1. A method of conducting a word based lottery game having a plurality of players, comprising the steps of: for each game, the players wagering on an entry defined by a set of words; in a random draw process, randomly generating an outcome that is a concatenation of characters, the draw being such that each outcome can be assigned a probability of occurrence; defining a rule that confers the words in the player entry a win status based on the outcome of the draw producing characters that are used to form the respective words in the player entry; selecting winning entries based on the words in an entry that are conferred a win status; and assigning a prize for each winning entry as a function of a value assigned to each of the words in the player entry formed by the randomly drawn characters, the value based on the commonality of the characters that form the words in the player entry.
1. A method of conducting a word based lottery game having a plurality of players, comprising the steps of: for each game, the players wagering on an entry defined by a set of words; in a random draw process, randomly generating an outcome that is a concatenation of characters, the draw being such that each outcome can be assigned a probability of occurrence; defining a rule that confers the words in the player entry a win status based on the outcome of the draw producing characters that are used to form the respective words in the player entry; selecting winning entries based on the words in an entry that are conferred a win status; and assigning a prize for each winning entry as a function of a value assigned to each of the words in the player entry formed by the randomly drawn characters, the value based on the commonality of the characters that form the words in the player entry. 6. The method of claim 1 , wherein the draw includes a constant subset of letters.