What is the Lottery?

Lottery is a game in which numbers are drawn at random by machines for prizes. It is a form of gambling and the word is derived from the Latin verb loto, meaning “fate.”

The term was first recorded in the late 15th century, although earlier games existed for centuries in Europe and the Americas. In America, the first public lotteries were held in the 17th century to raise money for projects such as the building of Harvard, Dartmouth, Yale, King’s College (now Columbia) and many others. These were often organized by private promoters rather than by the government, but were considered as a way for citizens to voluntarily pay taxes for the benefit of the public.

Those who play the lottery are playing against probabilities, but they hope that by taking that gamble they will become wealthy. But the odds are long, and there are better ways to put your money to work.

Khristopher Brooks is a reporter for CBS MoneyWatch. He formerly worked at the Omaha World-Herald, Newsday and the Florida Times-Union. He reports on the housing market, business and sports, among other topics.

He is a graduate of the University of Nebraska-Lincoln. He lives in the Chicago area with his wife and two children. Americans spend more than $80 billion a year on the lottery, according to the Federal Reserve, but that money could be better spent on building an emergency fund or paying off credit card debt.