Economics of State Lotteries.
Lotteries held a prominent place in the early history of the United States, including a role in the financing the establishment of the first British colonies. They where frequently used to finance public works projects such as paving streets, building wharves and constructing churches. Most of the early lotteries in the United States were run by state and local governments, but during the 19th century, a number of private companies were hired by governments to operate and market public lotteries. After a number of celebrated cases of fraud in these privatized lotteries,…
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