Do you play lotto but don’t know what some terms mean? There are so many terms to memorize, and it can get confusing for anyone who purchases lotto tickets and scratch-offs. We’ve gathered a list of terms to help you next time you purchase a lotto ticket.
- Annuity-When a winner gets a jackpot prize, they’re eligible for two options to get their prize money. One option is the annuity option, which gives winners their jackpot prize in installments of 25 to 30 payments (which equals once per year). The other option is the lump sum option where winners get one check with the full prize amount.
- Quick Pick-Players have the option to “Quick Pick” their numbers, which means that a computer auto-selects random numbers for people who do not wish to pick the numbers for their lottery game themselves.
- Lump Sum-Another form of payment to a jackpot winner. A Lump Sum is one check that the winner receives which includes all of their winnings (opposite of annuity).
- National Lottery-National Lotteries are lotteries that are available nationwide. These lotteries tend to have high odds, resulting in few people winning. However, the jackpot prizes are relatively huge, like Power Ball’s Jackpot prize is now $127 Million Dollars!
- State Lottery-State Lotteries are available within your state. Since these are based on the state level, these lotteries tend to have lower odds than National Lotteries, which give you a better chance of winning.
Did you know that the concept of lotto was introduced in China between 205 and 187 B.C.? According to Wikipedia.com, the earliest artifact of lotto archaeologists have found is a Keno slip from the Chinese Han Dynasty. Some people believe that lotteries are what funded huge governmental projects like the Great Wall of China! Dictionary.com states that the word “lottery” itself was first used by the Middle Dutch in 1570. Lottery has certainly changed since 187 B.C., but the same concept still remains: a fun and entertaining way to win big cash prizes by chance.