What is a Lottery?
Basically, a lottery is a type of gambling. It involves selecting a group of numbers and having them drawn at random. Some governments organize national and state lotteries, while others outlaw the use of lotteries.
U.S. lotteries are a form of gambling
Among the plethora of forms of gambling in the United States, lottery is the most widespread. Lotteries are operated by the District of Columbia, Puerto Rico, and 45 states and territories. Lottery revenues make up one per cent of state revenue.
Lotteries began to become popular in the colonies, with the Massachusetts Bay Colony offering the first authorized lottery in 1745. In the nineteenth century, lotteries were used to finance European settlement of the continent. However, as America’s prosperity waned in the 1960s, states began to look for budgetary solutions. Lotteries were seen as an ideal way to maintain services without raising taxes.
There are a number of reasons for lottery’s popularity. One is that gambling revenues are responsive to economic and unemployment trends. This means that when unemployment rises, lottery sales increase. Similarly, when unemployment falls, lottery sales decline.
European lotteries
EL (European Lotteries) is the umbrella organisation for national lotteries across the EU. It is headquartered in Lausanne, Switzerland. Its membership comprises around 50 national lotteries in each of the EU Member States. The association is governed by a General Assembly composed of all its Members.
EL’s membership includes the largest lottery in Europe, the EuroJackpot. This lottery takes place in Spain, Iceland, Norway, Germany, and Italy. It requires five main numbers from 1 to 50, plus two additional numbers from 1 to 8. The jackpot starts at EUR 10 million, and increases by EUR 2 million every draw. It is possible to roll over the jackpot to a maximum of EUR 90 million.
EuroMillions is another lottery held across the EU. It offers a jackpot prize starting at EUR17 million. In addition to the standard jackpot, players can win an extra EUR1 million prize each draw.