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In this format, there is risk to the organizer if insufficient tickets are sold. More commonly, the prize fund will be a fixed percentage of the receipts.
The first recorded signs of a lottery are keno slips from the Chinese Han Dynasty between and BC. These lotteries are believed to have helped to finance major government projects like the Great Wall of China.
The first known European lotteries were held during the Roman Empire , mainly as an amusement at dinner parties. Each guest would receive a ticket, and prizes would often consist of fancy items such as dinnerware.
Every ticket holder would be assured of winning something. This type of lottery, however, was no more than the distribution of gifts by wealthy noblemen during the Saturnalian revelries.
The earliest records of a lottery offering tickets for sale is the lottery organized by Roman Emperor Augustus Caesar.
The funds were for repairs in the City of Rome, and the winners were given prizes in the form of articles of unequal value.
The first recorded lotteries to offer tickets for sale with prizes in the form of money were held in the Low Countries in the 15th century.
Various towns held public lotteries to raise money for town fortifications, and to help the poor. The town records of Ghent , Utrecht , and Bruges indicate that lotteries may be even older.
The lotteries proved very popular and were hailed as a painless form of taxation. The Dutch state-owned Staatsloterij is the oldest running lottery.
The English word lottery is derived from the Dutch noun "lot" meaning "fate". The first recorded Italian lottery was held on 9 January in Milan organized by the Golden Ambrosian Republic to finance the war against the Republic of Venice.
However, it was in Genoa that Lotto became very popular. People used to bet on the name of Great Council members, who were drawn by chance , five out of ninety candidates every six months.
This kind of gambling was called Lotto or Semenaiu. When people wanted to bet more frequently than twice a year, they began to substitute the candidates names with numbers and modern lotto was born, to which both modern legal lotteries and the illegal Numbers game can trace their ancestry.
King Francis I of France discovered the lotteries during his campaigns in Italy and decided to organize such a lottery in his kingdom to help the state finances.
This attempt was a fiasco, since the tickets were very costly and the social classes which could afford them opposed the project.
During the two following centuries lotteries in France were forbidden or, in some cases, tolerated.
Although the English probably first experimented with raffles and similar games of chance, the first recorded official lottery was chartered by Queen Elizabeth I , in the year , and was drawn in This lottery was designed to raise money for the "reparation of the havens and strength of the Realme, and towardes such other publique good workes".
Each ticket holder won a prize, and the total value of the prizes equalled the money raised. Prizes were in the form of silver plate and other valuable commodities.
The lottery was promoted by scrolls posted throughout the country showing sketches of the prizes. Thus, the lottery money received was an interest free loan to the government during the three years that the tickets 'without any Blankes' were sold.
In later years, the government sold the lottery ticket rights to brokers, who in turn hired agents and runners to sell them.
These brokers eventually became the modern day stockbrokers for various commercial ventures. Most people could not afford the entire cost of a lottery ticket, so the brokers would sell shares in a ticket; this resulted in tickets being issued with a notation such as "Sixteenth" or "Third Class".
Many private lotteries were held, including raising money for The Virginia Company of London to support its settlement in America at Jamestown.
The English State Lottery ran from until Thus, the English lotteries ran for over years, until the government, under constant pressure from the opposition in parliament, declared a final lottery in This lottery was held up to ridicule by contemporary commentators as "the last struggle of the speculators on public credulity for popularity to their last dying lottery".
An English lottery, authorized by King James I in , granted the Virginia Company of London the right to raise money to help establish settlers in the first permanent English colony at Jamestown, Virginia.
Lotteries in colonial America played a significant part in the financing of both private and public ventures. It has been recorded that more than lotteries were sanctioned between and , and played a major role in financing roads, libraries, churches, colleges, canals, bridges, etc.
During the French and Indian Wars, several colonies used lotteries to help finance fortifications and their local militia.
In May , the Commonwealth of Massachusetts raised money with a lottery for the "Expedition against Canada".
Benjamin Franklin organized a lottery to raise money to purchase cannons for the defense of Philadelphia. Several of these lotteries offered prizes in the form of "Pieces of Eight".
Washington was also a manager for Col. At the outset of the Revolutionary War, the Continental Congress used lotteries to raise money to support the Colonial Army.
Alexander Hamilton wrote that lotteries should be kept simple, and that "Everybody Taxes had never been accepted as a way to raise public funding for projects, and this led to the popular belief that lotteries were a form of hidden tax.
At the end of the Revolutionary War the various states had to resort to lotteries to raise funds for numerous public projects.
The first big lottery on German soil was held in in Hamburg. In Austria the first lottery was drawn in , during the reign of Empress Maria Theresia , and was named Lotto di Genova since it was based on 90 numbers.
The first Spanish lottery game was played back in and, over the last two centuries, playing the lottery in Spain has developed into a tradition.
The name Sorteo de Navidad was used for the first time in The Spanish Christmas lottery is the second longest continuously running lottery in the world.
This includes the years during the Spanish Civil War when the lottery draw was held in Valencia after the Republicans were forced to relocate their capital from Madrid.
