Thayer's Greek Lexicon

 1. an object used in casting or drawing lots, which was either a
pebble, or a potsherd, or a bit of wood
  1) the lots of several persons concerned, inscribed with their
names, were thrown together into a vase, which was then
shaken, and he whose lot fell out first upon the ground was
the one chosen
2. what is obtained by lot, allotted portion
  1) a portion of the ministry common to the apostles
  2) used of the part which one will have in eternal salvation
2b1. of salvation itself
2b2. the eternal salvation which God has assigned to the saints
  3) of persons
2c1. those whose care and oversight has been assigned to
one [allotted charge], used of Christian churches, the
administration of which falls to the lot of presbyters