Lottery
Raffle, Drawing Lots
noun, verbal noun
Extract a lucky ticket to choose the winner of the lottery or raffle! Today I extract... number 23! We've chosen a winner!
抽選 refers to drawing lots and randomly selecting a winner or winners from a pool of candidates or entries.
This is a jukugo word that uses the on'yomi readings of the kanji. You should be able to read this on your own.
私はあの病院の抽選で、胃のバイパス手術が当たったんです。
I won a gastric bypass surgery from that hospital’s raffle.