China’s online lottery market is predicted to experience substantial growth in the next few years, with a projected increase of USD 3.67 billion between 2021 and 2026, according to a report by Technavio. The growth rate is expected to accelerate at a CAGR of 5.13% during the forecast period. This growth is being fueled by the increasing popularity of online lotteries among young people, who are able to play via their computers or mobile devices.
As mobile ads are proving to be a powerful marketing tool, they are encouraging more individuals to try their luck with online lotteries. Additionally, the online sports lottery sector has been a significant contributor to market growth. China’s love of sports and live sports streaming services have played an essential role in the online sports lottery’s success.
However, the report also identifies a few obstacles to the industry’s growth, such as online scams and other negative impacts. While online lotteries are gaining more traction, fraudulent lottery websites that deceive customers into believing they have won a prize have also been reported. Such scams could harm the online lottery industry’s reputation and discourage people from participating.
Despite these challenges, the online lottery market in China is expected to continue growing, providing companies in the iGaming industry with significant opportunities. The report features a competitive analysis that evaluates companies based on their industry position score and market performance score. Financial performance, growth strategies, innovation score, new product launches, and market share growth are among the factors considered.
The report concludes that as long as companies in the online lottery industry can navigate the challenges and continue to innovate, there is plenty of room for growth in the years ahead. “The online lottery market presents significant opportunities for companies in the industry,” the report states. “As more and more individuals gain access to the internet and mobile devices, the potential for growth is vast.“