Lottery games date back to ancient times. The earliest recorded lottery is run by George Washington in the 1760s to fund the construction of Mountain Road in Virginia. Benjamin Franklin also advocated lottery funding during the Revolutionary War, and John Hancock ran a lottery to fund the reconstruction of Faneuil Hall in Boston. However, most colonial-era lotteries failed. The National Gambling Impact Study Commission described most of these endeavors as failures.
The earliest known lotteries were in China during the Han Dynasty. The money from these games was used to build fortifications and support the poor. There are even mentions of lottery in the Chinese Book of Songs. The first Chinese state lottery took place in 1569, and advertisements for the game had been printed two years earlier. The game of chance was eventually recognized by the British government and was eventually banned by ten states.
The United States has forty state-run lotteries. Most of these are monopolies, with government spending the money it earns from lottery sales to support government programs. In August 2004, there were forty state-run lotteries operating, and more than 90% of the U.S. population lived in a lottery state. In most states, a lottery winner can choose whether they want a lump sum payment, or annual payments. A lump sum payment is more commonly preferred, but a payment annuity is often the better option for tax purposes.
Moreover, winning the lottery often leads to publicity. While some lotteries require lottery winners to disclose their names and P.O. boxes, some lottery winners prefer to set up a blind trust. This way, they can keep their identities out of the spotlight while still ensuring that their family and loved ones receive the money. The benefits of a blind trust should be obvious. So, how do you protect yourself from any potential lawsuits?