Quite simply, it didn't really work.
I was involved in the initial run of lotteries, the Market Squad spent a fair amount of time discussing what was a reasonable expectation of TC that would be sunk from each lottery. iirc it was exclusively the first lottery that met expectations. The rest all resulted in ticket numbers been drastically cut as users were becoming increasingly frustrated at how long the lotteries were taking to complete (they would run until all tickets sold).
It could have been managed better. I am sure the original idea was to have one lottery a month, but in the view of pushing a new feature they were rolled out haphazardly. Often with poorly thought out prizes, ticket prices and with multiple parallel lotteries slowing ticket sales to near deadlock.
Add to the fact that some of the first winners were Market Squad members and known rich marketers and a lot of people simply got frustrated and decided not to spend anymore on tickets. The addition of achievements helped slightly but not enough to justify the creation of more lotteries.
I just wanted to provide some context, it might be worth trying again, if it was better managed this time around.