sweepstakes
noun

- 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 (e.g. the high-tech sweepstakes)

Dictionary.com

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The term "sweepstakes" dates back to the 15th century and stems from the Middle English swepestake, meaning "one who sweeps or wins all the stakes in a game" (from swepen = to sweep + stake = sum of money to be won in a race or contest). Although it is usually used in the plural form, it is nonetheless treated as singular.

While the original sense referred to the stakes in horse racing, by the mid-to-late 19th century sweepstakes had become a common reference to any games where everyone placed in a stake that the winner thus swept from the table (such as in card games).

The 1950′s brought the rise of the modern advertising sweepstakes, which is what most people think of when they hear the word today. Advertisers realized that the promise of a prize could play a big role in marketing various products and services.

But unlike horse racing or gambling games, participants are usually not required to "stake" anything. It merely requires entering the sweepstakes by providing personal information. Today, this type of personal information has become a valuable commodity for advertisers, marketing firms and businesses alike.

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SYNONYMS

game of chance, draw, lottery, lotto, raffle, wager, bet

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Practice OWAD in a conversation today:

"Do you know anyone who ever won a prize at SWEEPSTAKES?"