Lottery is a form of gambling in which tickets with numbers on them are drawn for prizes. It can also be used to describe any event whose outcome depends on chance, such as the stock market. The word derives from the Dutch noun lot, meaning “fate,” which itself comes from the Old English noun hlot, or “a share” or “portion.” The first European lotteries were held in 15th-century Burgundy and Flanders as towns raised money to fortify their defenses or aid the poor. The earliest public lottery to award cash prizes, the ventura, was introduced in 1476 by the Italian city-state of Modena under the aegis of the d’Este family. It is believed to be the precursor of today’s stock exchange.

In the United States, lotteries are widely used as a source of public revenue for state projects such as building roads and canals, libraries, schools, churches, colleges, and bridges. The lottery is one of the most popular forms of gambling in the country, with Americans spending over $80 billion on tickets every year.

In the immediate post-World War II era, lotteries were promoted as a way for states to raise money without having to increase taxes on middle and working classes. That arrangement started to break down in the 1960s as states began expanding their social safety nets and needed more money. Today, most lotteries rely on two messages primarily: one is that playing the lottery is fun. The other is that even if you lose, it’s okay because you’re doing your civic duty by helping the state raise money for something.