Market Size of Online Lottery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 0.42 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Online Lottery Market Analysis
The Online Lottery Market is projected to grow at a CAGR of 0.42% over the next five years.
The increasing lottery popularity created a whole different category of gaming on the internet. The shift in demand from traditional draw-based games to virtual ones is escalating the online lottery market growth. Additionally, the lottery offers a good return on comparatively low investment, which attracts customers to invest and play the games online. Moreover, lottery companies' widely used promotional strategy is attracting a vast customer base through social media. Companies focus on posting the winning prizes on social media, enhancing lottery sales.
The increased smartphone penetration is giving rise to several mobile application-based lottery games. The end users have the convenience and comfort of gambling within their space comfort, which is one of the primary drivers of the segment. Companies are engaged in enhancing their graphical user interface to increase these mobile application downloads and create an upsurge in the number of footfalls on websites. However, the market growth can get hindered due to the growing concern about cybercrime. In June 2021, Lotto.com Inc., the first digital platform that helps purchase lottery tickets via any device without the requirement of app download or deposits, announced its official launch in New Jersey. The company partnered with QuickChek, which created a dot.com and brick-and-mortar convenience store combination.
