According to a new report published by Allied Market Research, titled, “Lottery Market” The lottery market was valued at $300.60 billion in 2021, and is estimated to reach $430.4 billion by 2031, growing at a CAGR of 3.8% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Lotteries have existed throughout human history from the very beginning. People take part in lotteries as a form of challenge and for the money. The four primary reasons people buy lottery tickets are the desire to win; feeling lucky; curiosity; and enjoyment. According to Forrest et al., the possibility of winning the jackpot was one of the main factors influencing lottery participation among people.’
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The rising accessibility of the internet is one of the key factors contributing to the lottery market growth. Moreover, use of devices like tablets, laptops, and smartphones has increased. This has been an important driver for the market, as lottery systems have become dominant in the recent period. With the rising use of consumer electronics and the demand for smartphones is also expected to rise.
However, in many countries, there are strict rules regarding the lottery. Additionally, several nations have outlawed lotteries. This, in turn, may hamper the lottery market size during the forecast period. For instance, all types of lotteries are prohibited in Iran, Saudi Arabia, and Qatar, to name a few countries. It is up to the states to declare anything legal or illegal in various nations. For instance, only 13 states in India have approved the lottery system. In 15 states and 8 union territories, it is forbidden. The tax imposed by various countries on lottery prices and tickets is high, which is hampering the further growth of the lottery market.
Based on type, the lotto segment held the major market share in 2021, holding nearly one-fourth of the global lottery market share, and is expected to maintain its leadership status during the forecast period. However, the scratch-off instant games segment, is expected to cite the fastest CAGR of 4.3% during the forecast period. The report also contains segments such as quizzes type lottery, numbers game, and others segments.
On the basis of application, the lottery offline store segment held the largest market share in 2021, accounting for nearly three-fifths of the global lottery market share, and is expected to maintain its leadership status during the forecast period. Nevertheless, the online store segment, is expected to cite the highest CAGR of 5.6% during the forecast period.
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Region-wise, the North American region held the major market share in 2021, grabbing more than one-third of the global lottery market share and is expected to maintain its leadership status during the forecast period. However, the Asia-Pacific region is expected to cite the fastest CAGR of 4.5% during the forecast period. The report also analyses other regions such as Europe and LAMEA.
The key players profiled in the lottery market forecast include INTRALOT, MDJS, Camelot Group, Florida Lottery, Francaise des Jeux, Mizuho Bank Ltd., Loterías y Apuestas del Estado, Hong Kong Jockey Club, Singapore Pools, and California Lottery.
The report offers a comprehensive analysis of the global lottery market trends by thoroughly studying different aspects of the market, including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. Furthermore, report sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market.
Key Findings of the Study:
○ Based on type, the lotto sub-segment emerged as the global leader in 2021, and scratch-off instant games sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
○ Based on applications, the online lottery sub-segment held the highest lottery market share and lottery offline store sub-segment is predicted to show the fastest growth in the upcoming years.
○ Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.
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