New York, USA, Oct. 14, 2021 (GLOBE NEWSWIRE) -- According to a recent report by Research Dive, the global lottery market is forecasted to reach $325.8 million by the end of 2026 at a CAGR of 9.4%, increasing from $157.7 million in 2018. The comprehensive report provides a brief overview of the current scenario of the market, including other aspects such as dynamics of the market, growth and restraining factors, challenges, and opportunities during the forecast period. The report also offers the market figures, which makes it easier and more beneficial for the new participants to understand the real-time scenario of the market.
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Factors Impacting the CAGR Figures Pre and during COVID-19
The report reveals the real-time CAGR registered by the market during the pandemic. According to the report, the lottery market has recorded a CAGR of 9.4% during recent months, while it was estimated to be 10.6% in the pre-pandemic scenario. The main reason behind this declining state of the market is the restrictions imposed on recreational activities in order to prevent any risk of virus infection. Because of the restrictions, all the lottery platforms are closed, which is reducing the revenue generation of the market.
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Factors Impacting the Revenue before and after the Pandemic
According to the report, the real-time market size has been declined compared to the pre-COVID-19 estimations. The real-time market has generated a revenue of $115.0 million, while it was estimated to be $191.7 million in a pre-COVID analysis. The reason behind this downfall of the market is the government restrictions on fun and recreational activities in public places. Online lottery platforms are also descending in attraction because of the critical health crisis around the world. These are the factors behind the decline of the industry during the pandemic.
Recent Development
In July 2021, Camelot, the operator of The National Lottery, launched the largest ever brand campaign of The National Lottery – a summer-long, fully cohesive multi-channel push that reminds players that, every time they play a National Lottery game, they’re helping Team GB and ParalympicsGB athletes in Tokyo.
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Key Market Players & Strategies
The most significant players of the global lottery market include
- Camelot Group
- MDJS
- Florida Lottery
- Francaise des Jeux
- Loterías y Apuestas del Estado
- Mizuho Bank Ltd.
- Hong Kong Jockey Club
- California Lottery
- Singapore Pools
- Intralot and many more.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
Post Pandemic Insights
As per the report, the global lottery market is expected to recover from the loss in the 2nd/3rd quarter of 2023. However, with the expected 3rd and 4th waves of the pandemic, the restrictions on recreation activities are not being lifted in many countries. It may extend the recovery period of the market even further. However, with the decreasing cases of Covid-19, the market has already geared up for growth in the post pandemic period.
In Addition, the report having some numorus point about the leading Business Manufactures, Like, SWOT analysis, Product Portfolio, Finanical Status - Inquire to Get access for Detailed Top Companies Development Strategy Report
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