An Etymological Dictionary of the German Language/Lotter-

by Friedrich Kluge

Lotter-, in compounds like Lotterbube, ‘vagrant, knave,’ from MidHG. loter, ‘slack, light-minded, frivolous, knave, ne'er-do-well, buffoon,’ OHG. lotar, ‘empty, vain’; comp. AS. loddêre, ‘villain.’ Allied to liederlich.