Lottery Explained For Kids & Teens
Lottery is a game of chance where winners are selected through a random drawing. It’s often run by state and federal governments and offers prizes in the form of money or goods. Financial lotteries also offer chances to win a large sum of money, which can be a cash lump-sum or annuity paid out in togel sidney installments over 20 or 25 years. This video explains the concept of lottery in a simple, concise way that kids & teens can understand. It could be used by teachers & parents as part of a Money & Personal Finance lesson or class.
The idea of using lots to determine ownership or other rights goes back a long way. The Old Testament has a passage describing Moses dividing land among Israelites by lot, and ancient Roman emperors gave away property and slaves by lottery at their Saturnalian feasts. But the modern lottery, which entails paying a consideration (money, time, work) for the opportunity to receive a prize based on random selection, was first recorded in the Low Countries in the 15th century as a means of raising funds for poor relief and town fortifications.
Public lotteries became very popular in the United States in the late eighteenth and early nineteenth centuries. The Continental Congress even tried to establish a lottery to raise money for the Revolution, but that scheme was abandoned. Privately organized lotteries continued to be used to sell goods and properties for more money than could be obtained by a regular sale, and they raised money for colleges and other institutions. Negative attitudes about gambling began to soften in the 1920s, and by the 1930s casinos and legalized lotteries were commonplace.