The idea of winning the lottery is a popular fantasy. But what do the odds really say about winning? And how do these odds change over time? The answers are surprising.

Lotteries have been around for centuries. The drawing of lots to determine ownership and other rights is recorded in many ancient documents, including the Bible, and was used by Roman emperors to give away slaves and property. The practice was brought to the United States by British colonists, but it was banned for a while afterward. During the 1950s, however, state governments began to introduce lotteries in an effort to raise money for towns, schools, and wars without raising taxes.

In the 1960s, New Hampshire established the first modern state lottery. Other states followed, and by the 1980s, all but ten states had some kind of state lottery. State governments hoped that the proceeds would enable them to expand their services without increasing taxes on the middle class and working class, which were already quite high.

But a problem quickly emerged. The percentage of ticket sales that went toward prize money rose over time, and the percentage that remained available for state services dropped. In some cases, it was as low as 10%. This was a big problem, since state budgets were already stretched thin and there were many unmet needs.

Moreover, there were serious concerns that lottery play was addictive. People who bought tickets often did so in addition to other forms of gambling. And a study found that the average lottery player spent between $100 and $200 a week, which can add up over time. This was especially true for lower-income Americans, a group that is disproportionately represented in the ranks of lottery players.

A final issue was the way in which state-run lotteries were perceived by consumers. While it is easy to see that the money that a person spends on lottery tickets is going to the government, it’s not always clear how that money is being spent. This obscures the fact that state-run lotteries are a form of taxation, and in some cases, an unfair one at that.

The bottom line is that lottery play skews the playing field, affecting those who are least likely to be able to afford to gamble. And that can have real consequences for the overall quality of life.

In a society where so many of us believe that we’re all going to be rich someday, it can be hard not to spend a little extra money on those odds. But if you’re not careful, the cost of those tickets can run into the thousands of dollars over time and leave you worse off than you started out. That’s a lesson that’s worth learning.