A lottery is a numbers game, and odds are stacked against you. But savvy investors can try to shift the odds in their favor. Some of the simplest strategies involve buying additional entry tickets or selecting games with better odds to begin with. But there are more sophisticated approaches, too.

One popular strategy involves watching how long a particular lottery has gone without a winner. The longer it goes, the higher the chance that a top prize will carry over to the next drawing. This is because lottery manufacturers often create “guaranteed prize structures” within sequences of tickets that build up money in escrow the longer they go without a winner.

Lotteries have long been a popular way to raise funds, with early examples including the distribution of fancy dinnerware by wealthy noblemen during Saturnalia celebrations. In modern times, they’re typically a means for raising public revenue. The prizes can include a single large sum or multiple smaller prizes of unequal value.

Many people buy lottery tickets as a low-risk investment that can potentially yield big returns. But if you’re a lottery player, it’s important to consider how much you can afford to spend and what other places you can invest the money instead. Purchasing lottery tickets eats into foregone savings opportunities in retirement or college tuition plans, and even small purchases can add up to thousands in foregone savings over time.