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sweepstakes

[ sweep-steyks ]
/ ˈswipˌsteɪks /
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noun (used with a singular or plural verb)
a race or other contest for which the prize consists of the stakes contributed by the various competitors.
the prize itself.
a lottery in which winning tickets are selected at random, each winning-ticket number then being matched to one of the horses nominated for or entered in a specific race, and the amounts paid the winners being determined by the finishing order of the horses that run.
any gambling transaction in which each of a number of persons contributes a stake, and the stakes are awarded to one or several winners.
a risky venture that promises large rewards: the high-tech sweepstakes.
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Origin of sweepstakes

1485–95; earlier swepestake originally, a person who won all the stakes in a game; see sweep1, stake2, -s3
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2021

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