Saturnalia was introduced around 217 BCE to raise citizen morale after a crushing military defeat at the hands of the Carthaginians.[1] Originally celebrated for a day, on December 17, its popularity saw it grow until it became a week-long extravaganza, ending on the 23rd. Efforts to shorten the celebration were unsuccessful. Augustus tried to reduce it to three days, and Caligula to five. These attempts caused uproar and massive revolts among the Roman citizens.
Saturnalia involved the conventional sacrifices, a couch (lectisternium) set out in front of the temple of Saturn and the untying of the ropes that bound the statue of Saturn during the rest of the year. A Saturnalicius princeps was elected master of ceremonies for the proceedings. Besides the public rites there were a series of holidays and customs celebrated privately. The celebrations included a school holiday, the making and giving of small presents (saturnalia et sigillaricia) and a special market (sigillaria). Gambling was allowed for all, even slaves.
Hermetic Rambling 