Kerala A lottery is a form of gaming that entails the drawing of numbers to get a prize. Lotteries are outlawed by some authorities, while others endorse it to the extent of organizing a federal or state lottery. It's common to find some amount of regulation of lottery by governments; the most frequent law is prohibition of sale to minors, and vendors have to be licensed to sell lottery tickets. Though lotteries were common in the USA and a few other countries during the 19th century, from the start of the 20th century, many forms of gambling, including lotteries and sweepstakes, were illegal in the U.S. and many of Europe in addition to several other nations. This remained so until well after World War II. From the 1960s casinos and lotteries started to re-appear through the planet as a means for governments to boost revenue without raising taxes. Lotteries come in many formats. The prize can be a fixed quantity of money or goods. In this format there is risk to the organizer if insufficient tickets are sold. More commonly the prize fund will be a fixed percentage of the receipts. A favorite form of this is the "50--50" draw where the organizers promise that the prize will be 50 percent of the revenue. [citation needed] Many recent lotteries make it possible for purchasers to select the numbers on the lottery ticket. The purchase of lottery tickets can't be accounted for by choice models based on expected value maximization. The main reason is that lottery tickets cost more than the expected gain, as shown by lottery math, so somebody maximizing expected value should not buy lottery tickets. Yet, lottery purchases can be clarified by decision models based on expected utility maximization, since the curvature of the utility function could be adjusted to capture risk-seeking behaviour. More general models based on utility functions defined on things other than the lottery results can also accounts for lottery purchase. Along with this lottery prizes, the ticket may enable some buyers also to indulge in a fantasy of becoming wealthy and to experience a thrill. If the entertainment value (or other non-monetary value) obtained by playing is large enough to get a given individual, then the purchase of a lottery ticket could signify a gain in total utility. In this case, the disutility of a monetary loss may be outweighed by the combined expected utility of financial and non-monetary profit, thus making the buy a rational decision for that person. The odds of winning a lottery jackpot may fluctuate widely depending on the lottery design, and are determined by several things, including the count of possible numbers, the count of winning numbers drawn, whether or not order is important, and whether drawn numbers are returned to the possibility of further drawing. Kerala Lotteries
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