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A lottery is a form of gambling where participants purchase tickets for a chance to win a prize. The prizes can be cash or goods. Some lotteries are operated by governments to raise money for a particular purpose. Examples include a lottery for units in a subsidized housing complex or kindergarten placements at a public school. Other lotteries involve sports or other events where there is high demand but limited space.

In the United States, state-run lotteries are popular sources of revenue. They are usually regulated by law to ensure fair play and honesty. In addition, they help cut down on illegal gambling. Many states have also used lotteries to fund education and veterans’ health programs without raising taxes.

The term “lottery” is derived from the Greek noun (literally: fate), which means destiny. It was first recorded in a biblical passage, where the Lord instructed Moses to draw lots for the distribution of land and property among the people of Israel. The practice has since spread to many other countries. The modern state-run lotteries in the United States began in the 1960s, when New Hampshire introduced a lottery to increase income tax revenues.

The winners of the lottery often have the choice of receiving the prize in a lump sum or in annual payments. Generally, the one-time payment is a smaller amount than the advertised jackpot, because of the time value of money and because it is subject to income tax.