The introduction of online gambling has opened growth avenues for the lottery market during the Covid-19 pandemic. However, the market faced challenges due to decreased demand and the closure of land-based gambling establishments. As the social and cultural landscape evolves, the increasing popularity of gambling is expected to benefit the lottery market, which offers games with less risky bets and better returns.
Key players in the global industry, such as Mizuho Bank Ltd., Francaise des Jeux, Loterías y Apuestas del Estado, Florida Lottery, and Hong Kong Jockey Club, are concentrating on strategies like product development, mergers and acquisitions, partnerships, and collaborations to establish a dominant position. In a notable development, GamesPad partnered with BullPerks in August 2022 to launch the NFT Lottery, enabling users to win NFTs from various art collections by betting BullPerks and GamesPad tokens.
A report by Research Dive projects the global lottery market to reach $430.4 billion by 2031, with a compound annual growth rate (CAGR) of 3.8% between 2022 and 2031. The market’s expansion is driven by the increasing popularity of online lotteries around the world. The study segments the market by type, application, and region. The types include lotto, quizzes, numbers games, scratch-off instant games, and others. Applications are divided into online and offline lottery stores, while regions analysed are North America, Europe, Asia-Pacific, and LAMEA.
North America is predicted to have the most significant market share in 2021, primarily due to technological adoption, high disposable income among consumers, and a focus on entertainment options. The lottery market’s growth is further fuelled by the surge in smartphone users and the widespread adoption of technologies by lottery operators. Nevertheless, strict government regulations on online gambling could impede market growth.
Lotto is expected to hold the largest market share, mainly due to its international accessibility and flexible purchase options. The online store segment, on the other hand, is projected to witness the fastest growth by 2031 as more people shift from traditional lotteries to online platforms.
