The online lottery market around the world continues to expand, and a recent study, released by Global Industry Analysts Inc. has shown exactly that. The need for online lottery, and the role it plays, has changed post Covid-19, and this study shows where the market currently lies.
Playing online lottery is not something new, even though it may be something that many people have only recently discovered. Companies such as Lottoland India have been providing online lottery games to players for many years and were on the rise pre-pandemic. An alteration to how we think, interact and complete our daily tasks has accelerated that rise.
Big Market Growth Forecast by 2026
Lottery gaming, and who takes part, creates a very broad spectrum of people from all over the world, who all come together for something they enjoy. It is only recently that pretty much everyone who wanted to play online lottery, finally could, so simply adding accessibility has been a real key to this market, but there are other factors to consider too.
Technological advancements such as mobile advancements and capabilities, more access to computers and the digital world as a whole, have allowed more people than ever before the chance to connect with others. Two elements combined together, firstly the trend of moving our lives online and secondly the trend of more people enjoying gaming, have been the main driving force behind the rise in demand.
This has also been aided by people being in better financial positions and being able to spend more money on their hobbies and various other activities. The report showed that both an increase in per capita income and a bigger number of households with dual-income had also aided the rise.
Social media is another element playing its part, as we see with much of the online world. Smartphones, the internet, being able to connect and using various social media platforms as a form of news is helping the world of advertising and promotion. These games have been available for many years, but some people never knew that, thanks to social media, they do now.
During Covid-19 in 2020, the online lottery market was estimated to be worth $8.7 billion a year. Six years down the line, in 2026, the market is expected to be worth $14.5 billion, a very impressive step up, but no surprise when you consider the above factors that have been mentioned.
In terms of areas, the Asia-Pacific market is forecast to reach around $4.1 billion by the year of 2026, which is an area that has big ties to all forms of gaming, and much of this is now moving online. It seems that lottery gaming is moving in exactly the same direction. Elsewhere, the USA is currently estimated at $2.3 billion in 2021, and takes up 23.7% of the global market share. Both Europe and Canada are forecast to see big growth over the period of this study, between 2020 and 2026.