Inside 'El Gordo,' the world's largest lottery that's routinely worth billions

Wednesday's Powerball drawing will be worth a staggering $700 million, the second-biggest jackpot in US history.

That's still less than half the record jackpot set in 2016 of $1.5 billion.

But in order to earn the title of "largest in the world," the latest Powerball would have to defeat a 204-year-old lottery called El Gordo, the Spanish Christmas Lottery that has taken place every year since 1812 and is routinely worth billions.

In 2012, for example, El Gordo's prize pool was a gigantic $3.3 billion.

While that giant prize pool may get split among thousands of winners - in other words, there is no one mega-jackpot - the drawing's three-hour ceremony, held strictly at 9:00 a.m. and followed by torrents of wine, is a sacred part of Spanish culture.