Spain's El Gordo Lottery Set to Be Held

This week Spain will hold its annual El Gordo lottery, which will pay out €2.24 billion in prizes to players.

The lottery will be held on December 22nd and will be part of a huge TV program. On average, Spaniards will spend €62.72 on tickets to the contest, with more than three quarters of the country's population playing. The lottery has been around for 203 years, and there are prizes that go up to €400,000.

Players who win a cash prize over €2,500 will be subject to a 20% tax on winnings, and there will be more than €800 million raised for the government's tax coffers.

Spain's lottery has posted an ad regarding the lottery to YouTube, which can be viewed below:

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