11 January 1569: England holds its first lottery draw

Outside Old St Paul's Cathedral in London, England's first lottery draw got underway on this day in 1569.

Lottery draw
(Image credit: Getty Images)

By 1566, England's harbours and coastal defences were looking a little shabby. To fix them, Queen Elizabeth I would either have to raise taxes (boo) or hold a glittering prize draw and raise the money that way. Unsurprisingly, she chose the latter.

Selling tickets for the chance to win a prize was nothing new. The idea had been around on the continent for at least a hundred years, where lotteries were sometimes held by merchants looking to shift expensive stock that wasn't selling. So on 11 January 1569, outside the west wing of the old St Paul's Cathedral in London, punters huddled together against the chill to see what they had won in England's first state lottery draw. The event was hardly a runaway success. Less than 10% of the 400,000 tickets had been bought at ten shillings each. (If you thought that was a bit steep, you could always buy a share of a ticket – a sort of Renaissance office syndicate.)

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Chris Carter
Wealth Editor, MoneyWeek