The lottery is a fixture in American life. People spend over $80 Billion a year on tickets, making it the country’s most popular form of gambling. State governments promote the games as ways to boost public services and social safety nets without hefty tax increases on working families. But just how much money does that really generate, and is it worth the trade-off?
The first recorded lotteries were keno slips used in China between 205 and 187 BC to raise funds for government projects like the Great Wall. The practice may have been even older, however, according to the Chinese Book of Songs (2nd millennium BC). Its author praised “the drawing of wood and stones” as a way to determine fate.
Today, most people play the lottery by buying a ticket with numbers printed on it. The numbers are chosen at random, and there’s no one set of numbers that is luckier than others. That’s why it’s important to choose a range of numbers and avoid picking consecutive ones, says Richard Lustig, who has won seven lottery jackpots in his lifetime. It’s also important to avoid choosing a sequence that has sentimental value, such as the numbers associated with your birthday or anniversaries.
Despite all the hype, winning the lottery isn’t a sure thing. There are plenty of cases where sudden wealth destroys the quality of life for the winners and their families. That’s why it’s critical to use the windfall wisely, pay off debts, create savings for the future and diversify your portfolio.
