Spain is holding its traditional Christmas lottery known as "El Gordo" and handing out (EURO)2.3 billion ($3 billion) in winnings that will be a particularly sweet holiday treat at time of economic woes and 20 percent unemployment.

The lottery billed as the world's richest has no single jackpot but rather uses a complex share-the-wealth system in which thousands of five-digit numbers running from 00000 to 84999 win at least something. This can range from a (EURO)20 coupon to (EURO)300,000 for such a ticket.

The sweepstakes takes about three hours to complete and is considered as ushering in the official start of the Christmas season in Spain.

Winning numbers are being sung out Wednesday by children from a Madrid school that used to be a home for orphans.