Lottery is a popular way for governments to raise money. But while the prize amounts are impressive, the chances of winning them are remarkably slim. This article examines how the lottery distorts people’s expectations and makes them overvalue money.

The lottery’s popularity stems in part from its big jackpots, which earn the game free publicity on news sites and television. But it also stems from the fact that lottery players get some value out of their tickets, even if they don’t win. The value comes from a few minutes, hours, or days of dreaming and imagining the possibilities of a life-changing win. These are particularly valuable to people who don’t have much hope for their own financial prospects.

But there are other reasons why people play the lottery. Some people just like to gamble. Others see lottery playing as a low-risk investment. And the monetary gains are often outweighed by non-monetary benefits, such as entertainment value. But these benefits should not obscure the regressivity of lottery playing, and the fact that people spend billions in state revenue on lottery tickets when they could be saving for retirement or college tuition.

One of the most effective ways to reduce regressivity is for states to limit the number of times winners are allowed to collect their prizes. This would make sure that the winnings are spread evenly across the population and prevent a few large winners from dominating the game. It would also ensure that the prize amounts are not growing faster than inflation.