A lottery is a game in which numbered tokens are sold for the chance to win a prize, most commonly money. In modern usage, the term also refers to any undertaking involving chance selections, such as military conscription or commercial promotions in which property is given away through random procedure. The word lottery derives from the Dutch noun “lot,” which means fate or fortune.

People in the US spent more than $100 billion on lottery tickets last year, making it the most popular form of gambling in the country. But lottery games have an ugly underbelly: They dangle the promise of instant riches in a society with limited social mobility, and make playing seem like a reasonable thing to do if you can afford it.

Those who play lotteries should know their odds and what they’re getting themselves into, says Harvard statistician Mark Glickman, who runs a website on lottery literacy. He recommends that players buy Quick Picks and avoid numbers such as children’s birthdays or ages, since they increase the likelihood of other people picking the same number.

A lottery is a gamble, and the house edge (the probability that you will lose) is high. But there are ways to reduce the house edge, such as buying more tickets or selecting smaller prizes. And if you’re going to play, it’s important to set spending limits and use your winnings to build an emergency fund or pay off debt.