The prize money of the 2005 Spanish Christmas sweepstakes or El Gordo (the fat one) is a whopping $2.4 billion, up from $2.1 billion last year.
El Gordo has a unique style too. While most lotteries around the world uses the system of a single jackpot, El Gordo's system results in thousands of winning numbers! Prizes range from a ticket's face value all the way up to the first prize.
This lottery is billed as the world's richest because the total prize money dished out by it is higher than any other. However, there are many other lotteries where the individual top prizes are bigger than El Gordo's.
The winners will be announced in a three-hour televised ceremony this week. The event goes back to the year 1812.
It is estimated that three out of every four Spaniards buy lottery tickets.
