Lottery is a form of gambling involving the withdrawal of numbers for rewards. Lotteries are banned by some governments, while others support them as far as regulating national or state lotteries. It is common to find several levels of government lottery arrangements; the most common rule is the ban on sales to minors, and vendors must have a license to sell lottery tickets. Although the lottery was common in the United States and several other countries during the 19th century, at the beginning of the 20th century, most forms of gambling, including sweepstakes and sweepstakes, were illegal in the US and most of Europe and many other countries. This remained so until after World War II. In the 1960s casinos and lotteries began to reappear throughout the world as a means for governments to increase revenues without raising taxes.
Lotteries come in many formats. For example, a gift may be a fixed amount of cash or goods. In this format there is a risk to the organizers if tickets are sold insufficiently. More general prize funds will be a fixed percentage of receipts. The popular form of this is the "50-50" sweepstakes in which the organizers promise that the prize will be 50% of revenue. Many recent lotteries allow buyers to pick a number on a lottery ticket, which results in multiple possible winners.
Video Lottery
Classic history
The first recorded signs of the lottery are the slip keno slips of the Han Chinese Dynasty between 205 and 187 BC. This lottery is believed to have helped finance major government projects such as the Great Wall of China. From China "The Book of Songs" (2nd millennium BC) Comes a reference to the game of opportunity as a "wooden picture", which in context appears to depict many images.
From the Celtic era, the Cornish words "teulel pren" translates to "throwing wood" and meaning "to draw a lot".
The Iliad of Homer refers to many who are placed into the Agamemnon helmet to determine who will fight Hector.
The first European Lottery to be known was held during the Roman Empire, especially as entertainment at dinner parties. Each guest will receive a ticket, and prizes often consist of luxury items such as cutlery. Each ticket holder will certainly win something. This type of lottery, however, is nothing more than a gift-sharing by rich nobles during Saturnalia's orgy. The earliest record of lottery tickets sold is a lottery organized by Roman Emperor Augustus Caesar. The funds were for repairs in the City of Rome, and the winners were rewarded in the form of articles with an unequal value.
Maps Lottery
Medieval history
The first recorded lottery to offer tickets for sale with prizes in cash was held in the Low Countries in the 15th century. Various cities held public lotteries to raise money for city forts, and to help the poor. Note the cities of Ghent, Utrecht, and Bruges indicate that the lottery may be older. A note dated May 9, 1445 at L'Ecluse refers to fundraising to build city walls and fortifications, with 4,304 lotteries and a total prize money of 1737 florins (worth about $ 170 thousand in 2014 US dollars). In the 17th century, it was quite common in the Netherlands to set up a lottery to raise money for the poor or to raise funds for all types of public use. Lotteries are proving very popular and are regarded as a painless form of taxation. The Dutch state belonging to Staatsloterij is the oldest running lottery. The English word lottery comes from the Dutch noun "lot" which means "destiny".
The first recorded Italian lottery was held on 9 January 1449 in Milan organized by the Republic of the Golden Ambrosians to finance the war against the Republic of Venice. However, in Genoa it is Lotto very popular. People usually bet on behalf of members of the Supreme Council, who are drawn by chance, five out of ninety candidates every six months. Such gambling is called Lotto or Semenaiu . When people want to bet more often than twice a year, they begin to change the names of candidates with modern numbers and portraits, which are modern law lotteries and illegal Number games can trace their ancestors.
Ticket gallery
Early modern history
French, 1539-1789
King Francis I of France found the lottery during his campaign in Italy and decided to organize such a lottery in his kingdom to help state finances. The first French Lottery, Loterie Royale, was held in 1539 and authorized by decree ChÃÆ' Â ¢ teaurenard. This effort fails, because the tickets are very expensive and social classes can make them oppose the project. For the next two centuries, lotteries in France were banned or, in some cases, tolerated.
