The Online Lottery Market Size Is Expected To Reach $14 Billion by 2027 At A CAGR Of More Than 7% As Per The Business Research Company's Online Lottery Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Nov. 02, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Online Lottery Global Market Report 2023, the global online lottery market has experienced notable growth, with the market size expected to increase from $10.04 billion in 2022 to $10.75 billion in 2023, reflecting a commendable compound annual growth rate (CAGR) of 7.1%. The market is poised to continue its upward trajectory, reaching $14.47 billion by 2027, with a CAGR of 7.7%.
Driving Forces of the Online Lottery Market
- Increasing Internet Penetration: The expanding reach of the internet across the globe has opened new avenues for online lottery platforms. As more people gain access to the internet, participation in online lottery games becomes more convenient and accessible.
- Growing Population: The world's increasing population presents a vast pool of potential online lottery players. The convenience and ease of participating in online lotteries attract a broad demographic, fostering market growth.
-
Government Support: Governments worldwide are recognizing the potential of online lottery services to generate revenue. Supportive regulations and initiatives are boosting the growth of this market, creating opportunities for both providers and players.
Learn More In-Depth On The Online Lottery Market
https://www.thebusinessresearchcompany.com/report/online-lottery-global-market-report
Market Landscape
The online lottery market is characterized by its fragmentation, with a multitude of players operating in the industry. In 2022, the top ten competitors represented 18.71% of the total market. Notable players include Camelot Group (6.30% market share), International Game Technology Plc (3.41%), The Hong Kong Jockey Club, Francaise des Jeux, Florida Lottery, North Carolina Lottery, Zeal Network, Lotto247, Lotto Direct, and Lotto Agent.
Embracing Mobile Apps for Convenience
Online lottery providers are focusing on enhancing the player experience by introducing mobile lottery apps. These apps provide players with unparalleled convenience, allowing them to participate in lottery games from the comfort of their smartphones or tablets. This level of accessibility encourages more frequent engagement. For example, Jackpocket, a US-based online lottery ticket platform, launched a new lottery app in Idaho, USA, in October 2022, enabling players to conveniently access and manage their lottery tickets, receive automatic win alerts, and claim prizes through the app.
Regional Market Insights
In 2022, Western Europe led the online lottery market, accounting for 34.4% of the global market share. It was followed by North America, Asia-Pacific, and other regions, signifying the global reach of this industry.
Get A Free Sample Of The Global Online Lottery Market Report
https://www.thebusinessresearchcompany.com/sample_request?id=9151&type=smp
Market Segmentation
The global online lottery market is categorized into several key segments:
- Type: The Lotto, Quizzes Type Lottery, Numbers Game, Scratch-Off Instant Games, and Other Types
- Platform: Desktop and Mobile
-
Application: Online Store and Lottery Offline Store
Top Growth Potential
The segment with the highest growth potential by platform is the mobile market, which is projected to gain $2,702.4 million in global annual sales by 2027.
Stakeholders in the online lottery industry are well-positioned to capitalize on the expanding global market. By embracing mobile apps, enhancing convenience, and adapting to the changing digital landscape, businesses can tap into the immense growth potential of the online lottery market.
Online Lottery Global Market Report 2023 by The Business Research Company provides insights on the online lottery market size, online lottery market segments, online lottery market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ 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:
Social Casino Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/social-casino-global-market-report
Gambling Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/gambling-global-market-report
Online Gambling Global Market Report 2023
https://www.thebusinessresearchcompany.com/report/online-gambling-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 58 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
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
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
