A sweepstake is a pool where each participant is randomly assigned a team (or country) in a tournament. When the tournament ends, whoever holds the winning team takes the pot — or you can split prizes across multiple categories such as best seeded team, best second-string side, etc.
On Heldly the league administrator creates a sweepstake group, sets the entry fee and invites members. You run the actual draw however you like (a hat, a spreadsheet, a video call) and the admin then records each member with the team they were assigned. Heldly handles the pot, tracks who owns which team, and distributes the winnings according to the prize rules you set when the tournament finishes.
Sweepstakes are tournament draws — World Cup teams, F1 grids, anything random.