A lottery is a gambling game where participants pay for tickets and choose numbers or symbols that correspond to prizes. Typically, the more tickets you buy the greater your chances of winning. Lotteries have been around for a long time and can be found in many forms, from instant-win scratchers to live drawings that feature a set of white balls numbered one through 70. The longer the drawing goes without a winner, the larger the jackpot gets.

In the past, people have used lottery games to fund everything from canals and bridges to colleges, hospitals, roads and even wars. But if you’re thinking of buying a ticket, make sure you have enough expendable cash and aren’t relying on the money for any specific financial goals. You can also work with a financial advisor to see how best to spend any winnings, such as splitting them into smaller sums over an extended period of time.

The marketing behind lottery ads presents the purchase of a ticket as a low-risk investment with a potential massive return. These campaigns aim to tap into the fear of missing out on a life-changing opportunity, says Ortman.

But lottery players as a group contribute billions to government receipts, which could be used on more productive investments such as retirement savings or college tuition. And the money is not necessarily free: you still have to pay taxes, and the odds of winning are incredibly slim. In addition, you may face substantial legal and financial obligations, including a tax bill that can top 50% of the prize amount.