The world’s biggest lottery at $4.7 billion woes the Spaniards

Spaniards do not have money for flashy Christmas gifts but they seem have money for the “El Gordo”, or the “Fat One”. A tradition that dates back nearly two centuries, “El Gordo” is lottery that takes place every year around Christmas. It has become a sort of ritual for the Spaniards that they hold really close to their hearts. Thousands and thousands of Spaniards are saving and stocking up tickets for the world’s richest lottery draw that is supposed to be handing out a record 3.6 billion euros ($4.7 billion) worth in prizes. The 21.5 per cent jobless rate and the dear of recession doesn’t stab them Spaniards. On an average four out of every five Spaniards is expected to buy a ticket to the lottery, with each person spending more than 60 euros’ on an average.

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On December 22, the results will be announced vis song through the pupils from former Madrid orphanage San Ildefenso on national television. That definitely sounds like a massive event for Spain. Out of the fortune made by the national lottery through “El Gordo” every year 70 per cent is shared out in prizes. Juan Antonio Gallardo, sales director of the national lottery claims that the ‘El Gordo’ is one of the most generous lotteries in the world. The jackpot has grown to 400,000 euros from 300,000 euros last year, and the total value of all the winning tickets to a record 3.6 billion euros from 2.7 billion euros. That is just way too much money floating around for Spain to be in a bleak economic crisis situation. Isn’t it?

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