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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Africa Europe Latin America Middle East North America Search Search: What credit crunch? Spaniards cross fingers for record lottery AFP - 1 hour 43 minutes ago MADRID (AFP) - - Spaniards were huddled round television and radio sets on Monday to hear the results of the world's richest lottery in the hope of easing their financial woes amid soaring unemployment and looming recession. Sales for the annual Christmas lottery known as "El Gordo" or "The Fat One" were down 2.79 percent on last year at 2.78 billion euros (3.90 billion dollars), with around four in five Spanish residents buying tickets. But the total prize money on offer is around 2.32 billion euros -- around 100 million more than in 2007. "El Gordo" is a Christmas tradition in Spain, and designed to give as many people as possible a windfall just before the holidays. A whopping 70 percent of the intake goes back into cash prizes -- far more than in other state-run lotteries used to finance social projects. Instead of a few jackpots, there are millions of cash prizes ranging from the 20-euro face value of a ticket to 300,000 euros for the first-prize number. With Spain posting an unemployment rate of 12.8 percent in October-- the highest rate in the 27-nation European Union -- and on the brink of recession as a decade-long property boom comes to a screeching halt, the economic slowdown has served as a selling point for tickets this year. Children from the San Ildefonso school, a former orphanage, dressed in their best clothes, announce the winning numbers in a Gregorian chant, in a ritual that lasts about three hours. Crowds anxiously huddled around television sets and radios in bars, living rooms and offices to check their numbers. Sandra, a 26-year-old soldier, said she spent 100 euros this year on tickets, down from 150 euros last year "because of the economic crisis". She and her friend Pilar, 27, also a soldier, sat mournfully in the Rey Fernando bar in central Madrid listening to the numbers being announced. "You need a lot of luck to win," said, Pilar, who said she had spent 33 euros on tickets. Although other draws around the world have bigger individual top prizes, lottery specialists rank "El Gordo" as the world's richest lottery for the total sum paid out. Tickets go on sale in July. Co-workers, friends and relatives across the country pitch in to buy them together, and cafes and bars sell shares in their tickets to their clients. Spanish households dedicate about 2.0 percent of their budget to lottery tickets and other forms of gambling, one of the highest rates in Europe. Since 2005 tickets have also been sold over the Internet, drawing in overseas customers. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: World Hamas agrees 24-hour Gaza truce, threatens suicide attacksAFP - 23 minutes ago Israeli diplomats prepare for possible Gaza actionAP - 24 minutes ago Iraqi Parliament delays vote on foreign troopsAP - 30 minutes ago The Nation's WeatherAP - 38 minutes ago Iraq shoe-thrower's brother says he'd do it againAP - 47 minutes ago Enlarge Photo A man buys ticket for the annual Christmas lottery "El Gordo" in Madrid on December 17, 2008. The Spanish are still feeding "El Gordo" or "The Fat One", the annual Christmas lottery that is billed as the world's richest yearly draw, despite a global economic slowdown that has saddled Spain with Europe's highest unemployment rate. AFP PHOTO / PIERRE-PHILIPPE MARCOU Most Popular – World Viewed Toyota forecast deepens gloom over global economy Let poor eat caviar: Milan authorities New Year's hangover? Take two eels and call me in the morning Actress Jennifer Aniston appears naked in GQ magazine Quake zone hero pig named China's animal of the year View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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