Sweepstake (noun)

1. A type of betting pool in which all of the participants in a race contribute money to a common pool and the winner takes the entire pool.
2. Any type of competition in which the prize is determined by luck, rather than skill.

Origin:

Originally a sweepstake was a betting pool in which all of the participants in a race contributed money to a common pool and the winner would take the entire pool. the term has been broadened to refer to any type of competition in which the prize is determined by luck, rather than skill.

Examples:

1. Every year the employees at the company participate in a holiday sweepstake.
2. The winner of the sweepstake was awarded a free trip to Europe.
3. She entered the sweepstake for a chance to win a new car.
4. Many people enter the sweepstake for a chance to win a large sum of money.
5. He won the sweepstake and was awarded a brand new boat.