a game of chance in which a leader draws numbered disks at random from a stock and the players cover the corresponding numbers on their cards, the winner being the first to cover a complete row.
a lottery, as one operated by a state government, in which players choose numbers that are matched against those of the official drawing, the winning numbers typically paying large cash prizes.

1770–80; < Italian < Germanic; see lot Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
lotto (ˈlɒtəʊ)
1.  Compare bingo Also called: housey-housey a children's game in which numbered discs, counters, etc, are drawn at random and called out, while the players cover the corresponding numbers on cards, the winner being the first to cover all the numbers, a particular row, etc
2.  a lottery
[C18: from Italian, from Old French lot, from Germanic. See lot]

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Word Origin & History

1778, "type of card game," from It. lotto "a lot," from O.Fr. lot "lot," from Frank. (cf. O.E., O.Fris. hlot, see lot). Meaning "a lottery" is attested from 1787.
Online Etymology Dictionary, © 2010 Douglas Harper
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Example sentences
Gambling touches almost everyone, from friends playing online poker to grannies buying lotto tickets.
All the money that used to be bet on the ponies now goes into scratch-off lotto
  tickets from vending machines.
As long as poor folk dominate those playing the lotto and visiting the casinos,
  then that funding mechanism doesn't work either.
My goal or plan is to read the local lotto winnings every week.
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