A lottery is a gambling game in which tickets are sold and numbers are drawn for prizes. It is a popular method of raising money for a variety of public purposes, including education and road construction.

Whether it’s the Mega Millions or Powerball jackpot, lotteries attract millions of players every year. But many people don’t understand how big the chances are of winning and end up overspending their ticket purchases. A financial advisor can help you plan for tax liabilities and set up an investment portfolio to ensure you don’t go broke after winning the lottery.

The lottery has a long and storied history, dating back to the Low Countries in the 16th century. It was common in colonial America, where it was used to fund a number of important projects. These included paving streets, building wharves, and constructing churches. George Washington even sponsored a lottery to raise funds for the construction of roads across the Blue Ridge Mountains.

Lottery revenues typically expand dramatically after they’re introduced, but then level off and can eventually begin to decline. To maintain or increase revenue, state lotteries regularly introduce new games. This constant innovation keeps them fresh, but it can also lead to controversy over the impact of lotteries on compulsive gamblers and their alleged regressive effects on lower-income groups.