A lottery is a form of gambling which involves the drawing of lots for a prize. Lotteries are outlawed by some governments, while others endorse it to the extent of organizing a national or state lottery. It is common to find some degree of regulation of lottery by governments. Though lotteries were common in the United States and some other countries during the 19th century, by the beginning of the 20th century, most forms of gambling, including lotteries and sweepstakes, were illegal in the U.S. and most of Europe as well as many other countries. This remained so until well after World War II. In the 1960s casinos and lotteries began to re-appear throughout the world as a means for governments to raise revenue without raising taxes.
Lotteries come in many formats. For example, the prize can be a fixed amount of cash or goods. In this format there is risk to the organizer if insufficient tickets are sold. More commonly the prize fund will be a fixed percentage of the receipts. A popular form of this is the "50ÃÆ Â¢ÃÂ¢Ã¢â¬Å¡ Â¬ÃÂ¢Ã¢âÂ¬Ã
â50" draw where the organizers promise that the prize will be 50% of the revenue. Many recent lotteries allow purchasers to select the numbers on the lottery ticket, resulting in the possibility of multiple winners.
The purchase of lottery tickets cannot be accounted for by decision models based on expected value maximization. The reason is that lottery tickets cost more than the expected gain, as shown by lottery mathematics, so someone maximizing expected value should not buy lottery tickets. Yet, lottery purchases can be explained by decision models based on expected utility maximization, as the curvature of the utility function can be adjusted to capture risk-seeking behavior. More general models based on utility functions defined on things other than the lottery outcomes can also account for lottery purchase. In addition to the lottery prizes, the ticket may enable some purchasers to experience a thrill and to indulge in a fantasy of becoming wealthy. If the entertainment value (or other non-monetary value) obtained by playing is high enough for a given individual, then the purchase of a lottery ticket could represent a gain in overall utility. In such a case, the disutility of a monetary loss could be outweighed by the combined expected utility of monetary and non-monetary gain, thus making the purchase a rational decision for that individual.
Kerala State Lotteries was established in 1967, under the lottery department by the Government of Kerala, the first of its kind in India.
In 1967 all private lotteries were banned and the Government of Kerala started the Kerala State Lotteries. The idea behind the setup of the new department under the Ministry of Finance, (Government of Kerala) was from the then Finance Minister of the state, Shri. P. K. Kunju Sahib. The objectives of starting Kerala state lottery were providing employment. to and supplementing the government finance without disturbing the public.
The department soon became a model for other states in India. Soon many other states jumped into the bandwagon by starting their own lotteries.
"Karunya" Weekly Lottery of Kerala State Lotteries
The department now has around 465 employees under its Directorate located at Vikas Bhavan at Thiruvananthapuram, 14 District Offices and a Regional Deputy Directorate at Ernakulam. The department which was initially under the Department of Finance was later brought under the Taxes Department.
The Kerala State Lotteries included different types of Lottery Draws with Different Prize structure weekly and few Bumper Lotteries too. Here we have listed all the different types of Kerala Lottery results with their respective release date.