A lottery is about to pay out $2 billion

El Gordo Lottery

Spain’s El Gordo lottery will pay out more than 2 billion euros on Tuesday night.

El Gordo is one of the biggest lotteries in the world. Translated into English it literally stands for “Fat One.”

The lottery is operated out of space but anyone around the world can buy a ticket online for 200 euros or $219 USD.

It’s estimated that three quarters of the Spanish population buys at least one ticket every year. Sometimes entire villages will buy tickets together and split any prize money that is won.

The top prize is capped at 400 million euros ($436 million), so there will be thousands of winners.

The annual Christmas lottery dates back to 1812.

This year’s lottery is especially poignant as Spain continues to recover from an economic crisis following years of austerity.

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Written by Peter Mondrose

Peter Mondrose

Peter Mondrose is the Editor-In-Chief at BusinessPundit. He received his degree in Economics in 1998 and a second degree in Journalism in 2004. He has served as a financial adviser, market trader, and freelance journalist for the last 11 years. When he's not investigating market conditions and reporting on workplace news, he can be found traveling with his wife, dog, and laptop. He can be reached at PeterMondrose@BusinessPundit.com or (929) 265-0240.