Luck's Metropolis: Lotteries, Class, and Finance in Early New York

Abstract: "Luck's Metropolis" shows how the lottery ticket market evolved in New York City between 1790 and 1820. Once an elite pastime associated with the common good, lottery gambling became an activity associated with a lower-class vice. This was a consequence of the emergence of corporations, which created new investment opportunities for elites. As a result, lottery entrepreneurs developed new strategies to market tickets to New York's working class. In doing so, they established the first fully functioning financial market in the country. The history of the lottery demonstrates how the emergence of financial capitalism opened new financial opportunities for some, while generating wealth inequality for all. In the face of widening inequality—and with few other outlets for their capital—workingclass New Yorkers turned to lottery gambling in droves.