The holidays are officially upon us. For most in the US that means quiet nights with family and friends, perhaps a drunk uncle or two, and hopefully some good memories. Across the pond it's a bit different, and no I'm not talking about Boxing Day. El Gordo is a Spanish lottery that's played every year right before Christmas. It's the world's largest lottery and is always advertised in the pages of Parade (I think I'm the only person besides my grandmother who actually reads this) and late night infomercials sandwiched between old men selling commemorative, limited edition coins.
The competition is huge - up to 32 million people play annually - but in a global recession will we see more people sitting out to save their dwindling cash or more than ever hoping to catch the "fat one"? No one really knows whether lotteries are a counter-cyclical industry. Sales are up in many parts of the world and it would seem that people will indeed pay to play when they're down and out. But gaming as a whole suffers during a recession (largely because it's often paired with travel), so why does lottery do well? For one thing, it's cheap. Second, it's sold in the same places as gas, cigarettes, and booze. Vices usually go together. So, in a climate of rising unemployment and 401(k) losses, here's hoping that the fat one can make somebody's Three King's Day a bit brighter. Let's just hope they don't invest it coins.
Sorry for the light posting of late: between starting a new job and finishing up the term, time was stretched far too thin...back to normal this week.
(Photo by alvy)
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