Lottery is a game of chance that awards prizes in the form of money or goods. While the use of chance to make decisions and determine fates has a long record in human history, modern lottery games are relatively recent. The first public lotteries to offer tickets with a prize of money were held in the 15th century, although lottery-like games may have been even older. These games raised funds for town fortifications and to help the poor.
The popularity of lottery games is often tied to a state’s financial health, especially during periods of economic stress or when there are fears of tax increases or cuts in public programs. However, research shows that these ties are not strong. In fact, states can win public approval for a lottery without the explicit or implied promise of improved financial conditions.
In the early days of American colonial history, the emergence of private lotteries was a key factor in establishing the colonies. Benjamin Franklin organized a lottery to raise money for cannons to defend Philadelphia during the American Revolution, and George Washington sponsored one in 1768 to alleviate his crushing debts. Private lotteries also helped finance Harvard, Dartmouth, Yale, Columbia, King’s College (now CU), William and Mary, and several other colleges in the 18th century.
