DUBLIN, Oct. 11, 2018 /PRNewswire/ —
The “Online Lottery Market – Global Outlook and Forecast 2018-2023” report has been added to ResearchAndMarkets.com’s offering.
The global online lottery market is estimated to reach revenues of more than $10 billion by 2023, growing at a CAGR of around 8% during 2017-2023.
The growing popularity of draw-based games and scratch-off instant games across European countries will positively impact the development of the global market. The increasing focus on investment intechnology, improving digital sales, and tapping on the new customer groups will propel the transformation of the market.The global online lottery market is driven by the increase in the per capita income, high adoption, growing interest, and growth of dual-income households.
Countries such as the US, the UK, Sweden, Italy, and China & SAR are the largest revenues generators in the global market. The market research report provides in-depth market analysis and segmental analysis of the global online lottery market by product, platform, and geography.
The study considers the present scenario of the global online lottery market and its market dynamics for the period 2018-2023. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and various other prominent companies operating in the market.
Online Lottery Market – Dynamics
The global online lottery market is witnessing an increasing influence of technologies in its landscape. With rapid technological advancements, vendors need to remain vigilant about the emerging tech trends. These technological trends are set to change the consumer behavior and ensure the success of the vendors during the forecast period.
Using a blockchain-based system would lead to decentralization as it would use a network of nodes comprising the players themselves.In the online lottery market, vendors who are one step ahead of their competitors in terms of implementing newer technologies, always have to offer something unique to their customers and provide players with enhanced experience.
The unprecedented growth of online gambling activities has propelled the industry players to adopt new technologies to survive the competition. One such technology which is widely making inroads to the market is the AR and VR.While many governments and financial institutions have opposed the use of cryptocurrency, the online gambling industry was quick to grab on the opportunity to use digital currency and gambling on blockchain-based gambling platforms.The global online gambling market is witnessing increased use of cryptocurrencies in making bets.
Market Growth Enablers
- Growing Number of Blockchain-based Platforms
- Increasing Use of Gamification
- Growing Online Focus
Market Growth Restraints
- Low Internet Penetration Affecting Growth of Online Gambling
- Ethical Concerns
Market Opportunities & Trends
- Growth in Adoption of AR and VR by Lottery Vendors
- Inclusion of Digital/Cryptocurrency as Standard Money
- Upcoming Technological Disruptions
Online Lottery Market – Segmentation
This market research report includes a detailed segmentation of the market by product, platform, and geography. Draw-based games dominated approximately half of the total market share in 2017, growing at a CAGR of more than 8% during the forecast period.
The increasing shift in demand from the traditional modes of physical draw-based games to the virtual one is augmenting the growth of this segment in the global market.Sports lottery activity involves placing bets across varied sports such as football, basketball, baseball, hockey, soccer, boxing/MMA, Auto racing, and golf. Regions which have had a firm hold of the sports lottery market are Europe and China (Asia Pacific).
Desktop platforms occupied more than half of the market share in 2017, growing at a CAGR of over 5% during the forecast period. Big screen, larger content view, and a quest for learning new technology are some of the primary factors attributing to the growth of this segment in the global market.
The increased penetration of smartphones has given rise to a number of the mobile application-based lottery. The ease of convenience it offers to an end-user in gambling within the comfort of their own space is the major reason behind the segment’s growth.
Market Segmentation by Product
- Online Draw-Based Games
- Online Instant Games
- Online Sport Lotteries
Market Segmentation by Platform
Online Lottery Market – Geography
The global online lottery market by geography is segmented into APAC, North America, Europe, Latin America, and MEA. Europe dominated more than half of the market share in 2017, growing at a CAGR of more than 9% during the forecast period. The increase in per capita disposable income that is fueling the discretionary spending across Europe is driving the growth of this region in the global market.APAC is fueled by the mass-gaming market in Macau, online gambling activities in the largest casino market, i.e., Macau is very small. Countries such as Japan, Hong Kong, and Australia will lead the market growth during the forecast period. Further, India is witnessing the increased popularity of online poker among end-users.
Key Vendor Analysis
The global online lottery market is highly fragmented due to the presence of various regional and international players. The continual innovations and upgrades in digital gambling domainare intensifying the competition in the global market.
The concentration in developed countries such as the Western European countries is high, while the market is in its nascent stage in developing online gambling economies such as the US and India. The leading vendors are focusing on developing new business models and focusing on diversifying their portfoliosto attract new consumers in the global market. The launch of innovative products will help players gain a larger global online lottery market share over the next few years.
The major vendors in the global online lottery market are:
- Lotto Direct (theLotter.com)
- LottoSend (LottoSend.com)
- Play UK Internet (PlayHugeLottos.com)
- Legacy Eight
- Lotto Agent
Other Prominent Vendors
- Ardua Ventures (onelotto.com)
- Betpoint Group
- Morpheus Games
- Multi Lotto
- Svenska Spel
- Tatts Group
- Y&M Hans Management Limited
For more information about this report visit https://www.researchandmarkets.com/research/j99hcm/global_online?w=5
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