A lot may be held in it (6)
I believe the answer is:
raffle
'a lot' is the definition.
(thesaurus)
I don't understand the remainder of the clue.
Can you help me to learn more?
(Other definitions for raffle that I've seen before include "Sweepstake" , "charity event" , "Lotto" , "Ticket lottery" , "Type of lottery" .)