Spain is looking to privatize El Gordo lottery

El Gordo

Spain’s El Gordo lottery is known as the richest lottery in the world. The lottery run by National Lottery Sociedad de Loterias presents lottery players with the richest draws in the world. But currently the government in Spain is planning to privatize this lottery.

The country is trying to bail out of a severe economic crisis & this move to privatize the El Gordo is aimed towards that. Till now the lottery was run by the government & profits from this lottery went straight into state coffers. The profits El Gordo used to make were to the tune of 1.8 billion pounds.

Due to the financial crisis, which Spain is going through, this is the first year when the number of tickets issued by El Gordo remained the same as last year. The ticket sale of El Gordo has also seen a dip in number. Last year the Spaniards bought 3% less number of tickets that what were sold the year prior to it.

The Spanish Prime Minister José Luis Rodríguez Zapatero has declared that up to 30% of this state owned lottery would be privatized. Many financial experts have criticized this move on the part of the Spanish government as foolish. The Spanish government officials & officials from the National Lottery Sociedad de Loterias will be meeting later this year to finalize the terms of privatization.

But as far as players are concerned, they do not have anything to worry at all. Change in the ownership will have no impact at all on the draws. But it seems the company which will ultimately buy El Gordo, will surely bring home one big jackpot.

You can read more about the El Gordo lottery rules <--- here.


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