A competition based on chance, in which numbered tickets are sold and the holders of certain numbers win prizes. Often used to raise money for the state or charity.

People spent more than $100 billion on lottery tickets in 2021. It’s an inextricable part of our culture, but it’s also a gamble with staggering costs and unsettling implications. Here are some questions to consider before you buy your next ticket.

The idea of winning the lottery is a pervasive American fantasy, but the odds are long. So how can some people justify spending a lot of money on the game, even when they know they’re probably going to lose?

One explanation is that the lottery feels more legitimate than, say, betting on sports games. Unlike betting on horses, the prize in a lottery is not just a lump sum of money—it’s an investment that will pay out an annuity over several decades. And because it’s an annuity, winners can choose whether to receive their prize as a single lump sum or as 29 annual payments that will increase each year by 5%.

But this logic obscures the fact that the lottery is a form of gambling, and it’s an addictive one at that. Many lottery players have quote-unquote systems that aren’t based on statistical reasoning—they buy their tickets at lucky stores or at the best times of day, and they’re convinced that someday they’ll win the big jackpot. That’s a dangerous fantasy, especially for poor people who spend a large portion of their incomes on tickets.