A competition based on chance, in which numbered tickets are sold and prizes (typically money or goods) are awarded to the holders of numbers drawn at random: usually sponsored by a state as a means of raising funds. Also used figuratively to refer to any scheme for distributing prizes by chance.

There are lots of ways to get rich in America, from winning the Powerball lottery to investing in the stock market. But one of the most common is to buy a lotto ticket — and this week, Americans are expected to spend $80 billion doing it.

In this country, it’s estimated that more than half of all adults play the lottery at least once a year. And it’s not just middle-class white people who do it; low-income, poorly educated, nonwhite, and male people are disproportionately represented among those who buy a ticket each week.

But there’s a dark underbelly to this exercise in irrationality, and it comes down to the fact that most players feel like they deserve to win. They have a nagging sense that, even though the odds are bad, somebody has to win, so they keep playing, hoping for that long shot.

And while it’s possible to win big, it’s not a smart way to spend your money. Instead, you should be saving it for emergencies or paying off your credit card debt. Then, you can have the peace of mind that comes with knowing you won’t be broke in a few years if you do happen to hit it big.