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means destiny or fate. Lotteries are as ancient as Moses' in the Book of Numbers, chapter 26, and Julius Caesar's to fund repairs to Rome. Several major US universities and the British Libra ry used lotteries to raise initial funding. Today many US states have their own lotteries. A national lottery was reintroduced in the UK in 1994. Within three years 70 per cent of the population were regularly playing the game and 13 per cent of the gaming market had been secured by the lottery. A private consortium, Camelot, has run the lottery for a f ee of 1 per cent of the sales revenue. It has distributed 50 per cent of the take in prize money and 28 per cent has been devoted to 'good causes' not otherwise funded by the government, especially sport and the arts. Lottery fever has always provoked concern as the gullible poor can ruin themselves through buying tickets. The odds of winning the jackpot in the UK lottery, 14 million to 1, illustrate the view of Adam Smith: 'the chance of gain is naturally overvalued, we may learn f rom the universal success of lotteries' (Wealth of Nations, Book I, ch. X, Part I).
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principalship (GO)<br />Part of a bond or mortgage entitling the owner to receive payment of the amount originally lent.
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