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Lottery Market 2024 | Market Size, Key Drivers, Industry Developments, Share, Future Growth Prospects and Forecast To 2033
Lottery Market
As per the report, 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 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%.
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The Rise Of Online Lotteries Fueling Lottery 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.
Advancements In Technology Transforming The Lottery Market
Technological advancement is the key trend gaining popularity in the lottery market. Major companies operating in the lottery market are focusing on developing new technologies. For instance, in March 2021, Scientific Games, a US-based provider of gambli*ng products and services to lottery and gamb*ling organizations, launched lottery retail solutions for instant game purchases in the checkout line with SCiQ InLane technology. The technology's unique feature is its automated instant game dispensing system located beneath the retail checkout counter with a highly visible, dynamic menu display of the games for sale. SCiQ InLane is the first solution that safely interfaces with the retailer's point-of-sale system to enable the sale of lottery instant games using technology from payments partner Blackhawk Network.
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
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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
Contents of the report:
1. Executive Summary
2. Lottery Market Report Structure
3. Lottery Market Trends And Strategies
4. Lottery Market - Macro Economic Scenario
5. Lottery Market Size And Growth
…..
27. Lottery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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