The lottery is a form of gambling in which players purchase tickets for a chance to win a prize. The prizes are generally money or goods. Unlike some forms of gambling, the chances of winning are statistically very slim—there is a greater chance of being struck by lightning or becoming a billionaire than winning the Mega Millions jackpot. Despite this, lotteries are popular with the general public and raise millions of dollars each year.

Some states have legalized lotteries as a way to raise funds for a variety of public purposes, including education, infrastructure, and welfare programs. Others prohibit them or restrict their sale. In the United States, state lotteries are typically regulated by statute or the laws of individual jurisdictions. In the early American colonies, lotteries were often used to compel “voluntary” taxes from residents who wanted to support the Revolutionary War and to build colleges such as Harvard, Dartmouth, Yale, King’s College (now Columbia), and William and Mary.

The earliest known public lotteries took place in the Low Countries in the 15th century, with town records from Ghent, Bruges, and Utrecht describing the use of lottery prizes to fund walls and town fortifications, help the poor, and other civic needs. In modern times, lotteries are also common as commercial promotions and in the selection of jurors. The underlying rationality behind the purchase of a ticket depends on the combined utility of the monetary and entertainment value obtained from playing the lottery.