Global Lottery Market Analysis:
According to a study of Research Dive, global lottery market is expected to generate a revenue of $353.1 billion by 2026, growing at healthy CAGR of 10.6%.
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With the tremendous surge in the availability of internet and mobilephones, the lottery industry has experienced an unparalleled boost, across the globe. The effective use of digital marketing by Lottery businesses is a major factor for the booming of the lottery market. Moreover, online lottery options and new lottery attractive apps are also projected to boost the lottery business, worldwide. In addition, growing disposable incomes and constantly changing globallifestyle are projected to fuel the growth of the global Lottery market. Contrary to this, stringent government policies on lottery operators and lottery cash prizes are expected to obstruct the lottery market growth. However, market leaders such as Dusane Infotech are supplying solutions and systems for online lottery projects. This company empowers the operator by providing operational domain elements and the key technology needed to succeed in this lottery business. Market players have started offering integrated, comprehensive, and robust consultancy services to the clients for lottery operational setup. These developments by lottery market leaders are anticipated to create enormous opportunities for the growth of the lottery market.
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The lotto segment shall register a revenue of $132.1 billion by the end of 2026, growing at a CAGR of 10.4%. There are several key advantages when playing lotto. Clients need not have to travel to any place. The client can bet on the lottery or buy tickets from home. Also, the client can get multiple bonuses. In addition, the places are open 24/7, and offer discounts, bonuses and safety. Furthermore, as per Marie Winfield, Lotto head of communications and corporate social responsibility, in February 2018, around 4 times ticket paper has rolled out as compared to the same month of 2017; these key factors are expected to spur the growth of the global lottery market.
The global lottery store has the highest market share and it will generate a revenue of $170.0 billion by 2026, growing at a CAGR of 9.5%, throughout the forecast period. Massive growth in the lottery prize money, liberalization of government rules and the huge expansion of lottery retailers are projected to drive the growth lottery market.
The global online lottery market has the highest growth and it will generate a revenue of $183.1 billion by 2026, growing at a healthy CAGR of 11.7% throughout the forecast period.The online platform enables customers to participate in lottos even if they are in other regions of the world. The online lottery platform helps to reduce the operational overhead cost. On the other hand, the paper lottery operations need huge manpower and it is very time consuming process. Online Lottery platform offers all the essential data such as sales of tickets, the declaration of winning prizes, the total number of purchased tickets, and the number of claimed prizes. In addition, the government has access to all these important data in real-time via a secure interface. Therefore, the government can check the details at any given point in time. These aforementioned key factors are anticipated to augment the growth of the global lottery market.
The North America lottery market size will cross $114.2 billion by 2026, increasing at a healthy CAGR of 10.7%. The innovations in lottery gaming, strong growth in sports betting and a good return from new video lottery terminals, in North American economies such as the US and Canada are projected to boost the growth of the North American market. Enormously increasing emphasis on entertainment options, intensively changing lifestyle and boom in the sales of mobilesare the key factors for the surge in the demand for lotteries in the North America’s market.
Lottery market share for the European region is expected to rise at a CAGR of 11.2% by generating a revenue of $102.6 billion by 2026. The surge of sports betting and draw-based games in European countries such as Hungary are anticipated to drive the growth of the lottery market in Europe. Moreover, the market players such as SAZKA Group has more than €17bn stake and has leading market positions in the Greece, Czech Republic, Italy, and Austria,.
The major Lottery manufacturers are MDJS, INTRALOT, Florida Lottery, Camelot Group, Mizuho Bank Ltd., Francaise des Jeux, Hong Kong Jockey Club, Loterías y Apuestas del Estado, California Lottery, and Singapore Pools. Players using updated technologies for their Lottery will have a good probability of having success in the rapidly blooming market.
Porter’s Five Forces Analysis for Lottery Market:
Bargaining Power of Suppliers: The Lotterymarket has small, medium,and large scale suppliers. The cost ofswitching from one supplier to the another supplier is projected to bevery low.This market is technology based along with the dependence of the business being very low. The bargaining power of suppliers is low.
Bargaining Power of Consumers: In theLotterymarket, the concentration of buyers is high.The bargaining power of consumers is low.
The threat of New Entrants: Heavyinitial investments are essentialto startnew lotterybusiness. This factor for the Lottery market is diversified.The threat of new entrants isHigh.
The threat of Substitutes: This market contains numerouslarge, medium and small-scale players, providing highbarriercosts for clients. The threat of substitutes is High.
Competitive Rivalry in the Market: Lotterymarket contains severalnumber ofsmall,medium,and large andcompanies. Multipleestablishedventuresare following product differentiation and alternative strategies.The competitive rivalry in the industry isHigh.
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