In the 17th century, the Dutch were running public lotteries for various purposes, including aid to the poor and fortification of the town. People enjoyed the game, and it was hailed as a painless form of taxation. Today, the oldest running lottery is the Staatsloterij in the Netherlands, and it was founded in 1726. The word lottery is derived from the Dutch noun for “fate.”
Most US states have an online version of their lottery, with the primary utility being a means of determining the winning numbers, finding a location, and contacting the lottery. A handful of online lotteries have expanded their offerings to include Instant Games, which are casino-style games that allow players to wager without buying a ticket. These games are available on the web and in mobile applications. For more information about the lottery, visit lottery.com.
The history of the lottery in the US is more limited than that of other countries. It was heavily prohibited during the prohibition era. Nonetheless, the lottery still thrived in colonial America, where it was used to fund roads, libraries, colleges, canals, and bridges. Princeton and Columbia University were funded through lotteries, and the University of Pennsylvania was founded with the Academy Lottery in 1755. Several colonies used lotteries to fund their armies during the French and Indian Wars, and the Commonwealth of Massachusetts launched an “Expedition against Canada” with lottery proceeds in 1758.
Although the winnings of the lottery are not taxed, many winners choose to use them as an investment. Annuities offer a steady income stream, with the money accumulating until a person withdraws it. The payment period of an annuity is usually 20 years. Those who are new to the lottery often prefer to opt for the lump sum. In the United States, the lottery pays out winners in two different ways. One is a one-time payment that is tax-free, while the other is an annuity.