Meaning of the word sweepstakes in English

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

sweepstakes

US /ˈswiːp.steɪks/
UK /ˈswiːp.steɪks/

Noun

a form of gambling, especially on horse races, in which all the money staked is divided among those who have drawn the winning horses, after deductions for expenses

Example:
He entered the office sweepstakes for the Kentucky Derby.
The grand prize of the sweepstakes was a new car.