The process a candidate for president goes through to choose a running mate. It's a portmanteau word combining the colloquial pronunciation of VP as "veep" and sweepstakes.

The winner of the veepstakes is awarded the honor of being trashed in the media for the next 5 months.
A: Who should Obama pick for VP?
B: I sure hope Brian Schweitzer wins the veepstakes!
by The Grammar Nazi June 06, 2008

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