Why Lottery Tickets Creates So Much Hope and Joy in Our Lives?
A lottery is essentially a form of gambling which involves the drawing of certain numbers for a certain prize, generally with the hope that a number that has been drawn will come up. While some governments abolish lottery, others endorse it so much that they even regulate it to the extent of formally organizing a state or national lottery. Generally speaking, it is quite common to see some level of regulation of lottery in countries where it is active. If a person wins a lottery, he might be mandated to pay taxes or some other amount as decided by the government. The chances of winning a lottery are high in some countries than in others, as many people are drawn to the idea.
In countries where lotteries are regularly organized, it is common for a drawn number to remain unknown until a particular number is randomly chosen and then announced on the day of the draw. This leads to an element of suspense and excitement, as people wait anxiously to find out what number will win the lottery. Generally speaking, a lot of money is made by syndicate members who win prizes through lotteries and this goes on to increase the profit of the entire lottery event and encourages more syndicate members to join. This way, a single participant can win prizes and earn income from the lottery’s revenue.
The above mentioned explanation is based on the ‘expected utility’ theory of lottery. According to this theory, lottery players have a definite plan in mind before they begin playing and they anticipate winning as much as possible. If they were to purchase a lottery ticket that had an exact number drawn every year, then they could expect to win something like twice the amount they would pay if they chose a random ticket. This could mean a lot of extra cash in their pockets and it also means less financial stress in their lives. So, in a way, lottery tickets are a sort of financial investment. With this said, it becomes clear that it is not only the lottery itself that brings about money and joy; it is also the winnings and the expectation of getting them.