Lottery gambling means drawing of lots for a prize. Lottery gambling is prohibited by some states governments and supported by some other governments. Regulation of lottery gambling by governments of different nation to some extent is very common. There are various formats of lottery gambling. In a format where prize is fixed amount of valuables and cash there is risk to the owner if the tickets are not sold in sufficient amount. Generally the prize amount will be fixed on the percentage basis of the revenue. Like the organizer of 50-50 draw has to pay 50 % of the revenue. A lot of lotteries give buyers the right to choose the lottery ticket number to increase the chances of multiple winners.
Terms used in lottery gambling
There are some specific terms used in lottery gambling which a player must know. The common terms are described here
1. Bonus Ball or Bonus Number: It is a additional number game in which player can win additional prizes with additional draw of ball.
2. Box Bet: A lottery player can win the bet by matching the winning numbers in any order.
3. Cash Lotto: Winners are paid in one fixed amount opposite to their income.
4. Cash Option: It provides a winner of annuity jackpot to stay for a money lump sum of a lesser amount.
5. Daily Game: It offers at least one draw every day.
6. Drawing: This is process of selecting the lottery numbers.
7. Keno: Players can pick from one to ten numbers. The cash prizes depend on the way the number is being played.
8. Lottery Agent: is a retail outlet or vendor where lottery tickets are purchased.
9. Pairs: It refers to a winning chance in three and four digit daily lotto games where the selected numbers match the first two numbers, the last two numbers or first and last in order to earn a cash pay-off.
10. Scratch Game: it is an instant win lottery game where players buy ticket and scratch it to get the printed prize.
11. Withholding: It is the expected amount which is to be lost in form of tax from the winning amount.
There are many other terms like quick pick, passive game, pari-mutuel, rollover etc which are commonly use in a lottery gambling.
Merits and demerits of lottery gambling
Just like other gambling games there are also advantages and disadvantages of lottery gambling. The most common disadvantage of lottery gambling is that the all the winning amount is distributed among all the players equally. If the number of players is more then the amount given to each player will be less. The points made in a lottery gambling is the other disadvantage of a lottery gambling. The tax issues on winning amounts are also one of the demerits of lottery gambling. The tax is cut on the total winning amount and a player gets deducted amount. These are the demerits which can be hindered by lottery syndicate contract. The syndicate contracts can be available from lottery gambling website or from the local lottery retailer.
The advantages of lottery gambling are more in comparison to its disadvantages.