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The Pomp Podcast
#1227 How The Lottery Funded America And Grew To $1 Billion Jackpots
Jul 20, 2023
Learn about the history and impact of lotteries in America, including how they have funded important institutions and led to the rise of $1 billion jackpots. Discover the breakdown of funds from billion dollar jackpots and how different states use the money.
07:27
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Quick takeaways
- Lotteries have been instrumental in funding important institutions in America such as churches, libraries, and universities like Harvard, Yale, Columbia, Dartmouth, and Princeton.
- Lottery funds are distributed differently across states, with approximately 50% going to winners, 10% covering administrative costs, 5% as commission for retailers, and about 35% divided among the states based on ticket sales, supporting various programs like education, government, health, and welfare.
Deep dives
Lottery Funding America
The lottery has been a core component in funding the rise of America and supporting respected institutions. Starting with the Virginia company of London in 1616, the lotteries were created to raise funds for ventures such as establishing Jamestown. The tradition continues with lotteries funding churches, libraries, and prestigious universities like Harvard, Yale, Columbia, Dartmouth, and Princeton. The evolution of lotteries and recent rule changes have led to jackpots exceeding $1 billion.
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