Spain set to part-privatise lotteryThursday December 2nd 2010
Spain's government has announced it is planning to sell off a stake in the Spanish lottery in response to the economic crisis. The move was announced by Prime Minister Jose Luis Rodriguez Zapatero, who said that 30 per cent of the lottery would be sold to investors as part of a plan to get Spain back on a secure financial footing.
The country’s world famous Christmas lottery draw, El Gordo (The Fat One), will be included in the sale.
El Gordo has been running since 1812 and this year will be worth 3.32billion euros. Out of the total, just over 2.2billion euros will make up the prize fund, while 30 per cent will go to the state in order to cover administration costs and by way of a profit.
This year the special Christmas draw will take place over the course of three-and-a-half hours on December 22. Those who decide to take part and buy lotto tickets will be in with a chance of winning one of the many prizes on offer.