Embodiments of the disclosed technology provide a system and method for electronic lottery and or online gaming bet placement and management employing Radio Frequency Identification technology. The system and method both employ use of a plurality of passive RFID tags. Each tag comprises stored data. The data may include a read-only memory area and a writable memory area. The system and method also utilize a data storage medium under the operative control of a lottery/gaming administrator. The data storage medium contains data associated with a plurality of gambling accounts. The data may include personal information and payout information. Each gambling account is associated with at least one RFID tag via the unique read-only tag number stored therein.