Lotteries are a form of gambling where people risk their money for a chance at a prize. They are the oldest form of gambling and have been in existence for over four centuries.
Several states have used lottery to raise funds for various public projects. They include:
Lotteries have been known to be used to finance colleges and universities, public projects, libraries, and roads. They are also commonly used to collect funds for the poor. Some of the earliest records of lotteries are in the Roman Empire.
The first known lotteries were organized during the Saturnalian revels. Wealthy noblemen would distribute lottery tickets during these festivities.
Throughout the 17th and 18th centuries, lotteries were used in several colonies to raise funds for the French and Indian War. A few of these lotteries offered prizes in the form of “Pieces of Eight”.
Lotteries were also used to help fund the Commonwealth of Massachusetts’ “Expedition against Canada” in 1758. The University of Pennsylvania was financed by the Academy Lottery in 1755.
During the 18th century, several states used lotteries to help fund public projects. They include:
The English state lottery was established in 1694 and ran until 1826. A few of the lotteries during this time were a success, while others were more troublesome. The Virginia Company of London helped finance the settlement of America at Jamestown with the help of lotteries.
The Virginia Company was granted the right to hold a lottery by King James I. The first French lottery was held in 1539 and was called Loterie Royale.