Global Lottery Market Predicted to Bounce Back After the Pandemic Debacle by Garnering a Revenue of $430.4 Billion in the 2022-2031 Timeframe [210-Pages] | Acclaimed by Research Dive
The global lottery market is expected to witness significant growth during the forecast period, due to the increasing popularity of online lotteries globally. Regionally, the North America region is predicted to hold the maximum share of the market.
NEW YORK, March 21, 2023 /PRNewswire/ -- Global Lottery Market Forecast Analysis:
As per the report published by Research Dive, the global lottery market is anticipated to generate a revenue of $430.4 billion and grow at a CAGR of 3.8% throughout the analysis timeframe from 2022 to 2031.
Segments of the Lottery Market
The report has divided the market into the following segments:
Type: the lotto, quizzes type lottery, numbers game, scratch-off instant games, and others
Application: online store and lottery offline store
Region: North America, Europe, Asia-Pacific, and LAMEA
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Segment |
Sub-Segment |
Type |
Lotto – Dominant market share in 2021 |
Lotto lotteries are accessible within the nation and from other countries across the globe and anyone can buy them for a single usage, once a month or three times a year which is expected to propel the sub-segment forward. |
|
Application |
Online Store – To have the fastest growth by 2031 |
The increasing shifts from traditional lotteries to online platforms among people to participate in various lottery games and earn tickets by connecting to a computer system is expected to fortify the market sub-segment further. |
|
Region |
North America– Highest market share in 2021 |
The increased technological acceptance, high levels of consumer disposable income among individuals, and the growing emphasis on entertainment options in this region are predicted to fuel the growth of the regional market in the forecast period. |
Dynamics of the Global Lottery Market
Currently, there is a significant increase in the number of smartphone users across the globe. The ease of access to the internet and the growing popularity of online lotteries are expected to boost the growth of the lottery market throughout the estimated period. Besides, the increasing adoption of technologies by lotteries operators is predicted to augment the growth of the market over the forecast period. However, the government rules and regulations on online gambling may impede the growth of the market during the estimated period.
The increasing interest of individuals in gambling due to the expansion of gaming and changes in the social and cultural landscape is expected to create wide growth opportunities for the market over the forecast period. Moreover, the increasing popularity of lottery games with less risky bets and better returns is expected to boost the growth of the market throughout the analysis period.
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Covid-19 Impact on the Global Lottery Market
The rise of the Covid-19 pandemic has brought several uncertainties and caused serious economic losses across various industries. It has also badly impacted the lottery market. This is mainly due to the drop in lottery demand because the world was suffering from severe economic losses during the pandemic. Moreover, various import-export restrictions have put down many lottery-producing countries. Additionally, the closure of various land-based gambling establishments such as casinos betting shops, clubs, poker rooms, bingo halls, and many others has further declined the market growth over the crisis. However, the introduction of online gambling has brought some growth opportunities for the market during that period.
Key Players of the Global Lottery Market
The major players of the market include
- Mizuho Bank Ltd.
- Francaise des Jeux
- Loterías y Apuestas del Estado
- Florida Lottery
- Hong Kong Jockey Club
- Camelot Group
- Singapore Pools
- MDJS
- California Lottery
- INTRALOT
These players are mainly working on developing strategies and tactics such as product development, merger and acquisition, partnerships, and collaborations to gain a leading position in the global industry.
For instance, in August 2022, GamesPad, the world's first holistic gaming, NFT, and metaverse ecosystem launched the new NFT marketplace feature - the NFT Lottery, in collaboration with BullPerks, the gaming, NFT, and metaverse ecosystem. With this collaboration, users across the globe can win NFTs from different art collections by betting a certain amount of BullPerks and GamesPad tokens.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Lottery Market:
- Covid-19 and Its Impact on the Global Lottery Market
- Rising Popularity of Online Lotteries among Individuals Worldwide to Foster the Growth of the Global Lottery Market by 2031
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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