English England, 1566-1826
Although Britain may be the first to experiment with similar raffles and games, the first official raffle recorded was chartered by Queen Elizabeth I, in 1566, and withdrawn in 1569. The lottery is designed to raise money for the "Refuge repairs and the power of Realme, - other good works like publique ". Each ticket holder wins a prize, and the total value of the prize equals the money raised. Gifts of silver dishes and other valuable commodities. The lottery is promoted with rolls posted across the country showing gift sketches.
Thus, the lottery money received is an interest-free loan to the government for three years that the ticket ('without Empty') is sold. In recent years, the government sold lottery ticket rights to brokers, who then hired agents and runners to sell it. This broker eventually became a modern stockbroker for various commercial ventures. Most people can not afford the whole lottery ticket fee, so brokers will sell shares in tickets; this results in tickets being issued with notation such as "Sixteenth" or "Third Class".
Many private lotteries are held, including raising money for The Virginia Company of London to support its settlement in America at Jamestown. The British State Lottery lasted from 1694 until 1826. So, the British lottery lasted for more than 250 years, until the government, under constant pressure from the opposition in parliament, declared the last sweepstakes in 1826. The lottery was held to be mocked by contemporary people. commentators as "the speculators' last battle of public confidence in popularity until their last dying lottery".
Initial United States 1612-1900
The British Lottery, authorized by King James I in 1612, granted the Virginia Company of London the right to raise money to help build settlers in the first permanent British colony in Jamestown, Virginia.
The lottery in colonial America plays an important part in financing both private and public businesses. It has been noted that over 200 lotteries are subject to sanctions between 1744 and 1776, and play a major role in financing roads, libraries, churches, campuses, canals, bridges, etc. In the 1740s, the foundations of Princeton and Columbia University were funded by a lottery, such as the University of Pennsylvania by the Academy Lottery in 1755.
During the French and Indian Wars, some colonies used the lottery to help finance their local fort and militia. In May 1758, the Commonwealth of Massachusetts raised money with the lottery for "Expedition against Canada".
Benjamin Franklin arranged a raffle to raise money to buy cannons to defend Philadelphia. Some of these lotteries offer prizes in the form of "Pieces of Eight". George Mountain's Mountain Road Lottery in 1768 did not work, but this rare lottery ticket with Washington's signature became a collector's item; one example sold for about $ 15,000 in 2007. Washington also became manager for "Slave Lottery" Col. Bernard Moore in 1769, who advertised land and slaves as a gift at The Virginia Gazette.
At the beginning of the Revolutionary War, the Continental Congress used the lottery to raise money to support the Colonial Army. Alexander Hamilton writes that the lottery should be kept simple, and that "Everyone... would be willing to endanger a small sum for the sake of big profit opportunities... and would prefer fewer chances to win many chances, win little". Taxes have never been accepted as a way to increase public funding for projects, and this led to popular belief that the lottery is a form of hidden tax.
At the end of the Revolutionary War, states had to use the lottery to raise funds for various public projects.
German-speaking countries
The first major lottery in Germany land was held in 1614 in Hamburg.
In Austria, the first draw was drawn in 1751, during the reign of Queen Maria Theresia, and was named Lotto in Genova because it was based on 90 numbers. Spanish, 1763
Spain offers lots of lottery games, most of which are operated by LoterÃÆ'as y Apuestas del Estado with the remaining lottery operated by ONCE and the Catalan government. The first Spanish lottery game was played in 1763 and, over the last two centuries, playing the lottery in Spain has evolved into a tradition.
The Spanish Christmas Lottery (formally Sorteo Extraordinario de Navidad [so? 'Teo ext? AorÃÆ' Â ° i'na? Jo ÃÆ' Â ° e na? I'ÃÆ' Â ° aÃÆ' Â °] or just LoterÃÆ'a de Navidad [lote'? It ÃÆ'Â Â ° na? I'ÃÆ'Â ° aÃÆ'Â °] is a national lottery. It is held annually since 1812 by the Spanish Public Administration branch, now called LoterÃÆ'as y Apuestas del Estado. The name Sorteo de Navidad was used for the first time in 1892.
