New York, USA, March 06, 2023 (GLOBE NEWSWIRE) -- According to the latest report published by Research Dive, the global lottery market is predicted to rise at a tremendous CAGR of 3.8%, thereby garnering a revenue of $430.4 billion in the 2022-2031 timeframe. This integrated report presents a brief outlook of the current framework of the global market including its cardinal features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2022-2031. All the necessary market figures are also provided in this report to help new entrants analyze the market easily.
Dynamics of the Market
Drivers: Increasing popularity of online lottery due to expansion of cellphones and the Internet in the last few years is expected to become the primary growth driver of the lottery market in the forecast period. Moreover, growing use of block chain technology in lottery systems is expected to help the market grow substantially in the forecast period.
Opportunities: Increasing interest of consumers towards gambling is predicted to offer numerous growth opportunities to the market in the forecast period. Along with this, growing adoption of smartphones has led to an increase in popularity of online lottery which is estimated to push the market forward.
Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to several governmental rules and regulations, which might prove to be a restraint for the lottery market.
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Impact of Covid-19 on the Market
The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The lottery market faced a challenging time during the pandemic. Economic losses faced by people across the globe compelled them to move away from lotteries. Also, the lockdowns forced lottery establishments like casinos, clubs, poker rooms, etc., to shut down which further brought down the growth rate of the market during the pandemic.
Segments of the Market
The report has divided the lottery market into certain segments based on type, application, and region.
Type: Lotto Sub-segment to be Highly Profitable
By type, the lotto sub-segment is expected to be one of the most dominant sub-segments by 2031. The biggest advantage of Lotto lottery systems is that they are accessible from within the country as well as from other countries. This utility of Lotto systems is predicted to boost the growth of this sub-segment in the forecast period.
Application: Online Store Sub-segment to Have a Huge Market Share
By application, the online store sub-segment is expected to have a significant market share during the 2022-2031 timeframe. Increasing shift from traditional lotteries to online platforms is predicted to push the sub-segment forward.
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North America Region to be Most Lucrative
By regional analysis, the lottery market in North America region is expected to become the most lucrative sub-segment in the forecast period. Increased technological acceptance and growing levels of disposable incomes among the population of this region are expected to be some of the main growth drivers of the market in the forecast period.
Prominent Market Players
Some of the prominent players of the lottery market are
- INTRALOT
- Francaise des Jeux
- Hong Kong Jockey Club
- MDJS
- Mizuho Bank Ltd.
- Singapore Pools
- Loterías y Apuestas del Estado
- California Lottery
- Camelot Group
- Florida Lottery
These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.
For instance, in December 2022, Allwyn AG, a lottery operator in Europe, announced the acquisition of Camelot Lottery Solutions, a leading lottery operator. This acquisition is expected to help Allwyn to expand its business all across the globe and push the market forward in the coming period.
Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.
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- Lottery: The Most Popular Form of Gambling to Win Big Jackpot
- Top 3 Lottery Ticket Sites Every Lottery Player Should Know about in 2023
- Rising Popularity of Online Lotteries among Individuals Worldwide to Foster the Growth of the Global Lottery Market by 2031
