I mean state is probably the better custodian of your money and your interests than the private investors unless you live in a rogue state run by criminals.
Leaving aside the question of whether it has to be a rogue state to be run by criminals, I think that operating a gambling syndicate is never in the interest of the citizenry, and that includes the Lottery, which is functionally a tax on the poor. For very gaudy spectacles of that exploitation, turn on the TV at Christmas in Spain.