The Spanish Christmas Lottery is the second longest continuous lottery in the world. This included years during the Spanish Civil War when lottery raffles were held in Valencia after Republic was forced to move their capital from Madrid. After the overthrow of the Republican government, the lottery continued uninterrupted by the Franco regime.
Modern history by country
Important gifts on different continents are:
Australia
The first draw in Australia took place in the 1880s in Sydney. It was a private lottery that was quickly banned, though moved to other areas such as Queensland and Victoria. In 1916, the Australian government started their own lottery, named 'Golden Casket Art Union', with the aim of raising funds for charities and projects. The first draw is credited with fundraising for World War One veterans.
Canada
Lotteries in Canada are managed by five regional organizations; Atlantic Lottery Corporation (which serves Atlantic Canada), Loto-QuÃÆ' Â © bec, Ontario Lottery and Gaming Corporation, Western Canada Lottery Corporation (which serves Western and Northern Canada, excluding British Columbia), and British Columbia Lottery Corporation. The five regional lotteries are members of a consortium known as the Interprovincial Lottery Corporation, which organizes national games, including the 6/49 Lotto and Lotto Max. Five lotteries offer exciting games, starting cards, and sports betting - most recently under the Sport Select brand.
The biggest single jackpot record in Canada's draw history is Lotto 6/49 drawn on 17 October 2015 for a $ 64 million jackpot.
Mexico
The Mexican Lottery of Nacional dates back to the end of the 18th century. LoterÃÆ'a's goal is to create jobs and "drive the process of wealth redistribution". LoterÃÆ'a is also a member of the North American Association and Provincial Lottery.
Spanish
As measured by total prize payments, the Spanish Christmas Lottery is considered the largest lottery worldwide. In 2012, if all tickets are sold, the total prize payout will be EUR2.52 billion (70% of ticket sales). The total amount of all prizes from the first category called El Gordo ("the fat") is EUR720 million distributed among 180 winning tickets (billetes) each winning EUR4 million.
For 2013, due to reduced demand, the number of available EUR20 tickets is reduced from 180 million to 160 million, reducing the maximum reward potential to EUR2.24 billion (70% of ticket sales), with El Gordo's maximum potential of EUR720 million.
Thai
A lottery was first held in Thailand (later known as Siam) in 1874 during the reign of King Chulalongkorn (Rama V), as part of an international exhibition held for his birthday. A lottery was held in 1917 by the British government with the approval of Thailand to help finance the British war effort. Lotteries were held intermittently until 1933, when they became organized under the finance department.
The Thai Lottery is currently managed by the Government Lottery Office, a state-run company run by the Ministry of Finance. The pictures take place on the 1st and 16th of every month, with the highest price now up to 32 million baht.
Temples of local folklore and popular religion, such as Nang Ta-Khian, are often prayed for luck in Thailand's lottery lottery.
United Kingdom
The main lottery in the United Kingdom is the National Lottery, a state-approved lottery approved by the Gambling Commission (formerly the National Lottery Commission), and established in 1994. It is operated by Camelot Group, which was first awarded a franchise in 1994. The current Camelot Franchise Agreement runs until 2019. 28% of the National Lottery revenue, together with all unclaimed prizes, is distributed as a grant for charitable purposes. 12% of revenues from National Lottery are expected to go to government, 5% go to lottery retailers, 5% retained by Camelot Group for operating costs, and 50% fixed for total prize funds that 5% are transferred to Super Draw fund, leaving 45% for a normal reward.
