It refers to your chances of winning any prize that lottery has to offer.
Remember that the chances of winning are often higher in lotteries with more reward categories.
Australia Lotto Series: 1 in 85
Australia Powerball: 1 in 59
EuroJackpot: 1 in 42
US Powerball: 1 in 38
Mega Millions: 1 in 24
SuperEnalotto: 1 in 20
EuroMillions: 1 in 13
Cash4Life: 1 in 8