IT IS one of the jewels in the Spanish crown but, as the country tries to head off a debt bailout, part of the world-famous El Gordo– or "fat one" – Christmas lottery will soon slip into private hands.
Spain's socialist prime minister, José Luis Rodríguez Zapatero, yesterday announced that the country's state lottery fund, which runs the El Gordopayout, will be partially privatised.
That means part of the proceeds from the world’s biggest lottery payout will end up with private investors.
Until now, profits from the €2.15 billion Gordo went directly to the state. About €700 million raised by El Gordo is held by the state lottery to cover costs and make a profit.
The lottery also runs a range of weekly games, with profits going to the state.
Spaniards spent an average of €75 a head on El Gordolast year, down 3 per cent on the previous year. The payout has ushered in the Spanish Christmas season for almost two centuries since 1812.
Mr Zapatero said up to 30 per cent of the lottery would be privatised.
Airports at Madrid and Barcelona were also likely to be partially privatised as he sought to ease market worries about public finances. – (Guardian service)