North & amp; Shell also operates a commercial lottery known as The Health Lottery, which distributes its revenue to support charities and health causes. To comply with the Gambling Law, which prohibits others to operate the national lottery, the Health Lottery operates as an umbrella company representing a group of 51 community lotteries across the UK with common images and prize pools. Each image is held on behalf of one or more community lotteries, whose income is used to support health-related causes in their respective regions. The Health Lottery received criticism about the launch just pledged to donate 20.3% of the cost of tickets to charity, compared to the National Lottery's 28%, and that the lottery structure was designed against the UK-related law of the lottery.
United States
The lottery is operated at the state level in the US; 44 states and 3 territories operate state lotteries, and almost all are members of a consortium that operates regional games, and two near-national games, Mega Millions and Powerball. In January 2016, Powerball set a record for the largest jackpot lottery in US history, with a draw of January 13, 2016 with an estimated jackpot of US $ 1.5 billion.
The legal lottery precursor is an 1800s underground "game of numbers", operated from "Policy shops" where the bettor selects numbers. In 1875, a report of the elected committee of the New York State Assembly declared that "the lowest, the cruelest, worst form... that gambling takes in New York City, is what is known as a play policy." The game is also popular in the Italian neighborhood known as the Italian lottery, and it is known in the Cuban community as bolita ("little ball"). At the beginning of the 20th century, this game is associated with poor communities, and can be played for just $ 0.01. The attractiveness of the game for low-income and middle class workers is the ability to bet a small amount of money, and the bookie can give credit to the bettor. In addition, policy winners can avoid paying income taxes. Different policy banks will offer different rates, although the rewards of 600 to 1 are typical. Since the odds of winning are 1000: 1, the expected benefits for the blackmailers are huge.
The first US-run US lottery was established in Puerto Rico in 1934, followed by New Hampshire in 1964.
Mathematical analysis
The purchase of a lottery ticket can not be accounted for by the decision model based on the expected value maximization. The reason is that lottery tickets cost more than expected profits, as shown by the math lottery, so someone maximizing the expected value does not have to buy lottery tickets. However, the purchase of a lottery can be explained by a decision model based on the expected utility maximization, since the utility curability function can be adjusted to capture risk seeking behavior. A more general model based on utility functions defined on things other than the lottery results can also explain the purchase of the lottery. In addition to lottery prizes, the ticket also allows some buyers to experience the sensation and enjoy the fantasy of getting rich. If the entertainment value (or other non-monetary value) earned by playing is high enough for a particular individual, then the purchase of a lottery ticket may represent a gain in the overall utility. In such cases, the disutility of monetary losses can be defeated by a combination of expected utility from monetary and non-monetary gains, thus making the purchase of a rational decision for that individual.
Possible wins
The likelihood of winning the lottery jackpot can vary greatly depending on the lottery design, and is determined by several factors, including the number of possible numbers, the number of winning numbers, whether the sequence is significant or not, and whether the retrieved number is returned for possible drawing further.
In a simple lotto 6-of-49, a player selects six numbers from 1 to 49 (no duplicates are allowed). If all six numbers on player tickets match those produced in the official image (regardless of the order in which the numbers are taken), then the player is the jackpot winner. For a lottery like that, the chance to be a jackpot winner is 1 in 13,983,816.
In the bonus ball lottery where the bonus ball is mandatory, the odds are even lower. In the multi-state lottery Mega Millions in the United States, 5 numbers are taken from group 75 and 1 number is taken from a group of 15, and a player must match all 6 balls to win the jackpot prize. The chance of winning the jackpot is 1 in 258,890,850.
Opportunities to win can also be reduced by increasing the group from which the numbers are taken. In SuperEnalotto Italia, players must match 6 points from 90. The chance of winning the jackpot is 1 at 622.614.630.
Most lotteries give smaller prizes for matching only a few winning numbers. Game Mega Millions gives payment (US $ 1) if the player just matches the bonus ball. The 6/49 weekly lottery operated by ILLF offers a two-ball cash prize, which is likely to be 1 in 6.63. In the UK National Lottery the smallest prize is Ã, Â £ 25 for matching three balls. Recently organizers have changed the rules and they offer Ã, Â £ 2 for 2-digit match.
