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Keno

Keno is a lottery game played at most modern casinos and bingo halls. In Keno a player choose 1 to 20 numbers. 20 numbers are then drawn at random and the player is paid proportional to his original wager and based on how many numbers drawn match the ones on the ticket.

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Lotto

Six numbers are drawn from a set of individually numbered balls with numbers in the range 1–49, as well as a further bonus ball. Balls, once drawn, are not returned to the draw machine, therefore each ball (including the bonus ball) can only be drawn once per Lotto draw. Players choose six different numbers by a method of their own choosing at the time they purchase a ticket. Ticket issuing machines can generate a random set of play numbers as a so–called Lucky Dip. Prizes are awarded to players who match at least three of the six drawn numbers with increasing prize value for matching more of the drawn numbers. In addition to the six drawn numbers, an additional number is drawn as the Bonus Ball. The bonus ball is only relevant to those players who match five of the six drawn numbers, whereby those players matching exactly five of the drawn numbers who also match the bonus ball receive a larger prize than those matching just 5 of the drawn numbers. Anyone matching all six drawn numbers wins a share of the jackpot; the chance of doing so is 1 in 13,983,816. For players matching at least four of the drawn balls the prize value is dependent on the total number of players also matching the same number of balls in that the prize fund is divided equally between all players matching that number of drawn numbers. In the event that no player matches all six of the drawn numbers the jackpot is accumulated into the next Lotto draw, a so–called Rollover. This accumulation is limited to three consecutive draws. Rollover is a common occurrence, happening once every few draws, though a three week roll-over is a rather less common occurrence having happened only twice to date.

The price of entry to Lotto is £1 per set of six chosen numbers.
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Lottery

A lottery is a popular form of gambling which involves the drawing of lots for a prize. Some governments forbid it, while others endorse it to the extent of organizing a national lottery. It is common to find some degree of regulation of lottery by governments.

The first signs of a lottery trace back the Han Dynasty between 205 and 187 B.C., where ancient Keno slips were discovered. The lottery has helped finance major governmental projects like the Great Wall of China.

Lotteries come in many formats. The prize can be fixed cash or goods. In this format there is risk to the organizer if insufficient tickets are sold. The prize can be a fixed percentage of the receipts. A popular form of this is the "50-50" draw where the organizers promise that the prize will be 50% of the revenue. The prize may be guaranteed to be unique where each ticket sold has a unique number. Many recent lotteries allow purchasers to select the numbers on the lottery ticket resulting in the possibility of multiple winners.
Lotteries are most often run by governments or local states and are sometimes described as a regressive tax, since those most likely to buy tickets will typically be the less affluent members of a society. The astronomically high odds against winning have also led to the epithets of a "tax on stupidity", "math tax" or the oxymoron "voluntary tax" (playing the lottery is voluntary; taxes are not). They are intended to suggest that lotteries are governmental revenue-raising mechanisms that will attract only those consumers who fail to see that the game is a very bad deal. Indeed, the desire of lottery operators to guarantee themselves a profit requires that a lottery ticket be worth substantially less than what it costs to buy. After taking into account the present value of the lottery prize as a single lump sum cash payment, the impact of any taxes that might apply, and the likelihood of having to share the prize with other winners, it is not uncommon to find that a ticket for a typical major lottery is worth less than one third of its purchase price.
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The fact that lotteries are commonly played leads to some contradictions against standard models of economic rationality. However, the expectations of some players may not be to win the game, but the thrill and indulgence in a fantasy of possibly becoming wealthy become the goal. Even ignoring the thrill factor, there is the theoretical possibility that the purchase of a lottery ticket could represent a gain in expected utility, even though it represents a loss in expected monetary value, thus making the purchase a rational decision. Insurance, for instance, represents negative expected monetary value but is not considered to be a tax on stupidity because it is generally believed to deliver positive expected utility to the individual.

Lottery tickets are usually scanned in big numbers using marksense-technology.
From Wikipedia, the free encyclopedia