During the French and Indian Wars, several colonies used lotteries to finance their military efforts. In 1758, the Commonwealth of Massachusetts raised money for its “Expedition against Canada” with a lottery. In the 1740s, Princeton and Columbia Universities were financed by lotteries. In 1755, the Academy Lottery financed the University of Pennsylvania.
The first known European lotteries were held during the Roman Empire. The Roman Emperor Augustus organized a lottery for his kingdom. During Saturnalian revels, wealthy noblemen distributed tickets for sale with prizes in the form of articles of unequal value. The lottery was considered a great amusement, but was also used for repair work in the City of Rome.
Some towns in the Low Countries held public lotteries for money to build fortifications. A record dated 9 May 1445 at L’Ecluse mentions the lottery for raising funds for fortifications. During the period of the Han Dynasty, 205-187 BC, many lottery slips were found. These tickets are believed to have helped fund major government projects.
Today, the lottery industry in the United States has been generating $71 billion annually. However, sales of traditional lottery product are declining due to government regulations. New Hampshire, Maryland, and Virginia have all introduced rules for selling online lottery tickets.
While the United States remains the largest global market for lottery products, China is projected to overtake it by 2015. With an estimated market of $43 billion in 2012, China’s government wants to expand the current lottery market to include more states and make the prize payouts less expensive.
The global lottery market is divided into three segments, North America, Europe, and Asia Pacific. The Asia-Pacific segment is expected to grow at 9.1% CAGR during the forecast period. The global lottery market has been analyzed based on historic milestones and key trends, including application areas, leading players, and regional lottery markets. The report provides a detailed analysis of the market and provides volume and price forecasts.
The Asia-Pacific segment is predicted to reach $51.1 million in 2018. This is attributed to the increase in awareness about lottery schemes and the product innovation. Moreover, the continuous legalization of lotteries in the region is projected to drive growth. In addition, the growth of the lottery market in Asia-Pacific is projected to increase due to the increasing acceptance of technology.
In the United States, five states (Nevada, Illinois, Maryland, Virginia, and Mississippi) do not offer national lottery. Similarly, Hawaii, Nevada, Utah, and Alabama do not offer state lotteries. The national lottery, Powerball, is sold in only five of the six states that have it. In 2007, a rare ticket bearing the signature of George Washington sold for $15,000 at a charity auction.
Lottery games provide huge returns with minimal investments. They are played anywhere, at any time. In many cases, winners can select their own numbers and win a jackpot. Usually, winners are guaranteed to receive a third of the advertised jackpot. There are two types of payment: annuity or one-time. Depending on the jurisdiction, withholdings may vary.