Wednesday, November 30, 2011

Who woulda thunk it?

Did you know that the "North American lottery system is a $70 billion-a-year business, an industry bigger than movie tickets, music, and porn combined?" I had no idea. There's more. According to Wired's Jonah Lehrer, "These tickets have a grand history: Lotteries were used to fund the American colonies and helped bankroll the young nation. In the 18th and 19th centuries, lotteries funded the expansion of Harvard and Yale and allowed the construction of railroads across the continent. Since 1964, when New Hampshire introduced the first modern state lottery, governments have come to rely on gaming revenue. (Forty-three states and every Canadian province currently run lotteries.) In some states, the lottery accounts for more than 5 percent of education funding. While approximately half of Americans buy at least one lottery ticket at some point, the vast majority of tickets are purchased by about 20 percent of the population. These high-frequency players tend to be poor and uneducated, which is why critics refer to lotteries as a regressive tax." Amazing.

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