New York, USA, Aug. 16, 2022 (GLOBE NEWSWIRE) -- Research Dive has published a new report on the global lottery market. As per the report, the global market is projected to surpass $353.1 billion and grow with a CAGR of 10.6% in the estimated period, 2019-2026. This all-inclusive report delivers a comprehensive overview of the current and future situation of the lottery market by stating its main characteristics including growth drivers, growth opportunities, limitations, and developments in the forecast period. The report also offers all the required and vital market statistics to help new players obtain an insight into the status of the global market.
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Factors Impacting the Lottery Market Growth:
The global lottery market growth is driving owing to growing penetration of smartphones and rapid digitalization with advanced technologies across the world. Moreover, rise in the launch of lottery apps integrated with payment solutions is fueling the market growth. Additionally, increasing use of Blockchain technology in lottery platforms is projected to divulge profitable opportunities for the growth of the market in the estimated period. However, implementation of stringent government rules on lottery prizes as well as lottery market players is expected to obstruct the growth of the market in the coming years.
The report segments the global lottery market based on type, application, and region.
Lotto Sub-Segment to Hold Leading Market Share
The lotto sub-segment of the type segment is predicted to hit $132.1 billion in the estimated period. This growth is mainly because lotto can be played from anywhere at any time, which saves time, and it also offers features like quick pick, double jackpot, and number shield .
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Online Sub-Segment to Observe Speedy Growth
The online sub-segment of the application segment is foreseen to grow rapidly and hit $183.1 billion in the estimated period. This growth is mainly because nowadays a majority of the lottery players worldwide prefer playing lottery games over the Internet.
North America Lottery Market to Witness Outstanding Growth
The report examines the global lottery market across numerous regions including Asia-Pacific, North America, Europe, and LAMEA. Among these, the North America market is anticipated to grow extensively at a CAGR of 10.7% during forecast period. The growth of this region market is mostly owing to the rising emphasis of the people in this region on entertainment options.
Key Players in the Lottery Market:
The report states some of the foremost players operating in the global lottery market including
- Hong Kong Jockey Club
- INTRALOT
- Francaise des Jeux
- MDJS
- Camelot Group
- Florida Lottery
- Loterías y Apuestas del Estado
- Singapore Pools
- Mizuho Bank Ltd.
- California Lottery, and others.
These players are taking various initiatives such as investing in novel product launches, strategic alliances and collaborations, etc. to obtain a leading-edge in the global market.
For instance, in July 2022, Nagaland Lottery Sambad, one of the most popular lotteries in India, launched a novel platform for displaying the latest official results of the Nagaland State Lottery. – Inquire Here Before Buying the Full Report
Also, the report provides numerous industry insights such as top strategic initiatives & developments, novel launch of products, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global market.
More about Lottery Market:
- Europe Region to Create Exponential Growth Opportunities for Industry Players in the Global Lottery Market
- Lottery: The Most Popular Form of Gambling to Win Big Jackpot
