Sweepstakes was a Canadian schooner built in Burlington, Ontario in 1867. The 119 foot (36.3m) schooner was mainly used to transport coal for eighteen years. It was damaged off Cove Island, then towed to Big Tub Harbour in the Georgian Bay of Lake Huron, where it sank in September 1885.
The highly visible wreck of the Sweepstakes is one of the best-preserved nineteenth century schooners ever located, and one of the most picturesque shipwrecks in the world. Lying at a maximum depth of twenty feet (7m), it is a favorite location for divers, tour boat operators, and snorkelers in the Fathom Five National Marine Park.
Due to deterioration caused by divers’ oxygen bubbles, the wreck can no longer be entered; a fence has been put up to help preserve the wreck for future generations.