Spain hands out $3B in planet's biggest lottery

The world's biggest and oldest lottery began in Madrid on Monday, with 2.2 billion euros in winnings doled out to lucky Spaniards.

The main prize, called El Gordo, or 'the fatty', is worth 4 million euros. El Gordo is awarded 160 times.

The lottery is more than 200 years old, and traditionally takes place during Christmastime. As hundreds of smaller prizes are also given out, the lottery takes three hours and is broadcast live on television.

Winning numbers are called out by children, 22 of whom have been trained to participate in the drawing. According to El Pais, they underwent two months of preparation to "normalize their voices."

The lottery has shrunk since the financial crisis. Last year, Spaniards spent an average of 50 euros each on the Christmas lottery, an 18 percent decline from 2008.