Posts Tagged ‘Loterías y Apuestas del Estado’
Spending is down, both in Spain and across Europe, but one thing that doesn’t seem to be affected is the sales of the big Christmas Spanish Lottery draw, the El Gordo. The El Gordo is reporting brisk sales despite the downturn as players hope they’ll get lucky in the richest lottery draw in the world.
The El Gordo, or the big one as it’s known around the world is well deserving of its title, last year the draw paid out €2.7 billion, yes that’s billion, in prizes, making it popular not just with Spanish players but lottery players around the world too.
The El Gordo is by far the richest and best known lottery draw in the world. The El Gordo, or the Fat One as it’s known around the world is held in Spain on 22nd December every year with a prize pool that far outweighs any other in the world, at around €2.5 billion!
For years, holidaymakers have purchased tickets for the El Gordo while on their week away and then kept hold of the tickets until they return to the country. Now of course that isn’t necessary as it’s possible to buy tickets for the El Gordo from anywhere in the world.
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A few weeks ago it looks as though Spain would float the Loterías y Apuestas del Estado on the stock exchange, where it was hoped that it may raise up to €9 billion for Spain’s struggling coffers. However, Spain has now cancelled the sale of the lottery, citing an uncertain market.
But the move comes after much opposition from the People’s Party, who have been fighting to keep the lottery, part of Spain and nationalised.
Whenever large companies see stock market flotation, someone, somewhere makes a lot of money. So there’s no doubt that a number of city bankers are likely to make a fortune as Loterías y Apuestas del Estado – the Spanish state run lottery organisers – float the Spanish Lottery on the stock market. A move that is likely to be the equivalent of a lottery jackpot to some city bankers.
The flotation is likely to be Spain’s largest ever stock market listing, worth around €9 billion for a 30% share in the lottery. It’s little wonder the value is so high, considering the Spanish El Gordo Christmas Lottery is the richest lottery in the world (by lottery jackpot pool).