Throughout human history, making decisions and determining fates by the casting of lots has been a common practice. It’s even mentioned in the Bible. However, using lottery as a way to win material goods has much more recent roots. The first recorded lottery to sell tickets and award prizes is the one organized by Augustus Caesar in Rome to raise funds for city repairs. Later, the Low Countries hosted lotteries to fund town fortifications and help the poor.

Today, state and national lotteries are operated in every Canadian province, 45 of the 50 U.S. states, the District of Columbia, and 100 other countries around the world. They are promoted in a variety of ways, including television and radio commercials. Advertising campaigns present the purchase of a lottery ticket as a minimal investment with an enormous return. This dynamic triggers FOMO, or the fear of missing out on a rare opportunity to drastically improve your life.

Lottery money is used for a mix of purposes, with a large percentage going toward prizes and the rest to gambling addiction programs and other state initiatives. A small portion goes to retailers who sell the tickets, and administrators charge fees for operating costs and advertising. In addition, there are a variety of tax issues to consider. It’s recommended that winners keep their tickets secure and hire a team of professionals to help them manage their newfound wealth, such as a financial advisor, a lawyer for estate planning, and a certified public accountant who can help with taxes.