Overview and Scope
Lottery refers to any low-odds game of chance or procedure in which winners are chosen at random. Lotteries offer players the option of winning money. It also present wonderful gifts to their participants or users.
Sizing and Forecast
The lottery market size has grown strongly in recent years. It will grow from $283.71 billion in 2023 to $311.11 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to legislation and regulation, consumer spending trends, marketing and promotion strategies, jackpot sizes and prizes, charitable contributions.
The lottery market size is expected to see strong growth in the next few years. It will grow to $424.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to innovation in game formats, global market expansion, integration of cryptocurrency, regulatory changes, demographic targeting. Major trends in the forecast period include digital transformation and online platforms, technological advancements, blockchain for transparency and security, innovative game formats and themes, focus on responsible gaming.
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Segmentation & Regional Insights
The lottery market covered in this report is segmented –
1) By Type: The Lotto, Quizzes Type Lottery, Numbers Game, Scratch-off Instant Games, Terminal-Based Games, Other Types
2) By Platform: Offline, Online
3) By Application: Online lottery, Lottery Store
North America was the largest region in the lottery market in 2023. The regions covered in the lottery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing penetration of online lotteries is expected to boost the growth of the lottery market going forward. Online lottery refers to a broad term that encompasses games offered on websites or played through mobile apps, USSD (text-based messaging similar to SMS), and other internet-enabled tools. Many accessible online lottery systems allow participants to buy tickets and access results from any location; as a result, many more individuals engage in the lottery, making it more broadly available than ever before. For instance, according to a report published by Jackpocket Inc., a US-based officially licensed third-party lottery app, in 2021, digital lottery play increased in every state, where Jackpocket operated, ranging from 29.7% (Minnesota) to 1,084.9% (Ohio). Furthermore, across all the states where Jackpocket is accessible, total winnings have increased by 387.1% since Q2 2020. Jackpocket users over 55 prefer to utilize the mobile web (46.4%), while those between the ages of 26 and 35 choose iOS (17.4%). Therefore, the increasing penetration of online lotteries is driving the growth of the lottery market.
Key Industry Players
Major companies operating in the lottery market report are UK National Lottery, New York Lottery, California State Lottery, The Texas Lottery, Singapore Pools Limited, Michigan Lottery, The Hong Kong Jockey Club, Virginia Lottery, International Game Technology, INTRALOT, New Jersey Lottery, Française des Jeux, Scientific Games Corporation, Light & Wonder Inc., The Florida Lottery, Loto-Québec, Ontario Lottery and Gaming Corporation, Tennessee Education Lottery Corporation, Pennsylvania Lottery, Lotterywest, Oregon Lottery, Colorado Lottery, Sisal S.p.A., Minnesota State Lottery, Atlantic Lottery Corporation, Pollard Banknote Limited, Camelot UK Lotteries Ltd., Georgia Lottery Corporation, Jackpocket Inc., New Zealand Lotteries Commission, Jumbo Interactive Limited, China LotSynergy Holdings Limited, Arizona State Lottery
The lottery market report table of contents includes:
1. Executive Summary
- Lottery Market Characteristics
- Lottery Market Trends And Strategies
- Lottery Market – Macro Economic Scenario
- Global Lottery Market Size and Growth
.
32. Global Lottery Market Competitive Benchmarking
- Global Lottery Market Competitive Dashboard
- Key Mergers And Acquisitions In The Lottery Market
- Lottery Market Future Outlook and Potential Analysis
- Appendix
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