The LKL Three-point Shootout is a Lithuanian Basketball League All-Star Day contest held before the All-Star Game. Competitors try to score as many points as possible in one minute. There are five ball racks laid out over the three point arc: one on each baseline, one halfway between the baseline and the top of the arc on each side, and one at the top of the arc.
Each rack has five balls, four of which are worth one point (the standard orange balls) and the fifth one (a red, white, and blue ball; nicknamed the "money ball") is worth two points. Thus a perfect score is 30 points.
In the first round each contestant has one chance to score as many points as possible. The four with the top four scores advance to the finals.
The very first slam dunk contest was won by Richard Thomas of the Šilutė at the 1994 LKL All-Star Day in Panevėžys. The current champion of the LKL Dunk Contest is Derrick Low who won his second title representing Pieno Žvaigždės.