The Lottery: Why Winners And Losers Go Broke

The Lottery as an institution is a money sink for the vast majority of participants. Your odds of winning are immeasurably low, but people play either way in the hopes of getting rich. Unfortunately, people who win the lottery often end up losing their riches.

The Lottery as a system goes back all the way to Han China. In order to raise funds for the great wall, a simple lottery was introduced by the emperor. Such a system proved popular and was utilized throughout Chinese history. Similarly, lotteries were utilized throughout European history to raise funds for public projects from the 15th century to the present day.

Ultimately lotteries are a form of gambling. Like gambling, playing the lottery can be addictive for those participating. Furthermore, different kinds of people play at different rates, with poverty being the most indicative factor for participating in lotteries. This can unfortunately create a vicious cycle for those in poverty as they spend more on lotteries getting nothing in return.

The lottery can return millions for those who win, but unfortunately, a large number of lottery winners often lose their winnings. This is often caused by being overly generous, making poor financial decisions, or just blowing their fortune on wine, women, and song.

Though the lottery has it's social issues, there are definite pros to it. Firstly, a substantial portion of a lottery pot goes to social programs such as education, an undeniable positive. In addition, some people do ultimately win the lottery and achieve a truly enviable state of wealth and financial security. Finally, the lottery can just be fun to play, it helps keep the dream alive, just don't go overboard.

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