sweepstakes

/ˈswipˌsteɪks/
noun
  1. A type of contest or lottery in which people can win prizes, often by chance rather than skill.
    • The company is running a sweepstakes with a grand prize of $10,000.
    • He was excited to learn he had won the sweepstakes.
    • She entered a sweepstakes to win a new car.
  2. A race or competition in which the prize money is made up of the contestants' entry fees.
    • The poker tournament was a sweepstakes where each player paid an entry fee.
    • The horse race was a sweepstakes with a large purse.
    • They organized a golf sweepstakes for charity.