Lottery is a popular form of gambling. It has been used for centuries. The lottery originated in China in 205 BC. During the Han Dynasty, lotteries were used to fund major government projects. Currently, lotteries are run by state and city governments. In many cases, the proceeds from ticket sales go to fund public services, such as parks and schools.
Today, lotteries have spread across the globe. Although many countries have banned the practice, others endorse lotteries. This study provides a detailed look at the lottery market and identifies key players. A segmentation of the market by regions, products, and applications is also provided. The report offers insights into key market drivers, restraints, and opportunities.
The largest revenue generators in the global lottery market are the US, UK, and Sweden. In the global lottery market, draw-based games account for a large share of the market. They are growing at a rapid CAGR of more than 8%. Among the different products, instant games like Lucky Dice, Go To play style, and Instant Keno multiplier are anticipated to contribute a significant share of revenues.
Another key segment of the lottery market is financial lotteries. These lotteries are popular because of the potential to provide large amounts of money to the winners. Financial lotteries can either be paid in one lump sum or in annual installments. Many consumers prefer the latter option, as it is more advantageous for tax purposes. Moreover, these lotteries can be used to fund good causes in the public sector.
A number of factors are predicted to support growth in the Asia-Pacific lottery market. These include increasing awareness about lottery schemes, continuous legalization, and product innovations. Furthermore, high consumer disposable income is expected to boost expansion in the region. However, stringent regulations pertaining to gambling is projected to restrict the market’s growth.
Another major factor that is expected to support the market’s expansion is the proliferation of the Internet. As the technology continues to improve, more lottery players will use it. Further, the adoption of blockchain technology will facilitate transparency and increased accessibility during the game.
Lottery is a relatively easy and inexpensive way to win large cash prizes. Tickets can be purchased for as little as two dollars and they are available at authorized lottery stations. Some of these stations are located in gas stations and supermarkets. Licensed vendors must be registered with the state or local government.
In the online lottery market, growth is primarily driven by the growth of dual-income households. Moreover, the rising popularity of online poker is also projected to boost the market in the region. Consequently, the market in APAC is expected to register a positive CAGR. Meanwhile, the European market is expected to witness strong growth with a CAGR of more than nine percent.
The global lottery market is divided into North America, Europe, and Asia Pacific. The market is also categorized based on the type of lottery. Among the various types, the draw-based games account for a major share of the market. Draw-based games are classified into Euro Millions, Pick 3, and Class Lotteries.