Lottery

Lottery

A lottery is a form of gambling which involves the drawing of lots for a prize. It usually involves the organizer selling a large amount of numbered tickets and conducting draw to select the winning numbers. Lotteries are usually run to raise revenue in addition to taxes by government agencies.

Industry: Gambling

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Lottery

breakopen

Gambling; Lottery

An instant-win ticket on which the player tears open a flap to see if the ticket is a winner. Breakopens are often sold by charities and occasionally by state lotteries.

pulltabs

Gambling; Lottery

A game similar to the lottery game. Tickets sell for 25 cents or 50 cents or even more and typically offer prizes ranging from free tickets to $500. Each ticket has perforated windows which open ...

cash lotto

Gambling; Lottery

A lotto game awarded as a lump-sum cash payment. Cash lotto games typically have a smaller top prize than large jackpot games, more favorable odds of winning the top prize, and require players to ...

cash option

Gambling; Lottery

A large jackpot that the winner elects to receive as a lump sum cash payment rather than an annuity over several years.

cash payoff

Gambling; Lottery

A lottery prize that will be paid out all at one time, rather than over several years.

combo

Gambling; Lottery

A way of betting a three digit number that covers all possible combinations of sequences.

commission

Gambling; Lottery

The fee paid to retail outlets for selling lottery tickets. Commissions in North America typically range between 5 percent and 6 percent of the price of the ticket.