Europe Region to Create Exponential Growth Opportunities for Industry Players in the Global Lottery Market
Abstract:A lottery is a popular form of gambling which involves drawing of specific numbers to win prizes.The rising penetration of smartphones all across the globe has immensely increased the demand for lotteries over past few years.A progressive growth is predicted to be seen in the global lottery market during the forecast period. However, government regulations on lottery prizes and operators is considered as a major threat for the growth of global lottery market.
A lottery is a low-odds game of process or chance where the winners are nominated by a random drawing. The lottery industry has nearly 29% of the total share revenue of the global gambling industry. There are numerous formats for lottery prizes such as cash or goods. Lotteries can be used for better decision-making casesthe allocation of scarce medical treatment and sports team drafts. Lottery is considered as a popular form of gambling as it encourages people to pay a small sum of amount to get a chance to win big jackpot.
As per aResearch Dive blog , the growth in the penetration of internet and smartphones all over the globe is a major reason for growing use of social media platforms among consumers. Thus, to promote lotteries, the growing penetration of smartphones is encouraging vendors to focus more on these social media platforms as a part of pioneering marketing strategy. Moreover, the traditional marketing methods had more restrictions as compared to today’s social media. Today, social media has become beneficial and one of the most popular means of promotion for companies and product advertising. Also, the rise in number of users engaged in lotteries is expected to significantly influence the growth of the global market for lottery.
Recent Developments in the Lottery Market
Lottery companies, both small and large-scale entertainment companies, are increasingly making use of social media platforms to provide a huge portfolio of entertainment products. These companies are also creating aware ness and interests among consumers. In addition, promotion of lotteries by vendors and brand engagement by exhibiting offers through social media marketing are aiding in escalating the growth of the global market.
Several investors and entrepreneurs have created a buzz across the global gambling industry by revealing their success in the lottery market.During the early days of his career, Jeff Bezos is one such internet and aerospace entrepreneur who has discovered his success in the lottery market. The significant growth factors in the lottery market hasprovoked several new entities to try their fortunes in the global lottery industry. The two leading companies Hong Kong Jockey Club and California Lottery are investing more in R&D activities for developing new products and technologies.
In March 2020, theTJ’s Food Market observed the sale of the jackpot-winning Cash 5 ticket of the Pennsylvania Lottery. The Cash 5 prizes have mustered the attention of various key industry players and newbies. Thus, the global lottery market is set to mature owing to the upcoming new events with lottery booths.
Forecast Analysis of Global Lottery Market
Global market for lottery is anticipated to witness a positive growth during the forecast period. The rise in launching lottery apps, surge in technological advancements, and the integration of smartphone-based payment solutions with lottery apps are some of the factors driving the growth of global lottery market. The benefits of Blockchain in the lottery industry such as privacy, accessibility, and transparency is projected to create huge opportunities in the global lottery industry. However, the strict government regulations on lottery operators and lottery prizes are predicted to restrain the growth of the lottery market.
Technology revolutions is bringing novel changes in the lottery industry, which will give a substantial uplift to the growth of global market. As per the Research Dive report statistics, the global lottery market is likely to surpass $353.1 billion by the end of 2026. Geographically, the Europe region is likely to dominate the industry owing to the changing market dynamics and innovations in lottery gaming in this region. In addition, the report profiles prominent players operating in the global market who are focusing more on product developments to increase their market size in the global lottery industry.