LOTTERY and LOTTERIES in CUBA

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On the 17th of February, 1959, the now famous Law Number 86, was mandated establishing the National Institute of Savings and Housing (INAV). The Preamble of the Act declares that "gambling is a most vicious habit in Cuba especially as it lays its heavy weight mainly on the poor, reducing their meager resources and destroying them morally". It was necessary, by reorientation, to re-educate the people away from this gambling tradition and to substitute the habit of saving, using the money for the "public good." Just for the record, the re-orientation is not working all that well! Gambling is a major sport in Cuba.

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The law then decreed, in part,  the following:

The former National Lottery of Cuba was abolished. In its place an autonomous entity called Instituto Nacional de Ahorro y Vivienda (INAV) was established with the objectives of saving for the public what was previously spent on gambling. INAV was to issue regularly bonds in series in substitution for the old lottery tickets. These bonds would carry a weekly prize of $100,000 for the person getting the lucky number and 1,000 other prizes of $100 each. The winners were to be "carefully chosen by lot". If the bond holders held their coupons for 1 year, they could get 40% of their money back; if they held them 2 years, 50%; at the end of five years, they got 110% back, etc. Thus, those engaged in this lottery could win up to $100,000, if they were lucky, and, if they were unlucky, they could simply hold on to their coupons which were also bonds and then could get interest on them as savings bonds. Under the Law the money so obtained was to be used for the construction of housing of all sorts by the government.

This provided powerful inducement to the average Cuban citizen, who had previously played the lottery, to put his money into INAV coupons. Soon huge sums of money were pouring into the coffers of the government.

THE LOTTO (LOTTERY) WILL BE BACK VERY SOON IN CUBA!

Following here, just for fun, is a list of all of the available lottery games and Lotteries that are available to Cubans. Residents of some countries are prohibited from playing. Most of these lotteries listed here are sponsored by socialist states. CubaDomainsForSale.com has neither reviewed or approved the following links and therefore does not recommend them. Take a moment to read our views on third party web sites and links, HERE.

    la Lotería - ¿Sabías que existe lotería en Cuba?