Money Monday: How to vie for giant jackpots at home and abroad

In Spain, the Christmas season has become synonymous with "El Gordo." Spanish for "The Fat One," it's a national lottery dating back all the way back to 1812.

See Full Article

But it's not the length of its run that makes headlines these days. It's the jackpot, which runs into the billions, that lays claim to the title of world's biggest lottery.

This year's jackpot, set to be drawn on Dec. 22, is estimated at 2.5 billion euros. That's roughly 3.3 billion Canadian dollars!

Quite a jackpot, and enough to have Canadians pining for our own big bucks payday.

In October, a winning Lotto 649 ticket worth $64 million was sold in Mississaugua, Ont., setting a new record for the largest single Canadian lottery prize just the month after the previous record was set when a $60 million Lotto Max ticket was purchased in nearby Brampton.

While the latest record-setting jackpot has yet to be claimed, the $60M prize was divided among a group of 12 people.

And there's the rub -- splitting the pot. If you go in on a group lottery purchase, you might increase your chances at a winning ticket, but if you do hit the jackpot, it'll be time to divide the winnings among all those friends.

In another winning scenario, you could wind up splitting the jackpot when some stranger has her own ticket with the same lucky combination of numbers as you.

Turns out both are possible in Spain's annual Christmas lottery too, with another twist: the headline-grabbing jackpot isn't just one big bonanza prize.

It's divided into smaller jackpots, meaning more chances to win. In fact, the lottery claims the odds of ticketholders winning some sort of prize can be as high as 1 in 7.

Those odds entice more than 98 per cent of adult Spaniards to get involved, and the nation tunes in to the hours-long draw that's broadcast live on television.

If you're wondering whether Canadians can buy tickets for overseas lotteries, from the United States to Europe, the answer is... yes.

Skeptical? Oregon Lottery officials were too, when an Iraqi-Kurd, whose name has been kept secret, living in Baghdad turned up earlier this month, to claim a US$6.4 million Megabucks jackpot.

It took a bit of convincing, but he was eventually awarded the prize, despite not being a resident of Oregon, or having personally purchased his ticket there.

His winning Megabucks ticket was purchased through thelotter.com, a privately-operated website that has local agents who go to lottery kiosks and buy "official tickets for all the world's lotteries" on your behalf.

And it boasts of "commission-free prizes," too, as customers pay an upfront transaction fee when purchasing tickets through the website.

It's too late to get in on Spain's "El Gordo" draw, as the last tickets are already sold out on the website. And it's likely too late for you to fly to Spain to buy a ticket for yourself before sales close at 4 p.m. GMT Monday.

There's time to dream about winning America's Powerball lottery, though, with its jackpot that's now estimated at US$287 million and growing.

Or, lottery players can keep it local this holiday season, with $60 million and $12 million in prizes up for grabs in Lotto Max and Lotto 649 respectively this week.



Advertisements

Latest Economic News

  • Why do you need a pet insurance, right here, right now

    Economic 24news
    Many Canadians would consider their pets as a part of their immediate, granular, family. Although some professionals think it’s not healthy, that’s the way life is in the twenty first century; There is a steep decline in the birth rate globally, with Japan leading the pack, and pets are filling in the void.
  • Macron says U.K. can't keep full access to E.U. post-Brexit

    Economic CTV News
    LONDON -- French President Emmanuel Macron has suggested that Britain is likely to negotiate a unique relationship with the European Union before it leaves the bloc next year, while stressing that any agreement must be consistent with EU rules. Source
  • Retrofitting suburbia: Old shopping malls can be saved by their parking lots

    Economic CBC News
    Aging shopping centres, built decades ago as beacons of fashion and free parking on the suburban fringe, are gradually becoming relics on a sea of inner-city asphalt. But rather than tinker at the margins to squeeze the last nickels out of old stores, some retailers are doing something dramatic with their biggest asset: land. Source
  • Want to understand the problems with minimum wage? Talk to people who earn it

    Economic CBC News
    There are more than a million Canadians who work minimum wage jobs — they make up 8 per cent of the country's salaried employees. The hourly rate they earn varies across the country, from a low of $10.85 in Nova Scotia, to Alberta where the minimum wage is set to increase to $15 in October 2018. Source
  • Tahoe Resources denies water contamination near its Peru gold mine

    Economic CTV News
    Vancouver-based Tahoe Resources Inc. says reports that heavy rains caused a leach pond at its Shahuindo gold mine in Peru to overflow and cause rainwater contamination are untrue. Tahoe says central Peru is experiencing exceptionally heavy rains, causing wide-spread flooding and mudslides throughout the region. Source
  • Lawsuit launched against obituary website alleges copyright infringement

    Economic CTV News
    ST. JOHN'S, N.L. - A lawyer in Newfoundland and Labrador is bringing a class-action suit against a website that collects obituaries and reposts them. The statement of claim, which has not been proven in court, alleges that the site managed by Afterlife Network Inc. Source
  • Amazon hikes monthly Prime membership price — but not in Canada

    Economic CBC News
    Amazon is hiking the monthly fee it charges its U.S. customers for Prime membership, but the change won't impact Canadians who all pay by the year. The online retailer announced Friday that starting immediately, new customers would be charged $12.99 US a month, up from $10.99 US previously. Source
  • CLC accuses Unifor of leaving lobby group to raid another union

    Economic CBC News
    The head of the Canadian Labour Congress is accusing Unifor of raiding another union for members after it severed ties with the national lobby group for the country's labour movement. Unite Here Local 75, which represents hundreds of hotel workers in Toronto and Mississauga, Ont. Source
  • SEC letter shows bitcoin funds won't happen soon, if ever

    Economic CTV News
    NEW YORK -- It may be a while, if ever, before investors can buy an exchange-traded fund made up of bitcoin and other digital currencies. Federal regulators have a long list of questions they want answered before they'll approve a digital currency fund for Main Street investors. Source
  • GM Canada president says NAFTA update needs to reflect changing technology

    Economic CTV News
    MARKHAM, Ont. - GM Canada president Steve Carlisle says it's important to update NAFTA to reflect changing technology since the original trade deal was signed. Carlisle says the automaker is cautiously optimistic about the trade talks as he prepared for the official opening of its new 700-employee software development centre north of Toronto. Source