• Lotteries come in many types.
• Early anecdote
• Chinese Han dynasty between 205 and 187 BC.
• Celtic “teulel pren” translates to “throw wood” and means “to deviate lot”.
• The Iliad by Homer
• Lottery organized by Augustus Caesar.
Lotteries, Lotto and Bingo are, as we all know, a design of games that involve different variants of draws available for a cost or profit.
These varieties of gambling are banned by some governments, while others support it to the point of organizing a national or state lottery.
It is standard to find a certain degree of adaptation of lotteries by governments or as in Sweden where the state has decided that it should be a state monopoly with associated lousy payouts to all gambling customers.
In the early 20th century, most forms of gambling, including lotteries and bingo, were illegal in several countries, including the United States and most of Europe.
This remained so until after the other world wars.
In the 1960s, casinos and lotteries began popping up all over the world as a way to generate income in addition to tax revenue.
Lotteries are in many types.
For example, the prize can be a fixed sum in cash or goods.
In this format, it is a gamble for the organizer if an insufficient number of tickets are sold.
More often it is the case that the price sum will be a fixed percentage of the revenue.
A popular design of this is the “50-50” draw where the organizers promise that the prize will be 50% of the proceeds.
Several new lotteries allow buyers to choose the numbers on the ticket, resulting in the possibility of multiple winners.
Acquisition of lottery tickets cannot be explained only by decisions based on expected winnings.
The reason is that lotteries usually cost more than the odds available the expected win, so an expected value is really not to buy lotteries.
Nevertheless, lottery acquisition can be explained by determination based on expected advance with the risks that exist.
More general models based on utility functions defined in ways other than lottery results can also account for lottery acquisitions.
Aside from lottery winnings, lottery tickets and bingo cards can give their customers an experience of gasp, anticipation and indulgence in the idea or fantasy of becoming rich.
If the entertainment value (or other non-monetary value) obtained from playing is good enough for a particular individual, then a ticket purchase may represent an advance in total utility.
In such a case, a monetary loss may be outweighed by the expected combined benefit of monetary and non-monetary gains, making the purchase a rational determination for the individual.
These were some dry facts, today on to lottery and bingo history
The first recorded signs of a lottery are Keno from the Chinese Han Dynasty between 205 and 187 BC.
These lotteries are believed to have helped finance major government projects such as the Great Wall of China.
From the Chinese “The Book of Songs” (second millennium BC) comes a directive to a
gamble as “drawing of wood”, which in the context seems to describe drawing lots.
From the Celtic era, the Cornish word “teulel pren” translates to “throw wood” and means “to draw lots”.
The Iliad by Homer refers to patches placed in Agamemnon’s helmet to determine who would fight Hector.
The first famous European lotteries were held during the Roman Empire, mainly as entertainment at dinner parties.
Each visitor would receive a ticket, and the prizes would often consist of fancy things like tableware.
Every ticket holder would be sure to win something.
However, this type of lottery was no more than a distribution of gifts by rich nobles during the Saturnalia.
The earliest records of lotteries being offered for sale are the lottery organized by the Roman emperor Augustus Caesar.
The funds were for repairs in the city of Rome, and the winners received prizes in the form of articles of different utility.