For purposes of this chapter—
(1) WagerThe term “wager” means—
(B)
any wager placed in a wagering pool with respect to a sports event or a contest, if such pool is conducted for profit, and
(2) LotteryThe term “lottery” includes the numbers game, policy, and similar types of wagering. The term does not include—
(A) any game of a type in which usually
(iii)
the distribution of prizes or other property is made, in the presence of all persons placing wagers in such game, and
(Aug. 16, 1954, ch. 736, 68A Stat. 528.)