El Gordo is Spain's annual Christmas lottery drawing where orphans from Madrid's San Ildefonso school chant the winning numbers for five hours. Millions of Spaniards participate by buying full tickets that cost 30,000 pesetas, or shares of tickets called "decimos," in hopes of winning the top prize of 300 million pesetas, called "El Gordo." The Spanish lottery was established in 1763 by King Carlos III and remains deeply ingrained in Spanish culture and tradition.