Lottery Market Poised for Significant Growth, Fueled by Rising Popularity of Online Platforms As Per The Business Research Company’s Lottery Global Market Report 2024
Exclusive Offer By The Business Research Company – Get 33% Discount On Opportunities And Strategies Reports
LONDON, Feb. 14, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s Lottery Global Market Report 2024, the lottery market is experiencing robust growth, reflecting a trend of substantial expansion in recent years. The lottery market size is projected to increase from $283.71 billion in 2023 to $311.11 billion in 2024, showcasing a compound annual growth rate (CAGR) of 9.7%. The lottery market size is expected to see strong growth in the next few years. The lottery market will grow to $424.77 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
Growing Popularity of Online Lottery Driving Market Growth
The lottery market is set for significant growth, driven by the increasing popularity of online lottery platforms. Online lottery services offer enhanced convenience, allowing users to purchase tickets and participate in gameplay from the comfort of their homes or on-the-go via mobile devices. This accessibility eliminates the need for physical visits to retail outlets, catering to the preferences of modern consumers seeking streamlined and efficient experiences. With the estimated value of the online lottery market in the United States reaching $2.3 billion and draw-based lotteries forecasted to achieve a revenue of approximately $5.3 billion by 2027, the online lottery segment is poised for substantial expansion.
Learn More In-Depth On The Lottery Market
https://www.thebusinessresearchcompany.com/report/lottery-global-market-report
Focus on Mobile Lottery Apps Enhancing User Experience
Providers of online lottery services are prioritizing the introduction of mobile lottery apps to offer improved services to customers. Mobile apps provide players with enhanced convenience, enabling them to access lottery games anytime, anywhere using their smartphones or tablets. This convenience fosters more frequent participation and engagement. For instance, Jackpocket Inc. recently launched a new lottery app in Idaho and Nebraska, USA, allowing players to play their favorite lottery games on their mobile devices. The app offers features such as ticket viewing, automatic win alerts, and prize claims, enhancing the overall user experience.
Segmentation and Regional Insights
The Lottery Global Market Report 2024 segments the market –
1) By Type: The Lotto, Quizzes Type Lottery, Numbers Game, Scratch-off Instant Games, Terminal-Based Games, Other Types
2) By Platform: Offline, Online
3) By Application: Online lottery, Lottery Store
Among these, the lotto segment constituted the largest market share in 2023, followed by scratch-off instant games. North America emerged as the largest regional market in 2023, with Asia Pacific and Western Europe following closely behind. However, the Middle East and South America are projected to be the fastest-growing regions, with compound annual growth rates (CAGRs) of 10.8% and 7.8%, respectively.
Get A Free Sample Of The Global Lottery Market Report
https://www.thebusinessresearchcompany.com/sample_request?id=9593&type=smp
Industry players seeking to capitalize on the burgeoning lottery market can leverage insights provided in the Lottery Global Market Report 2024. By understanding market dynamics, segment trends, and regional forecasts outlined in the report, businesses can strategically position themselves to seize emerging opportunities, drive innovation, and enhance competitiveness.
Lottery Global Market Report 2024 by The Business Research Company provides insights on the lottery market size, lottery market segments, lottery market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Check Out Similar Market Intelligence Reports By The Business Research Company:
Lottery Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/lottery-global-market-report
Online Gambling Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/online-gambling-global-market-report
Social Casino Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/social-casino-global-market-report
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
CONTACT: The Business Research Company Europe: +44 207 1930 708 Asia: +91 8897263534 Americas: +1 315 623 0293 Email: info@tbrc.info Follow us on: LinkedIn: https://in.linkedin.com/company/the-business-research-company Twitter: https://twitter.com/tbrc_info Facebook: https://www.facebook.com/TheBusinessResearchCompany YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ Blog: https://blog.tbrc.info/ Healthcare Blog: https://healthcareresearchreports.com/ Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. SingaporeOutlook.com takes no editorial responsibility for the same.
