The casting of lots to determine decisions and fortunes has a long history, dating back centuries to biblical times. More recently, it’s been a popular way for states to raise money for public projects. It’s a way that bypasses traditional taxes on the middle class and working class and it allows governments to expand their services with a much lower tax burden.
Although lotteries can be fun and lucrative, they also have their downsides. There are plenty of stories of lottery winners blowing their prize money on Porsches and houses or gambling it away, only to find themselves in big trouble. Robert Pagliarini, a certified financial planner, told Business Insider that one of the best ways to avoid a lottery-win windfall disaster is to work with a team of people — a “financial triad” — and put together a plan for managing your money.
Many players choose numbers that are important to them, such as those associated with their birthday or family members. But the numbers that are most popular in a lottery draw tend to be clustered together, so it’s possible to improve your odds by choosing a wider range of number combinations. Another tip is to avoid a pattern in the numbers you choose, such as numbers that end with the same digit.
The first American public lotteries began in the 17th century, with Benjamin Franklin sponsoring a lottery to raise funds for cannons for Philadelphia during the American Revolution. In the 18th century, private lotteries were more common. They helped finance numerous public works projects and many colleges, including Harvard, Dartmouth, Yale, William and Mary, King’s College (now Columbia), and Brown University.