Definition of 27) (a) “Lottery

27) (a) “Lottery means a scheme, by whatever name known, for the disposal or distribution of property among persons who have paid or promised to pay valuable consideration for the chance of obtaining the property or a portion of it or for a share or interest in the property upon an agreement, understanding, or expectation that it is to be distributed or disposed of by lot or chance. (b) The term does not mean lotteries authorized under Title 23, chapter 7.