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Kerala Lotteries Results A lottery is a kind of gambling that entails the drawing of numbers for a prize. Lotteries are outlawed by some governments, while others endorse it to the extent of organizing a federal or state lottery. It's normal to obtain some degree of regulation of lottery by governments; the most frequent law is prohibition of sale to minors, and sellers must be licensed to sell lottery tickets. Although lotteries were prevalent in the United States and a few other nations during the 19th century, from the beginning of the 20th century, most types of gambling, including lotteries and sweepstakes, were prohibited at the U.S. and most of Europe as well as several other nations. This remained so until well after World War II. From the 1960s lotteries and casinos started to re-appear through the planet as a way for governments to raise revenue. Lotteries come in many formats. By way of example, the prize may be fixed quantity of cash or merchandise. In this format there is risk to the organizer if insufficient tickets are sold. More commonly the prize fund will be a fixed percentage of the receipts. A favorite form of this is the "50--50" draw where the organizers promise that the prize will be 50 percent of the earnings. [citation needed] Many recent lotteries allow purchasers to choose the numbers on the lottery ticket. The purchase of lottery tickets can't be accounted for by decision models based on expected value maximization. The main reason is that lottery tickets cost more than the expected profit, as exhibited by lottery math, so someone maximizing expected value shouldn't buy lottery tickets. However, lottery purchases can be explained by choice models based on expected utility maximization, since the curvature of the utility function could be adjusted to capture risk-seeking behavior. More general models based on utility functions defined on things aside from the lottery results can also accounts for lottery buy. In addition to the lottery prizes, the ticket may allow some buyers to undergo a thrill and also to indulge in a fantasy of getting wealthy. If the amusement value (or other non-monetary value) acquired by playing is large enough to get a given individual, then the purchase price of a lottery ticket could represent a gain in total usefulness. In such a circumstance, the disutility of a monetary loss could be outweighed by the joint expected utility of financial and non-monetary profit, thus making the purchase a rational choice for this individual. The chances of winning a lottery jackpot may vary widely depending on the lottery design, and are determined by several things, including the count of possible numbers, the count of winning numbers drawn, whether or not order is important, and whether drawn numbers are returned to the chance of further drawing. Kerala Lotteries
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