A person might consider purchasing a lottery ticket if they want to win big money. But, while the lottery may have big jackpots, the tickets actually cost more than the expected gain. Thus, people who are trying to maximize their expected utility may not purchase the lottery. A general utility function can account for lottery purchases, but people who choose to buy a lottery ticket will often opt for a more risky option. Nevertheless, lottery purchases do offer a thrill and the fantasy of becoming rich.
The history of the lottery in the US has been a rollercoaster. In 1934, Puerto Rico established the first official territory-wide lottery. New Hampshire became the first state to create an official lottery in 1964. Since then, there has been an endless stream of new state lottery launches. But what is the state lottery? Where can you find the official lottery results in the US? This guide will give you an overview of online lottery sites in the US. So, let us look at some interesting facts about US lotteries.
One of the oldest known lotteries took place in the Low Countries. In this period, towns held public lotteries to raise funds for public projects and the poor. These lotteries were wildly popular, and were hailed as a painless way to raise money. The oldest surviving lottery was organized in 1611 in L’Ecluse, the Netherlands. The funds from the lottery helped repair the town walls, and the winners received articles of unequal value, such as fancy dinnerware.