The Benefits of Winning the Lottery The history of lottery plays has many parallels with that of other kinds of gambling. The oldest lottery in the world is the state-run Staatsloterij in the Netherlands. Nevertheless, the histories of the French and Italian lotteries are somewhat different. After Francis I introduced lotteries into France in the 1500s, they gained popularity and enjoyed general appeal until the seventeenth century, when the French monarch Louis XIV won the top prizes in a drawing and returned the money for redistribution. The French lotteries were abolished in 1836, but were reinstituted after World War II. Dutch state-owned Staatsloterij is the oldest running lottery The Dutch state-owned Staatsloterij is one of the oldest continuously running lotteries in the world. In 2010, the Staatsloterij guaranteed that 4.3 million people would win a prize each month. The lottery draws its Jackpot on the 10th of every month and the prizes are based on sold ticket numbers. The jackpot has the potential to rollover several times to reach EUR 25 million. The Netherlands is home to the oldest lottery in the world. The Staatsloterij began operations in 1726 in The Hague and is still in existence today. The word lottery originates from the Dutch noun lot, which means luck. Earlier, the first lottery was held in Milan in 1449. Today, there are many national lotteries around the world, including the Dutch Staatsloterij. Pooling arrangements can lead to disagreements if a group wins a jackpot Lottery pools are not always the best idea, and it’s best to have a written contract between the people involved. Even if the group is legally bound to play, pooling arrangements can lead to disagreements after the group has won the jackpot. A recent case in Florida involves a former waitress who won $10 million in a Mega Millions drawing. The winning ticket was purchased by a regular customer who gave five tickets to her coworkers. The employees claimed that they had agreed to split the money and buy a pickup truck for the customer, but the court rejected the claims, saying the deal was an oral contract. Taxes on lottery winnings If you win the lottery, you might be excited to discover how much you can save on your taxes. Lottery winnings are taxable income and the amount you owe depends on where you live and your tax bracket. The higher your tax bracket, the more money you will owe. Depending on your income level, you could be eligible for lower tax rates if you win frequently or a lottery jackpot. If you win the lottery, you will likely owe taxes in your home state and in your city. Illinois has a 4.95% top state tax rate, while New York City is 3.867%. As of 2022, the tax rate in New York is 8.82%, so you’ll be paying 12.7% of your lottery winnings. Similarly, if you win a lottery jackpot worth $100 million, you’ll owe $12.7 million in state and city taxes. Benefits of purchasing a lottery ticket The benefits of purchasing a lottery ticket include the massive prizes. People with low incomes are more likely to purchase tickets than those with higher incomes. Also, those with lower incomes are more likely to buy more than one ticket, helping to keep the lottery games running. People with higher incomes may not have the means to purchase a lottery ticket, so they may use credit cards or money orders to make their purchases. Lottery players can also give back to their communities. In addition to supporting their communities, they can play the lottery online. By purchasing online, players can support local charities as lottery organizers get a small commission from each ticket sold. Additionally, playing online is also part of a growing trend to reduce waste. If you buy a lottery ticket online, you’ll also be contributing to the global fight against CoVid-19.