DUBLIN--(BUSINESS WIRE)--The "Global Lottery Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The lottery market is segmented into terminal-based games, scratch-off-based games, and sports lotteries. The lottery market can either be played offline or online. With increasing access to the internet, the market is further anticipated to grow.
The popularity of the lottery and new means of lottery systems, such as an online lottery system, are key factors influencing the global lottery market. Further, increasing use of smart devices and growing internet accessibility are factors contributing significantly to the market. However, stringent government regulations act as a restraint on the industry. Moreover, in some nations, the lottery is considered an illegal activity, be it on an online platform or offline.
Growth Factors
Increasing internet accessibility
The increasing accessibility of the internet is one of the prime factors contributing to the lottery market. With the rising adoption of the online lottery system, good internet accessibility plays an important role. According to World Bank data, 56.73% of the world's population has access to the internet in 2019. Further, International Telecommunication Union (ITU) estimates that around 4.9 billion people are using the internet currently.
Moreover, with increasing competition in the broadband industry and rising R & D, the prices of fixed internet broadband have significantly plummeted. Further, with the increasing adoption of 5G, features like high speed and real-time monitoring have added advantages to the market. 5G has penetrated more than 60 countries and the list is growing further. giving further opportunities for the lottery market to flourish.
Rising use of smart devices
With the increasing adoption of the internet, the use of devices like laptops, smartphones, and tablets has increased. This has been advantageous for the market, as online lottery systems have become prevalent in the past few years. With the increasing consumption of consumer electronics, the demand for smartphones is also expected to rise. Countries like China have great efficiency in manufacturing smartphones, which reduces the cost of production by reaching economies of scale.
Restraints
Stringent government regulations
The lottery has stringent regulations in many nations. Lotteries are also banned in some countries. For instance, Qatar, Saudi Arabia, Iran, and Indonesia are a few nations that have a ban on all forms of lotteries. In some countries, it is up to the states to make it legal or illegal. For instance, in India, only 13 states have legalized the lottery system. It is considered illegal in 15 states and 8 union territories. In the United States of America, 45 states run lotteries. Even if it is legal in some nations, some nations have operator licenses. Countries like Germany, Italy, and Iceland, amongst others, have an operator license.
COVID-19 pandemic impact on the global lottery market
With the outbreak of COVID-19, the lottery market has been affected. due to strict restrictions imposed by various countries to contain the spread of the virus. However, the online segment of the market is seeing great adoption post-pandemic.
Market Segmentation:
By Type
- Terminal-based games
- Scratch-off games
- Sports lotteries
By Mode
- Online
- Offline
By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Others
- Europe
- United Kingdom
- Germany
- France
- Spain
- Others
- Middle East and Africa
- Saudi Arabia
- Israel
- Others
- Asia Pacific
- China
- Japan
- India
- South Korea
- Others
Companies Mentioned
- Camelot Group
- China LotSynergy Holdings Ltd.
- Florida Lottery
- International Game Technology plc
- Lotto NZ
- New York State Gaming Commission
- Scientific Games Corp.
- Brookfield Business Partners
- California State Lottery
- INTRALOT SA
For more information about this report visit https://www.researchandmarkets.com/r/mm5y8p
