MADRID (AP) — Spaniards are looking to strike it rich when the bumper Christmas lottery takes place Saturday.

The lottery, known as El Gordo, or The Fat One, will dish out 2.4 billion euros ($2.7 billion) in prize-money this year.

The top prize for a winning ticket is 400,000 euros but there are many smaller prizes.

Other lotteries have bigger individual top prizes but El Gordo, held each Dec. 22, is ranked as the world's biggest in terms of total prize-money.

Children from Madrid's San Ildefonso school call out the prizes on a nationally televised draw starting at 9:20 a.m. (0820 GMT) at Madrid's Teatro Real opera house.