The story
Blend of veep (“(informal) Vice President of the United States”) + sweepstakes (plural of sweepstake (“lottery in which the prize or prizes constitute all the money paid by the participants”)).
Etymology from Wiktionary, CC BY-SA 4.0.
veepstakes
veep·stakesToday it means: The process by which candidates for the Presidency of the United States choose a running mate to become the Vice President if elected. Full definition →