The global online lottery market is anticipated to record a CAGR of 0.42% during the forecast period (2020-2025).
- There is a rise in the popularity of draw-based games and scratch-off instant games across the European countries, which may positively impact the growth of the market studied. - The increased penetration of smartphones is giving rise to a number of mobile application-based lottery games. The end users have the convenience and comfort of gambling within the comfort of their own space, which is one of the major drivers of the segment.
Key Market Trends Improved Internet Connections, Advances in Security, Encryption, and Streaming Technology
The increasing acceptance and popularity of the lottery, in general, has resulted in the creation of a whole different form of gaming on the internet. The upsurge in consumer choice for online lottery is being supported by faster internet connectivity, which permits operators to stream various events from around the world, allowing the consumers to bet on. The growth opportunity for lottery operators through online channel forced the online vendors to improve betting processes, in terms of security and reliability, which, in turn, propelled the popularity of online lottery across the world. Additionally, for a long time, consumers were concerned about banking security while conducting any kind of transaction over the internet. However, advances in both online encryption and banking technology helped in resolving this concern, resulting in the consumers playing online securely and, in turn, driving the market studied.
Europe Holds a Major Share in the Market
The shift in demand from traditional modes of physical draw-based games to the virtual ones is augmenting the growth of the European online lottery market. Moreover, as lotteries offer a high return on low investment, a large group of individuals are attracted by the rewards and invest accordingly to participate in these games. Companies offering lottery gaming services use social media as a promotional strategy to attract large number of users, by posting the winning prizes on social networking sites, like Facebook, Twitter, and Google+. This factor is leading to an increase in the sales of various lottery tickets. Furthermore, stringent government regulations regarding the operation of online lottery in the European countries help in gaining consumer trust and interest.
Competitive Landscape The global online lottery market is a fragmented market with the involvement of numerous local and international players. There are strong competitors in the market with diversified portfolios, leading to an intense competition among the existing players. Key players, like Lotto Agent, The Lotter, LottoKings, and Lotto 247, are focusing on optimizing their offerings, along with geographical expansion.
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