The event itself is called “a raffle” and the verb comes from that.
The technical difference, vs a lottery, is that a raffle always has exactly one winner, drawn from all of the entries. In most lotteries, it’s possible for no one to win or several people to share the prize.
Raffle also implies that the event is a smaller, one-off event, usually with non-cash prizes and often for charity. A church might have a raffle to raise money for a new roof, using prizes donated by the parishioners. This is in contrast to lotteries, which are usually run by the government, feature cash prizes, and occur on a fixed schedule.
The technical difference, vs a lottery, is that a raffle always has exactly one winner, drawn from all of the entries. In most lotteries, it’s possible for no one to win or several people to share the prize.
Raffle also implies that the event is a smaller, one-off event, usually with non-cash prizes and often for charity. A church might have a raffle to raise money for a new roof, using prizes donated by the parishioners. This is in contrast to lotteries, which are usually run by the government, feature cash prizes, and occur on a fixed schedule.