The global lottery market is predicted to observe a noteworthy growth in forecast period owing to the growing influence of technologies and rising smartphones penetration across the globe. The North America region to subjugate the industry by 2026.
As per a Research Dive latest report, the global lottery market is anticipated to grow at a CAGR of 10.6% and generate a revenue of $353.1 billion during the forecast period from 2019 to 2026. The North America lottery market is projected to generate the majority of revenue share with $114.2 billion by the end of 2026. This dominant growth of the regional market is majorly attributed to the widely growing emphasis on entertainment option and its popularity in the world due to high penetration of smartphones.
Market Dynamics
The rising influence of technologies and the growing penetration of smartphones around the world are the major factors projected to foster the growth of the global lottery market during the forecast period. Moreover, the benefits of blockchain such as maintaining privacy & accessibility and improving transparency of transactions are likely to provide lucrative opportunities for the global market growth by 2026. Conversely, the stringent government regulations related to lottery operators and lottery prizes are expected to hinder the market growth in the coming years.
Key Segment Findings of the Market:
The report segments the global lottery market into Type, Application, and Region.
- By type, the global industry is categorized into numbers game, quizzes type lottery, scratch-off instant games, the lotto, and others. Among these, the lotto segment is expected to hold the highest market share and surpass $132.1 billion by 2026. Lotto has several features such as quick pick, double jackpot, and number shield, which are the major factors likely to boost the segmental market growth.
- By application, the global market is bifurcated into lottery store and online lottery. Of these, the online lottery segment is estimated to witness the fastest growth and garner $183.1 1 billion revenue during the forecast period. This growth is mainly due to the significant rise in the lottery prize money and the liberalization of government regulations across the globe.
- Geographically, the overall industry is divided into Asia Pacific, North America, LAMEA, and Europe. Europe lottery market accounted for $44.0 billion in 2018 and is predicted to witness a lucrative growth over the forecast period, owing to continued legalization and product innovation in the region.
Prominent Market Players
The major players of the global lottery market include -
- INTRALOT
- MDJS
- Camelot Group
- Florida Lottery
- Francaise des Jeux
- Mizuho Bank Ltd.
- Loterías y Apuestas del Estado
- Hong Kong Jockey Club
- Singapore Pools
- California Lottery.
Further, the report outlines and presents several aspects of these key players such as financial performance, SWOT analysis, recent strategic moves & developments, and product portfolio.
Mergers & acquisitions, partnerships, business expansion, and advanced product developments are some of the strategies implemented by these market players to obtain a strong position in the global industry. For instance, in October 2017, IGT Global Solutions Corporation has agreed to extend seven year contract with the California Lottery through October 31, 2026. Under this extension, California Lottery will get IGT’s Aurora™ system platform with a comprehensive set of new applications and tools to support the lottery players and retailer base.
Reference: https://www.researchdive.com/press-release/lottery-market.html
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