Source: Foundation for Economic Education
by Mark Nayler
“El Gordo is the world’s second longest-running lottery, behind the Netherlands’ Staatsloterji, which started in 1726. It was first held on December 18, 1812, in the southwestern city of Cádiz, the home of Spain’s government-in-exile during the Napoleonic Wars. Though it raised much-needed money for cannons and bullets, some thought it morally questionable. Agustín de Argüelles, a member of the national congress, claimed that it ‘would be desirable to adopt more decent means … to sustain public necessities because the lottery, raffles and other games are resources that conspire with immorality and, as a consequence, are incompatible with the virtuous character that should be what distinguishes Spaniards in the future.’ Argüelles’s fears proved unfounded: over two centuries on, El Gordo is surely one of the most wholesome instances of mass-gambling on the planet.” (12/22/25)