The abrupt occurrence of COVID-19 has created a negative impact on the development of the global lottery market. The market is estimated to pull through the incurred losses by the second or third quarter of 2022.
The latest research report on the global lottery market by Research Dive deliberates the influence of COVID-19 pandemic on the present and future growth of the global market. This report is professional and comprehensive research formulated by specialists by evaluating top driving factors, major regional market situations, opportunities & future scope, and trends & developments in the market during the COVID-19 catastrophe.
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• Highlights of the Report:
The global lottery market has perceived remarkable growth in the previous years; however, the sudden rise of the COVID-19 pandemic has negatively impacted the growth of the market.
As per the report, the global lottery market was valued at $157.7 million in 2018 and was expected to garner a revenue of $351.8 million by 2026, growing at a CAGR of 10.6% in the forthcoming years. In the current situation, the market size has reached $115.0 million owing to the implementation of lockdown and shutdown of the casinos.
Market analysts have predicted that the market is likely to restore from the incurred losses and grow considerably by the second or third of 2023.
• Factors Hindering the Market Growth amidst Covid-19 Pandemic
The enforcement of lockdown in various parts of the world has ceased functioning and disrupted the growth of the market. Hence, a severe downfall in revenue generation has been observed in 2020, which is hampering the growth of the global lottery market. However, the market is predicted to observe a significant rise once the COVID-19 pandemic ends and the functioning of gambling houses resumes.
• Current Market Transformation Due to Covid-19:
The key players in the lottery market are experiencing a shift towards the online channels for gambling due to the shutdown of numerous casinos and gambling dens. For Example, BetBuddy has introduced a compulsive behavior recognition AI bundle which accurately targets the user to circulate more money.
During this emergency, market players are using several business tactics to withstand their business. Some of the leading players active in this market are INTRALOT, Camelot Group, Francaise des Jeux, Loterías y Apuestas del Estado, Mizuho Bank Ltd., Singapore Pools, Hong Kong Jockey Club, Florida Lottery, California Lottery, and others.
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• Post-pandemic Market Insights:
As support to help businesses survive during the COVID-19 crisis, government bodies are implementing significant schemes for promoting industries. The emerging technological advancements and enormous adoption by the leading players in the digital platforms are expected to open up significant market growth opportunities in the years to come.
Furthermore, the growth for the lottery market post-OCOVID-19 will be powered by artificial intelligence and machine learning in lottery applications. A lottery is deemed the world’s most common form of gambling. In addition, the blockchain technology that provides open and confidential transaction transparency is projected to generate more chances in the prediction era.
To support new clients with state-of-the-art technology developments, Intralot is combing emerging technologies and innovations with its products. Firelotto is seeking to revolutionize the lottery market, which provides accessible and fully opens 24/7 lottery parameters in open source.
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