In 2021, the market for Online Lottery Market worldwide was worth $ 11.67 billion for the year 2021. AMR Group projects that the market will reach US$ 37.22 billion by 2031, growing at a CAGR of 12.3 % between 2022 and 2031. We are constantly tracking and evaluating the pandemic's direct and indirect effects, taking into account the uncertainties of COVID-19. The report includes these insights as a significant market contributor.
Industry Overview
Some of the major elements fostering a favorable view for the industry include the expanding availability of high-speed internet connectivity and the surging sales of smartphones worldwide. Due to greater accessibility on mobile devices and personal computers (PCs), the availability of digital and mobile payments for online players, and upgraded betting processes, security, and dependability, consumers are increasingly using online lottery methods. Because online lotteries offer a higher rate of return for fewer investments, players are transferring their preferences from traditional draw-based games to them, which is helping the business expand. In addition to this, technological developments such as the incorporation of virtual and augmented reality (VR/AR) and the development of connected wearables enabling immersive gameplay while maintaining transparency, is providing a considerable boost to the market growth.
Additionally, the market growth is being positively impacted by the rising use of online payment methods that provide encryption security for safeguarding data associated with online transactions. The implementation of numerous government initiatives promoting safe practices and the legalization of online lottery services, among other factors, are anticipated to propel the market further toward growth. These include various promotional activities on social media, rising consumer spending power, and rising consumer spending capacity.
Market Dynamics
An entirely new subset of online gaming has emerged as a result of the lottery's growing popularity. The demand for virtual games is outpacing that of traditional draw-based ones, which are driving the expansion of the online lottery market. Further, the lottery's high rate of return on a relatively low investment encourages customers to invest and play online. Additionally, lottery companies' most common marketing tactic is to cultivate a sizable following on social media. To boost lottery sales, businesses focus on sharing the winning prizes on social media.
Numerous lottery games that are based on mobile applications have emerged as a result of the growing popularity of smartphones. One of the main drivers of the market is that customers can gamble from the convenience and comfort of their own homes. Companies are working on improving their graphical user interfaces in an effort to increase the number of downloads for these mobile applications and website visits. However, the growing concern about cybercrime may impede market expansion.
COVID Impact
Online gambling participation has increased during COVID. While the number of online gamblers has increased, the profile and behaviors of online gamblers had not changed during COVID. Compared to Pre-COVID, the demographic profile of online gamblers is unchanged. There has been a directional, but not statistically significant, decrease in the proportion of moderate/high-risk online problem gamblers. One of the few statistically significant changes is an increase in online gamblers who score Low on the Positive Play Pre-Commitment Index. COVID has had a negative impact on happiness, mental health, and household finances. During COVID, online gamblers are more likely to have increased their consumption of alcohol, nicotine, and legal drugs including cannabis.
Regional Trend
The demand for virtual draw-based games is outpacing that of physical draw-based games in the European online lottery market. People can feel safe while playing lottery games and conducting business online thanks to the market's stringent regulations regarding gambling and online lottery. One of Europe's most tightly regulated markets is Germany. The Interstate Gambling Treaty, which tightened regulations for Germany's online gambling industry, was introduced in 2012 in accordance with this. The Camelot United Kingdom Lotteries Limited Announced National Lottery sales of EUR 8373.9 million for the fiscal year 2020-21, as stated by Camelot Group. An increase in lottery sales is indicative of strong internet penetration and an improved betting process in terms of security and reliability, boosting market growth. Participants' preference for online lottery indicates strong internet penetration. In Europe, instant games based on drawing and scratching are gaining in popularity, contributing to the expanding market.
Competitive Landscape
The report includes competitive landscape based on the extensive assessment of the product portfolio offering, geographic presence, and key strategic developments adopted by the leading market players in the industry over the past 5 years. The key players profiled in the Online Lottery Market research report are Camelot Group, International Game Technology PLC, Jackpot.com, Lotto Agent, Lotto Direct Limited, Lotto247, Lottoland Limited, LottosOnline, MultiLotto, OneLotto.com, Play UK Internet N.V and ZEAL Network SE
By Product Type
· The Lotto
· Quizzes Type Lottery
· Numbers Game
· Scratch-off Instant Games
· Others
By Platform
· Desktop
· Mobile/App-based
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Market Research Process
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One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached Straits Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).
The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research
The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.
In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.
Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.
Business Solution
An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.
Conclusion
The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2028.
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