Meaning of the word sweepstake in English

What does sweepstake mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

sweepstake

US /ˈswiːp.steɪk/
UK /ˈswiːp.steɪk/

Noun

a form of gambling, especially on horse races, in which all the money staked is divided among the winners

Example:
He won a large sum in the office sweepstake.
The charity organized a sweepstake to raise funds.
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