You can play the lottery in 43 states and the District of Columbia, as well as in several U.S. territories and overseas military bases. Each state’s lottery offers its own collection of games, but many also offer a subscription option that allows players to purchase tickets automatically on a recurring basis. Visit your state’s lottery website to learn more.

The lottery’s greatest appeal, for most people, isn’t the chance to become rich. It’s the chance to dream, and imagine what they’d do if they did become rich. That’s why, when lottery managers introduce new games, sales rise. People don’t see the new tickets as competing investment opportunities, but rather as fresh entertainment options, like extra movies at the multiplex. These people are called Gamers.

But for a lucky few, the multifaceted lottery becomes an investment opportunity. This is the Educated Fool, who — in doing what educated fools always do — mistake partial truth for total wisdom. By limiting his or her buying to lottery games with positive expected value, the Educated Fool avoids the trap of chasing the wrong prizes. That doesn’t mean, however, that the Educated Fool should ignore prizes altogether. In fact, he or she should seek out the highest-expected-value prizes available. That way, if the jackpot does get split, the odds of winning are higher than if the winner had chosen the lowest-expected-value numbers. But, as we’ll see, even that doesn’t guarantee a profit.