39. Lotteries, lucky draws, housie, raffles, and similar undertakings.—

(1) Where a person runs a lottery, lucky draw, housie, raffle, or similar undertaking‚ the consideration for tickets (by whichever name described) sold by such person shall be the price of the ticket.

(2) The price of the tickets sold at a discount to distributors or agents shall be calculated exclusive of the discount.

Explanation: In this section, "price of the ticket" means the amount of money payable by the buyer, who holds the ticket with a desire to win, and participates in the undertaking.