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Giant Lottery To Pay Out $3.3B

December 22, 2012 by  

Giant Lottery To Pay Out $3.3B, After another brutal year of economic hardship, Spaniards across the country are hoping for relief when the country’s famed Christmas lottery — the world’s richest — pays out $3.3 billion in tax-free awards on Saturday.

Almost everyone in the country of 46 million people will be glued to live TV to watch school children sing out the winning numbers for the lottery that pays out maximum prizes of $529,840 and many more for smaller amounts. The top prize is dubbed “El Gordo” (“The Fat One”) and is likely to be won by hundreds if not thousands of players.

Unlike other big lotteries that generate just a few big winners, Spain’s lottery — now in its 200th year — has always aimed for a share-the-wealth-system rather than a single jackpot, and thousands of numbers yield at least some kind of return.

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