Spain is celebrating its annual Christmas lottery, known as “El Gordo” (The Fat One), which is the richest lottery in the world in terms of total prize money.

The top prize for this year’s lottery is 400,000 euros ($425,000), or about 325,000 euros after tax, for holders of winning 20-euro tickets, known as décimos.

The lottery will distribute a total of 2.5 billion euros ($2.7 billion) in prizes, including many smaller prizes.

The lottery, held each year on December 22, is a major tradition in Spain, with people often purchasing and sharing tickets with friends, families, and co-workers and in bars, sports, and social clubs.

The numbers are called out by children from the San Ildefonso school in Madrid in a nationally televised draw at the Teatro Real opera house.

The lottery was established as a charity in 1763 and later became a way to support the state, but it also helped fund several charities.