After the overthrow of the Republican government the lottery continued uninterrupted under the Franco regime. Ticket from an lottery to raise money for Queen's College , New Jersey.
The first lottery in Australia took place in the s in Sydney. It was a private sweepstakes that was quickly prohibited, despite being moved to other areas such as Queensland and Victoria.
Its first draw is credited with raising funds for veterans of World War One. The five lotteries offer draw games, scratch cards, and sports betting —the latter primarily under the brand Sport Select.
Lottery industry start operated in Malaysia on early by Berjaya Group. Founded and incorporated by the Malaysian Government in , it was focused on the commercialisation of 4-Digits —based games.
On 1 August , the government in a non- tender privatisation , sold the company to businessman Vincent Tan who merged it into his Berjaya Group.
It claims to be the largest operator in Malaysia of 4D-based games, with sales outlets offering a total of 7 games.
As measured by the total prize payout, the Spanish Christmas Lottery is considered the biggest lottery worldwide.
A lottery was first held in Thailand then known as Siam in during the reign of King Chulalongkorn Rama V , as part of an international fair organised for his birthday.
A lottery was organised in by the British government with Thai consent to help finance Britain's war effort. Lotteries were held intermittently until , when they became regularised under the finance department.
The drawings take place on the 1st and 16th of each month, with the top price now up to 32 million baht. Shrines of local folklore and popular religion , such as Nang Ta-Khian , are often propitiated in order to be lucky in the Thai lottery draw.
The principal lottery in the United Kingdom is the National Lottery , a state-franchised lottery sanctioned by the Gambling Commission formerly the National Lottery Commission , and established in It is operated by the Camelot Group , which was first granted the franchise in Camelot's current franchise agreement runs through To comply with the Gambling Act, which forbids other parties from operating a national lottery, The Health Lottery operates as an umbrella corporation representing a group of 51 society lotteries across the United Kingdom with a common drawing and prize pool.
Each drawing is held on behalf of one or more of the society lotteries, whose revenues go to support health-related causes in their respective area.
The Health Lottery received criticism on launch for only pledging to donate Lotteries are operated at the state level in the U. In January , Powerball set a record for the largest lottery jackpot in U.
The precursor to legal lotteries were the underground " numbers game " of the s, which operated out of "Policy shops" where bettors choose numbers.
In , a report of a select committee of the New York State Assembly stated that "the lowest, meanest, worst form The game was also popular in Italian neighborhoods known as the Italian lottery , and it was known in Cuban communities as bolita "little ball".
The game's attractions to low income and working class bettors were the ability to bet small amounts of money, and that bookies could extend credit to the bettor.
In addition, policy winners could avoid paying income tax. Different policy banks would offer different rates, though a payoff of to 1 was typical.
Since the odds of winning were , the expected profit for racketeers was enormous. The first modern government-run US lottery was established in Puerto Rico in ,  followed by New Hampshire in In , Ohio became one of the first states to offer people a digital lottery option.
The technology, developed by Linq3, allows players to play the lottery on their smart phones. There are many lotteries in India.
All lotteries are run by state governments but only 13 of the 28 Indian states allow them. The leader within Indian lotteries is the Kerala State Government that started their lottery department in following the country wide ban on private lotteries.
The Kerala State Lotteries became an inspiration for other Indian states that started their own lotteries.
The public ban on lotteries in other states has not been very effective since several lottery providers allow Indians to play online. Some states have tried to combat this with different measures.
The state government of Tamil Nadu decided to ban GooglePay since it allows payments to online lotteries and awards its users in India with Scratchcards.
Indian lotteries provide a substantial economic boost for the states that provide them. The purchase of lottery tickets cannot be accounted for by decision models based on expected value maximization.
The reason is that lottery tickets cost more than the expected gain, as shown by lottery mathematics , so someone maximizing expected value should not buy lottery tickets.
Yet, lottery purchases can be explained by decision models based on expected utility maximization, as the curvature of the utility function can be adjusted to capture risk-seeking behavior.
More general models based on utility functions defined on things other than the lottery outcomes can also account for lottery purchase.
In addition to the lottery prizes, the ticket may enable some purchasers to experience a thrill and to indulge in a fantasy of becoming wealthy.
If the entertainment value or other non-monetary value obtained by playing is high enough for a given individual, then the purchase of a lottery ticket could represent a gain in overall utility.
In such a case, the disutility of a monetary loss could be outweighed by the combined expected utility of monetary and non-monetary gain, thus making the purchase a rational decision for that individual.
The chances of winning a lottery jackpot can vary widely depending on the lottery design, and are determined by several factors, including the count of possible numbers, the count of winning numbers drawn, whether or not order is significant, and whether drawn numbers are returned for the possibility of further drawing.
In India, numerology plays a crucial role in everyday life of people. From choosing license plate numbers to buying a real estate property with a particular number.
Here's a look at lucky numbers in India, what makes them lucky, their history and significance. The Big Ticket raffle is popular with Indian expatriate workers and travellers and takes palce every month in Abu Dhabi.
The draw gives players the opportunity to win hundreds of millions of rupees as well as dream cars such as Land Rovers and BMWs. India Lottery Results Lotto.