Lottery Market Expected to Reach $430.4 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Lottery Market," The lottery market was valued at $300.60 billion in 2021, and is estimated to reach $430.4 billion by 2031, growing at a CAGR of 3.8% from 2022 to 2031.

Lotteries have existed throughout human history from the very beginning. People take part in lotteries as a form of challenge and for the money. The four primary reasons people buy lottery tickets are the desire to win; feeling lucky; curiosity; and enjoyment. According to Forrest et al., the possibility of winning the jackpot was one of the main factors influencing lottery participation among people.

The rising accessibility of the internet is one of the key factors contributing to the lottery market growth. Moreover, use of devices like tablets, laptops, and smartphones has increased. This has been an important driver for the market, as lottery systems have become dominant in the recent period. With the rising use of consumer electronics and the demand for smartphones is also expected to rise.

However, in many countries, there are strict rules regarding the lottery. Additionally, several nations have outlawed lotteries. This, in turn, may hamper the lottery market size during the forecast period. For instance, all types of lotteries are prohibited in Iran, Saudi Arabia, and Qatar, to name a few countries. It is up to the states to declare anything legal or illegal in various nations. For instance, only 13 states in India have approved the lottery system. In 15 states and 8 union territories, it is forbidden. The tax imposed by various countries on lottery prices and tickets is high, which is hampering the further growth of the lottery market.

A completely new genre of online gaming has been developed as a result of the lottery's growing recognition and appeal in general. Faster internet speeds and a rise in internet users are supporting the growth in consumer preference for online lotteries by enabling operators to stream lottery events from around the world so that customers can wager on them. As a result of the online vendors' increased pressure to increase betting process security and dependability. Additionally, customers have long been concerned about banking security while making any form of online transaction. Nevertheless, improvements in online encryption and rise block chain lottery games have increased the popularity of the lottery among generation Z. These factors are anticipated to boost the market growth in the upcoming years.

The global lottery market analysis is segmented based on type, application, and region. By type, the lotto, quizzes type lottery, numbers game, scratch-off instant games, and others. By application online lottery and lottery store. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the lottery market forecast include INTRALOT, MDJS, Camelot Group, Florida Lottery, Francaise des Jeux, Mizuho Bank Ltd., Loterías y Apuestas del Estado, Hong Kong Jockey Club, Singapore Pools, and California Lottery.

The report offers a comprehensive analysis of the global lottery market trends by thoroughly studying different aspects of the market, including major segments, market statistics, market dynamics, regional market outlook, investment opportunities, and top players working toward the growth of the market. Furthermore, report sheds light on the present scenario and upcoming trends & developments that are contributing to the growth of the market. Moreover, restraints and challenges that hold power to obstruct the market growth are profiled in the report along with the Porter’s five forces analysis of the market to elucidate factors such as competitive landscape, bargaining power of buyers and suppliers, threats of new players, and emergence of substitutes in the market.

Impact of Covid-19 on the Global Lottery Industry

• The COVID-19 epidemic slowed the expansion of the internet market which resulted in a slowdown in online lottery market during pandemic time period.
• Government regulations cause people to be stranded at home, which affects the lifestyles of people. However, people started saving more during the pandemic, which result in negative effect on sales of lottery market.
• Social distancing norms, closed borders, and production constraints, due to the pandemic, across various countries such as China, India, and the U.S. have affected the offline lottery market.
• Various forms of online lottery fraud and cybercrime were committed during the COVID-19 pandemic.

Key Findings of the Study

• Based on type, the lotto sub-segment emerged as the global leader in 2021, and scratch-off instant games sub-segment is anticipated to be the fastest growing sub-segment during the forecast period.
• Based on applications, the online lottery sub-segment held the highest lottery market share and lottery offline store sub-segment is predicted to show the fastest growth in the upcoming years.
• Based on region, the Asia-Pacific market registered the highest market share in 2021 and is projected to maintain the position during the forecast period.