Lottery Problems

Lottery is a game of chance in which numbers are drawn at random to determine a prize. There are many different types of Lottery games, including the popular game of Scratch-Off Tickets. Lotteries are also used to award college scholarships and public funds for projects.

The word lottery derives from Middle Dutch Lotinge, which is probably a calque of Middle French loterie “action of drawing lots,” or perhaps from Old English lot, “fate.” In the 17th century, Benjamin Franklin ran a lottery to help finance his militia for defense against marauding attacks by the French; John Hancock ran one in Boston to build Faneuil Hall; and George Washington ran a Lottery to raise money to build a road across a mountain pass in Virginia.

Although Lottery is a form of gambling, it has long been considered by some to be a harmless pastime for the average citizen. But there have been cases in which winning a Lottery jackpot has resulted in serious problems for people and their families.

Those who have won large sums of money through Lottery need to assemble a team of financial experts, such as a CPA, financial advisor and a lawyer. Having these individuals in place can prevent Lottery winners from making poor decisions that could put their newfound wealth at risk. They also can help them develop a plan for putting their money to work in order to achieve their goals. They should also keep their winnings a secret so that extended family and friends don’t come begging for handouts.