New York, USA, June 28, 2021 (GLOBE NEWSWIRE) — The new research report on the global lottery market by Research Dive sheds light on the impact of COVID-19 pandemic on the present and future perspective of the market. This report is an exhaustive research articulated by market analysts by scrutinizing top driving factors, growth opportunities, competitive landscape, regional market circumstances, and size & scope of the market in the crisis.
Highlights of the Report
The rise of the COVID-19 pandemic has made negative impact on the global lottery market. According to the report, the global lottery market had gathered $157.7 million in 2018, and is expected to garner $325.8 million by 2026, at 9.4% CAGR. The market size in the present scenario has stretched up to $115.0 million. However, before the outburst of the pandemic, the market was estimated to garner $191.7 million in 2020. The market is expected to recuperate from the incurred losses by second or third quarter of 2023.
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Factors Impacting the Market Growth during COVID-19 Pandemic
The global lottery market is projected to experience significant decline in the growth due to the implementation of strict lockdown and shutdown of lottery places during the pandemic period. Government of various regions have imposed a ban on recreational activities during the lockdown period to avert the spread of the virus.
However, lottery market players are adopting online platforms for gambling. Numerous people worldwide are gambling via online platforms on their mobile phones and smart devices. As a result, many lottery companies are switching to online mode and implementing advanced technologies in their current services. All these factors are expected to fuel the market growth in the upcoming years.
Future Scope of the Market:
The global lottery market is projected to recuperate in the coming years owing to a surge in the technology advancements and widespread adoption of digital platforms by lottery companies across the world. For instance, integration of advanced technologies like machine learning and artificial intelligence in lottery applications is anticipated to unlock lucrative opportunities for the market growth. Moreover, strategic initiatives undertaken by key market players are estimated to propel the market growth during the forecast period.
- In June 2021, Lotto.com, the first digital platform for buying lottery tickets, partnered with QuickChek, a platform serving busy people with products and services that are made for immediate consumption, launched its lottery services to increase accessibility of lottery and deliver a safe and contactless online experience, starting with New Jersey.
- In June 2021, Romanian Lottery, a company focused on public interest activities in the arena of gambling, with an aim of generating the required funds to finance purposes of national public interest, launched “get vaccinated and win” campaign. The aim of this campaign is to encourage people to get vaccinated.
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According to the report, the global lottery market is anticipated to experience considerable growth post-coronavirus pandemic.
Some of the major players in global lottery market are –
- Camelot Group
- Florida Lottery
- Francaise des Jeux
- Mizuho Bank Ltd.
- Loterías y Apuestas del Estado
- Hong Kong Jockey Club
- Singapore Pools
- alifornia Lottery
And others are projected to invest in novel advances to meet the growing demand for lottery across the world. All these aspects are expected to fuel the market growth in the forthcoming years.
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