are often worse off than before. It often triggers a decline in the quality of life.
  • The proceeds from lottery ticket sales do sometimes go to good causes.

11 STASHED

3 LIKES

A lottery is a game of chance

A lottery refers to a random draw.

  • Lotteries can be used in decision-making situations, for example, sports team drafts.
  • Lotteries are also a form of gambling that encourage people to pay a small sum of money with a chance of winning big. The total value of prices is often determined by the amount raised after expenses incurred by the promoter. But other lotteries offer predetermined prizes.

12 STASHED

2 LIKES

Deepstash helps you become inspired, wiser and productive, through bite-sized ideas from the best articles, books and videos out there.

GET THE APP:

RELATED IDEAS

Luck And Chance

Like the flip of a coin coming up with heads or tails, chance is what happens out there, and is an aspect of the physical universe. Luck, on the other hand, is a perceived value of the ‘chance’ outcome.

It is our subjective reality of a good or bad fortune, imposed over the objective reality of the final result or consequence. The chance event is the same, and people see it as lucky or unlucky.

170 STASHED

The Deceptions of Luck

nautil.us

Lotteries

The lottery is cheap permission to dream about the possibility of a better life. Most players know they won't win. 

People without lots of money are more likely to participate in lotteries. On average, households that make less than $12,400 a year spend 5 % of their income on state lotteries, making it a deeply regressive tax.

82 STASHED

The Psychology Of Lotteries

wired.com

Winning A Lottery

Human beings are not wired to grasp the concept of probability. A chance of winning a lottery, sometimes 1 in 175 million, is not something that bothers us.

The Lottery ticket, selling in billions per year, remains a popular sport in the world, and is something whose appeal has increased during the recent recession.

79 STASHED

Why We Keep Playing the Lottery

nautil.us