Global Lottery Market Growth to Decline Due to Enforcement of Restrictions on Recreational Activities during the COVID-19 Pandemic | Divulge by Research Dive

The outbreak of the COVID-19 pandemic has made an adverse impact on the global lottery market growth in 2020. The market is expected to recuperate from the suffered losses by the second or third quarter of 2023. Key market players are likely to open novel opportunities for the growth of the market in the upcoming years.

New York, USA, March 07, 2022 (GLOBE NEWSWIRE) -- A latest report on the global lottery market published by Research Dive sheds light on the impact of COVID-19 pandemic on the current and future scope of the market. This report is a useful study for stakeholders, investors, market participants, and new entrants in the search of comprehensive insights on the impact of COVID-19 on the market growth. 

Key Highlights of the Lottery Market Report:

The COVID-19 pandemic has had a negative impact on the growth of the global lottery market in 2020. As per the report, the global market garnered $157.7 million in 2018 and is estimated to exceed $325.8 million, rising at a CAGR of 9.4% by 2026. In the present situation, the market size has declined owing to the closure of several lottery places amidst the pandemic.

Get an Exclusive PDF Sample of the Lottery market (Brief Details of Business Participants, Geographical Analysis & Segments Study)

Factors Impacting the Lottery Market Growth during the COVID-19 Crisis:

The global lottery market has witnessed deterioration in growth due to implementation of restrictions on recreational and other fun activities by government of various nations to avert the spread of the virus during pandemic period. However, the adoption of online channels for gambling by many people is likely to boost the market growth in the coming period.

Current Face of the Lottery Market Due to COVID-19:

Before the outbreak of the pandemic, the market was estimated to garner $191.7 million in 2020. In the present situation, the market size has declined and reached up to $115.0 million in 2020.

Some of the leading Lottery Market players are

  2. Florida Lottery
  3. MDJS
  4. Hong Kong Jockey Club
  5. Loterías y Apuestas del Estado
  6. Camelot Group
  7. Francaise des Jeux
  8. Singapore Pools
  9. Mizuho Bank Ltd.
  10. California Lottery, and others.

The key players in lottery market are making strategic investments in casinos and online lottery applications for recuperating the industry from the incurred losses. Moreover, rising applications of artificial intelligence as well as machine learning in numerous online lottery platforms is likely to unlock profitable opportunities for the global market after the relaxation of the pandemic. The market is expected to recuperate from the incurred losses by the second or third quarter of 2023.

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Future Lookout of the Lottery Market:

According to the report, the global lottery market is anticipated to witness significant growth after the end of the COVID-19 pandemic, owing to the rising investments by market players in R&D activities, partnerships, and new developments in the market. The market players are coming up with cutting-edge developments and paving way for rewarding opportunities for the market growth. 

For instance, in November 2021, Illinois Lottery, an American lottery for the U.S. state of Illinois, operated by Camelot Illinois, launched Fast Play® Online, a novel and suitable method to play the popular retail draw game. Inquire to Get access to Detailed Top Companies Development Strategy Report

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