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Lottery Glossary

Lottery Glossary

If you're interested in playing the lottery, but you're finding it hard to wrap your head around the numerous terminologies, don't worry! This article has been written for you. We give you a detailed understanding of all the necessary lottery terms you need to familiarize yourself with.


A

Annuity option:-

Refers to a pay-out alternative that some lotteries offer for their biggest jackpots. When a winner chooses this payout option, he receives the jackpot amount over a specified period of time. The period of time is set by the lottery rules and the amount is determined by the size of the jackpot, as well as some economic factors at the time of the win.

Any Order:

This is a play option in several games. Here, the player picks a set of digits equal to the number of digits to be drawn in the game. For the player to win, the digits selected by the player can be drawn in any order.

Advance Bet:

As the name implies, this is a ticket that is purchased for a game that will hold later in the future than the subsequent regularly scheduled drawing for the game.


B

Back Pair:

This is a play option that allows a player to choose two digits. For the player to win, the last two digits in the game result must match the digits chosen by the player in the exact order.

Ball Draw Machine:

This is the machine that systematically scrabbles a set of numbered balls and then draws from that pool in a random manner in order to select the winning numbers for a particular lottery game.

Ball:

This is an object (usually ball-shaped) that is numbered and used in physical drawing machine to randomize lottery results.

Bearer Document:

This is an unsigned financial lottery ticket (or document) that is assumed to belong to whoever possesses it.

Beneficiary:

This is an organization or a group that collects a percentage of lottery profits. The lottery commission determines whom the beneficiary would be. The beneficiary could be single or a multiple range of social causes. Examples of lottery beneficiaries include state funding, education, the homeless, the elderly etc.

Box-ed Bet:

This is a play option wherein the player picks a group of digits that are equal to the number of digits to be drawn in the game. The condition for winning is for the player to match all digits in any order.

C

Cash for Life:

This is a lottery game that gives a specified prize payment that can ONLY be received in installments by the winner for the duration of the person's life.

Cash Option:

This is a one off payment plan that is awarded as a prize to the winner. It is different from the annuity plan that is paid over multiple-year period. Here, the lump-sum value is based on bond rates under which an annuity is bought.

Commission:

This is the body that governs the activities of a lottery. The Commission can function in both authoritative and advisory capacities.

  • These are but a very few number of terms that are usually used in the lottery world. Be sure to read our sequel articles to follow up on all the other lottery terms you need to know. Cheers!