DUBLIN–(BUSINESS WIRE)–The “Online Lottery Market – Growth, Trends, Impact of COVID-19, and Forecast (2022-2027)” report has been added to from ResearchAndMarkets.com offer.
The global online lottery market is expected to grow at a CAGR of 0.42% during the forecast period (2022-2027).
The COVID-19 pandemic had a negative impact on the online market growth for a temporary period, which was offset by the upside thereafter. Due to government regulations, when people were stuck at home, the demand for online lottery increased further. As the pandemic has given rise to an increase in cybercrime through online lottery. In 2021, the World Health Organization (WHO) notified individuals of a scam, falsely acting as Capital Finance Inc, London, fraudulently spreading news of the COVID-19 lottery clearing prize being distributed by the World Health Organization.
The growing popularity of the lottery has created a whole different category of internet gambling. The shift in demand from traditional draw-based games to virtual games is accelerating the growth of the online lottery market. In addition, the lottery offers a relatively low return on investment, which attracts customers to invest and play online games. Moreover, the promotional strategy widely used by lottery companies attracts a huge customer base through social media. Companies focus on posting winning prizes on social media, thereby improving lottery sales.
The increased penetration of smartphones is giving rise to a number of mobile app-based lottery games. End users have the convenience and comfort of gaming in the comfort of their own space, which is one of the main drivers of the segment. In order to increase the number of downloads of these mobile applications and create an upsurge in the number of visits to the website, companies have pledged to improve their graphical user interface. However, the growth of the market may be hampered owing to the growing concern over cybercrime.
Main market trends
Improved Internet connections, advancements in security, and an increase in the number of Internet users
The growing acceptance and popularity of the lottery, in general, has led to the creation of an entirely different form of internet gambling. The upsurge in consumer choice for online lottery is supported by faster internet connectivity and an increased number of internet users, which allows operators to broadcast various events from around the world, allowing consumers to bet. The growth opportunity for lottery operators through the online channel has forced online vendors to improve betting processes, in terms of security and reliability, which, in turn, has propelled the popularity of the lottery online around the world. In addition, for a long time, consumers have been concerned about banking security when carrying out any type of transaction on the Internet. However, advancements in online encryption and banking technology have helped address this problem, which has enabled consumers to gamble safely online and, in turn, boosted the market studied. Additionally, auditing firms like the Electronic Commerce and Online Gaming Regulation (eCOGA) ensure that Random Number Generator (RNG) software is truly random, while also evaluating security methods for storing player deposits. .
Europe has a large share of the market
The shift in demand from traditional draw-based physical game modes to virtual games is accelerating the growth of the European online lottery market. The market has strict rules regarding lottery and online gambling, which helps individuals stay safe while playing lottery games and transacting online. Germany is one of the most strictly regulated markets in Europe. In line with this, the Interstate Gambling Treaty was introduced in 2012, which tightened the regulations for the German online gambling industry. According to Camelot Group, Camelot United Kingdom Lotteries Limited announced National Lottery sales of €8,373.9 million for the financial year 2020-21. The inclination of participants towards online lottery has led to an increase in lottery sales, indicating high internet penetration and improved betting process in terms of security and reliability, driving the growth of the market. The growing popularity of instant games based on raffles and scratch games can be seen in all European countries, which adds to the skyrocketing growth of the market.
Main topics covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Constraints
4.3 Porter’s Five Forces Analysis
4.3.1 Threat of new entrants
4.3.2 Bargaining power of buyers/consumers
4.3.3 Bargaining power of suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 IMPACT OF COVID-19 ON THE MARKET
Lotto Direct Limited
ZEAL SE network
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