Global Online Lottery Market 2023 - 2028: Improved Internet Connections, Advances in Security, and Increased Number of Internet Users Drives Growth
Saturday, June 10, 2023
DUBLIN, June 2, 2023 /PRNewswire/ -- The "Online Lottery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Online Lottery Market is projected to grow at a CAGR of 0.42% over the next five years.
-- Lotto Direct Limited
-- Camelot Group
-- Lotto Agent
-- ZEAL Network SE
-- Francaise des Jeux
-- Annexio Limited
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.
Online Lottery Market Trends
Improved Internet Connections, Advances in Security, and Increased Number of Internet Users
The increasing acceptance and popularity of the lottery, in general, has resulted in a different form of gaming on the internet. The upsurge in consumer choice for the online lottery is supported by faster internet connectivity and increased internet users, allowing operators to stream various events from around the world and the consumers to bet on them.
The growth opportunity for lottery operators through online channels forced online vendors to improve betting processes in terms of security and reliability, propelling online lotteries' popularity worldwide.
Additionally, consumers have been concerned about banking security while conducting any kind of transaction over the internet for a long time. However, advances in both online encryption and banking technology helped in resolving this concern, resulting in consumers paying online securely and, in turn, driving the market studied.
Additionally, auditing companies like eCommerce and Online Gaming Regulation (eCOGA) ensure that random number generator (RNG) software is genuinely random while evaluating the security methods of storing players' deposits.
Europe Holds a Major Share in the Market
The shift in demand from traditional modes of physical draw-based games to virtual ones is augmenting the European online lottery market growth. The market includes stringent rules regarding online lottery and gambling, which help individuals stay secure while playing lottery games and transacting online.
Germany is one of the most strictly regulated markets in Europe. The new German Interstate Treaty on gambling came into force in July 2021. This Interstate Treaty brought many changes in the legal framework of online gambling.
According to Camelot Group, Camelot United Kingdom Lotteries Limited announced National Lottery sales of USD 8946.67 million for the financial year 2020-21. Participants' inclination towards online lottery led to an increase in lottery sales, indicating intense internet penetration and improved betting process in terms of security and reliability, boosting the market's growth. The growing popularity of draw-based and scratch-based instant games can be seen across European countries, adding to the surging market growth.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 End User
6 COMPETITIVE LANDSCAPE
6.1 Most Adopted Strategies
6.2 Market Share Analysis
6.3 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/qj2tjj
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