Tax-Free Lottery – How to Find Lottery Websites That Sell Tickets Tax-Free
The lottery is a game of chance. In fact, it has been around for centuries. Its first recorded game dates back to the Chinese Han Dynasty (206-187 BC) and was reportedly a way for the government to finance large government projects. Its earliest mention in the Chinese Book of Songs refers to it as “drawing wood” or “drawing lots.”
State-owned Staatsloterij is the oldest running lottery
The Netherlands is home to the world’s oldest lottery. The Staatsloterij was founded in 1726 in The Hague and has been in operation ever since. The word ‘lottery’ comes from the Dutch word ‘lot’, meaning ‘fate.’ Though lottery games have been around for centuries, this one is especially ancient. The Dutch government started the lottery and continues to run it to this day.
It was outlawed in the United States in 1963
After the failed Prohibition in 1933, attitudes towards gambling and lottery games shifted. Gambling in charitable organizations became more popular, and casinos started to pop up across the country. But lingering concerns about fraud kept lotteries out of the picture for two decades. Thankfully, those fears were dispelled by a new wave of state lotteries in the 1970s. In fact, thirteen states have introduced their own lotteries, including New York.
It is a mechanism for collecting and pooling money
A lottery is a system of lottery tickets that pays out prizes to participants. The money collected from a lottery is deposited in a fund administered by the government, which is then passed on to fourteen lottery distributors. These distributors are independent nongovernment organizations with specialized knowledge of the sector. Each lottery distributor receives funding through grants and can delegate grant decisions to other bodies and enter into joint funding schemes.
It is tax-free
The United Kingdom does not impose any taxes on lottery winnings. Gambling-related taxes do apply but these are specific to gambling. Lottery winnings do not count as income, so they are not taxable. Still, winners must pay for everything they own, including the tickets. Regardless of where you live, the tax-free prize is well worth playing lottery. Here’s how to find lottery websites that sell tickets tax-free.