The draw for the world's richest lottery got underway Wednesday.

Spain's "El Gordo" has a total prize pot of more than €2.4 billion ($2.7 billion).

Continuing a two-centuries-old Christmas tradition, children from the San Ildefonso boarding school are singing out numbers in a draw that lasts several hours.

How much is the prize money for 'El Gordo?'

The top prize of €4 million is paid out 172 times, as each of the 100,000 numbers are sold that often. However, the lottery doesn't tend to turn anyone into a multimillionaire.

Playing "El Gordo" is considerably more complicated than playing a national lottery.

A full ticket costs €200 (around $225) but is usually sold in fractions.Families, friends and colleagues usually buy one-tenth of a ticket, entitling them to a 10% share.

That means they'll each win €400,000 or about €328,000 after taxes.

There are also thousands of smaller prizes.

"El Gordo" is designed to allow as many people as possible a win, with 70% of the proceeds from ticket sales being paid out in prize money.

Normally, jubilant scenes play out across Spain as winners are announced but authorities have urged caution because of the coronavirus pandemic. Spain marked a record number of infections on Tuesday, with almost 50,000 new cases.

'El Gordo' as a Christmas tradition

The Christmas lottery is held every year on December 22 and officially kicks off the festive season.

The draw is televised nationally and can last for more than three hours.

The first Christmas draw was held on December 18, 1812 and it has been held uninterrupted since 1892.

It helps several charities while also filling up state coffers.

lo/rt (AP, Reuters)