The Spain World Jackpot drawing is underway in Spain for the biggest lottery payoff in history, Examiner reports this Monday, Dec. 22, 2014. There will be $3 billion in cash divided among thousands of ticket holders. The jackpot this year is called “El Gordo” (The Fat One).
The top prize for this year’s drawing in Spain are tickets that will win $490,000. Many more people who bought $24 tickets will take home smaller amounts. That’s more than any other drawing.
Unlike lotteries that offer one large jackpot, the country’s Christmas season jackpot distributes winnings to thousands. It’s the richest jackpot. Spaniards are glued to televisions as awards are announced in a program that often lasts four hours.
More than 100 of the top winning tickets for the jackpot were sold in the city center neighborhood, though 20 were also purchased in the southern city of Cadiz and a handful were sold in other cities across the nation.
The Spain World Jackpot distributes prizes to thousands of people, with other winning tickets shelling out tens of thousands or hundreds of euros, according to the Daily Mail. It has people glued to televisions as awards were announced in a drawing program that lasted four hours. Before the country’s economic implosion in 2008, winners often splurged on new cars, beach homes or holidays.
This is the type of jackpot that can easily help someone with retirement. It’s also amazing that a poor country can give the largest jackpot of $3 billion. Some people might ask where the money comes from the jackpot.
In 2012, if all of the tickets had been sold, the jackpot payout would have been worth $2.52 billion (70% of ticket sales). The total amount of all prizes of the first category was $720 million which was distributed among 180 winning tickets that win $4 million each. For 2013 the number of series was changed from 180 to 160, and so the total amount payout of prizes would be worth $2.24 billion.
The Spain World Jackpot is the second longest continuously running lottery in the world, notes Chron. This includes the years during the Spanish Civil War when the lottery draw was held in Valencia after the Republicans were forced to relocate their capital from Madrid. After the overthrow of the Republican government the lottery continued uninterrupted under the Franco regime.