The Christmas lottery in Spain, known as “El Gordo”, is set to pay out nearly $3 billion in prizes, making it the world’s richest lottery. The draw, televised from Madrid’s San Ildefonso school, saw pupils singing out the prize-winning numbers. A total of 2.6 billion euros in prizes will be distributed, with most in small amounts. The tradition, which dates back two centuries, kicks off the festive season in Spain and is a beloved tradition among families and friends. The event, which lasts about three and a half hours, is widely celebrated in bars, sports clubs, and on the streets. While El Gordo may not have the biggest individual top prizes, it is ranked as the world’s richest for the total prize money involved. Established as a charity in 1763, the lottery’s objective later became to shore up state coffers. The tradition of children singing out the prizes has been a part of the lottery since its inception in 1812.