raffle vs lottery

raffle and lottery both are nouns.

Word	Noun	Adjective	Verb	Adverb
raffle	Yes	No	Yes	No
lottery	Yes	No	No	No

As nouns, lottery is a hypernym of raffle; that is, lottery is a word with a broader meaning than raffle:

raffle: a lottery in which the prizes are goods rather than money
lottery: players buy (or are given) chances and prizes are distributed by casting lots

Other hypernyms of raffle include drawing.

raffle (noun)	lottery (noun)
a lottery in which the prizes are goods rather than money	players buy (or are given) chances and prizes are distributed by casting lots
	something that is regarded as a chance event

raffle (verb)	lottery (verb)
dispose of in a lottery