Tags: towns | split | lottery | jackpot

Towns to Split $875 Million Lottery Jackpot to Overcome Deficits

Tuesday, 24 Dec 2013 11:47 AM

By Morgan Chilson

Two towns facing economic hardships in Spain will split the $875 million “El Gordo” lottery prize, fulfilling a 200-year tradition of the Spanish Christmas Lottery.

Residents in Mondragon won $246 million, bringing hope to a community hit hard by a recession that forced layoffs for 2,000 people this year, Reuters reported. In the working-class town of Leganes, winners received $492 million.

Urgent: Do You Approve Or Disapprove of President Obama's Job Performance? Vote Now in Urgent Poll

The centuries-old lottery born in 1812 was designed to give money to as many people as possible. Groups of people join together to buy the lottery tickets, and “El Gordo” is only part of the winnings that totaled slightly more than $3 billion. It’s the largest lottery payout in the world.

"I'm on cloud nine! I couldn't imagine something like this happening. We've been in the press for so many unpleasant reasons, and for something which brings such joy to happen here is a real support for the people," Jose Maria Garai, a Mondragon ticket seller, told Reuters.

The lottery fuels hope during the Christmas season in a country facing a staggering 25 percent unemployment rate, CBS News reported. With the country in dire economic straits, austerity measures have changed one part of the lottery.

"One cautionary note though, as part of its austerity program, for the first time this year, the Spanish government is going to tax any winnings above about $3,000," CBS News' Mark Phillips said on "CBS This Morning.”

The country’s coffers will see 182 euros, or $257 million, from taxes on the lottery winnings and also 30 percent of ticket sales.

Still, the winners were thrilled with their windfalls. One woman who won told CBS she’s been living on welfare, and another said she was buying a house and helping her children, all of whom didn’t have jobs.

Editor's Note: ObamaCare Is Here. Are You Prepared?

Related Stories:

© 2015 Newsmax. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
Zip Code:
Privacy: We never share your email.
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
You May Also Like

Kurt Cobain Documentary: Courtney Love, Daughter Frances Bean Reunite

Monday, 26 Jan 2015 17:22 PM

A Kurt Cobain documentary premiered at the Sundance Film Festival over the weekend, bringing together the rocker’s daugh . . .

Coinbase Launch: Company to Open First Regulated Bitcoin Exchange in US

Monday, 26 Jan 2015 16:50 PM

San Francisco’s Coinbase opened the first regulated bitcoin exchange in the U.S. on Monday, a move that many believe wil . . .

Emma Watson: 'Beauty and the Beast' Role as Belle 'Feels Surreal'

Monday, 26 Jan 2015 16:16 PM

Emma Watson has been cast to play Belle in Disney’s upcoming live-action version of “Beauty and the Beast,” an announcem . . .

Top Stories

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

America's News Page
©  Newsmax Media, Inc.
All Rights Reserved