Match more numbers, payouts increase. Although none of these additional rewards affect the chances of winning the jackpot, they increase the chances of winning something and hence add a bit of ticket value. On the other hand, some smaller prizes usually mean a smaller jackpot. It is common for the jackpots to be shared evenly if multiple players have tickets with all the winning numbers.
Fraud and scams
Lotteries, like any form of gambling, are vulnerable to fraud, even though a high level of examination is claimed by the organizer. Many lottery frauds exist.
Some of the additional fraud charges on the Internet are based on lotteries. Fraud begins with spam congratulating the recipients on their last lottery win. The email explains that to issue funds, email recipients must part with a certain amount (as taxes/fees) as per the rules or risk of foreclosure.
Another form of fraud involves the sale of "systems" that are meant to increase the likelihood of players choosing the winning numbers in Lotto games. This scam is generally based on misconceptions of buyers (and possibly sellers) about probability and random numbers. The sale of this system or software is legal, because they mention that the product can not guarantee victory, let alone the jackpot.
There are also some cases of cashiers at lottery retailers who have been trying to deceive customers from their winnings. Some locations require patrons to hand a lottery ticket to the cashier to determine how much they have won, or if they win at all, the cashier then scans the ticket to determine one or both. In cases where there are no visible or audible gestures to the scanner protector, some cashiers have taken the opportunity to claim that the ticket is a loser or that the price is far less than the ticket and offers to "throw it away" Or quietly replace it with other tickets. The cashier then pocketed the ticket and eventually claimed it as their own.
The BBC TV series The Real Hustle shows a variation of the lottery screar in which a group of fraudsters pretend to have won the lottery, but is prevented from claiming the prize as the person who wrote the name on the back of the ticket should have left the country on that date. They are able to persuade foreigners to prepare money as collateral to share in prize pools.
Eddie Tipton, former security director of the Multiple State Lottery Association, in the Hot Lotto fraud scandal installs software code for the random number maker Hot Lotto that enables him to predict the winning numbers on certain days of the year.
In 2003, Mohan Srivastava, a Canadian geologist, discovered the non-random patterns in "Tic-Tac-Toe" tickets sold by the Ontario Lottery and Gaming Corporation. "Tic-Tac-Toe" was pulled off the shelf, and became the first game ever remembered by OLG.
Prize payment
Victory (in the US) does not have to be paid in quantity at once, contrary to the expectations of many lottery participants. In certain countries, especially the US, the winner can choose between an annuity payment and a one-time payment. One-time payments ( cash or lump sum ) are "smaller" than the advertised jackpot (annuity), even before applying any deductions to prizes.. Although the deductions vary according to the jurisdiction and how the winnings are invested, it is recommended that the winner who chooses the lump sum expects to pocket 1/3 of the advertised jackpots at the end of the tax year. Therefore, a $ 100,000,000 jackpot winner who chooses cash can expect $ 33,333,333.33 net after submitting an income tax document (s) for the year in which the jackpot was won.
Lottery annuities are often for a period of 20 to 30 years. Some US lottery games, especially those offering "lifetime" gifts, do not offer lump-sum options.
In some online lotteries, the annual payment is only $ 25,000, with balloon payments in the last year. This type of repayment is often done through investments in government-backed securities. Online lotteries pay the winners through their insurance reserves. However, many winners choose lump sum, because they believe they can get a better return on their investment elsewhere.
In some countries, lottery winnings are not subject to personal income tax, so there are no tax consequences to consider in choosing payment options. In France, Canada, Australia, Germany, Ireland, Italy, New Zealand, Finland, and the UK, all prizes are directly paid as one lumpsum, tax free for the winner. In Liechtenstein, all tax-free winnings and winners may choose to receive a single payment or annuity in respect of the Jackpot prize.
Source of the article : Wikipedia
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