The global lottery market registered a revenue of nearly $157.7 million in 2018, and is anticipated to grow at 9.4% CAGR, surpassing $325.8 million by 2026.
The market will witness a decline during 2020, due to the pandemic. Technological advancements in various casinos and online lottery applications is predicted to drive the lottery market. Moreover, heavy investment is required to start a new venture in the lottery market, which is predicted to be the biggest restraints for the market growth.
|Recovery By||Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|10.6%||9.4%||Q2/Q3 2023||121||USD 191.7 Million||USD 115.0 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
The increasing popularity of lottery games across the globe is predicted to be a major driving factor for the market in the forecast period. Moreover, increasing investment, advancement in technology, and tapping customers through online platforms is predicted to be the major driving factor for the market in the forecast period. In addition, implementation of artificial intelligence and machine learning in various online platforms is predicted to create more investment opportunities in the market in the forecast period.
The initial investment for setting up lottery games is very high which is predicted to hamper the market growth in the forecast period. Moreover, the stringent government regulation with regards for establishing the lottery stores is predicted to be the biggest restraint for the market. For instance, a court in Bangladesh has declared gambling illegal and asked authorities to take measures to stop the practice across the country. Offences under the Public Gambling Act of 1867 are punishable with a maximum of three months of imprisonment and a financial penalty of 200 taka.
Due to the lockdown, the lottery market is predicted to witness a decline in 2020. Most of the places have shut down due to the corona pandemic, which has created a negative impact on the lottery market. As the lottery places are used for the recreational activities and are just for fun purpose, many governments across the globe have shut them down as a measure to contain the spread of corona virus, which has impacted the market in 2020.
Online channels for gambling are predicted to drive the market during the pandemic. Many people across the globe are gambling through their mobile phone and smart devices, which has urged most of the companies to implement innovations in their current technologies, which has helped to drive the market growth in the pandemic. For instance, BetBuddy launched an AI package to detect compulsive activity and make accurate prediction so that the player will be more attracted towards the game and circulate more money.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
The lottery market is predicted to recover by Q2/Q3 2023. The market is predicted to recover due to the increase in the technology advancement and tremendous usage of digital platforms by major players present in this market, which is predicted to be the major driving factor for the lottery market in the forecast period. Artificial intelligence and machine learning in lottery applications is predicted to create investment opportunities in the forecast period. For instance, Intralot is integrating new technologies and innovation in its products aiming to meet new customers with latest technology trends.
Lottery is considered to be the most popular form of gambling across the globe. Moreover, block chain technology which creates a transparency of transaction with better accessibility and privacy during the game is predicted to create more opportunity in the forecast period. For instance, Firelotto seeks to revolutionize the lottery market which gives all lottery parameters in open source, which are accessible and fully transparent 24/7.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Lottery Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity