Indian market research firm Valuates Reports has forecast that the global lottery market could be worth up to $450.46 billion by the end of 2027 due to the growing prevalence of online games and the increased simplicity of claiming prizes.
The Bangalore-headquartered analyst used an official Tuesday press release to detail that this prediction is contained within its new Global Lottery Market Size, Status and Forecast 2022 exercise examining the current size, shape and health of the planet’s burgeoning lottery scene.
Valuates Reports also stated that the global lottery market was worth around $341 billion in 2020 but is now enjoying a compound annual growth rate of 4.1% being driven by ‘the opportunity to win big, easy game access, a variety of games and a simplified claiming process’ in addition to advancements in technologies such as blockchain and ‘big data.’ The company pronounced that the growing pervasiveness of syndicates is moreover propelling a larger number of aficionados into participating in one of the world’s most popular forms of gambling.
Read a statement from Valuates Reports…
“Lottery games give you the opportunity to try your luck and win big. In addition, proceeds from lottery sales go to good causes by donating a percentage of revenues to things like education, park services and funds for veterans or doctors. In this way, both profit and charity needs are fulfilled and this is expected to boost the lottery market during the forecast period.”
The forecast from Valuates Reports was released only a day before a couple in the United Kingdom scooped a lucrative £184 million ($230 million) windfall courtesy of a EuroMillions lucky dip ticket. The analyst additionally predicted that wins such as this alongside ‘the growing use of mobile devices’ is destined to drive the value of the online lottery market up to $8.4 billion by 2028 with a compound annual growth rate of 6.4%.
Valuates Reports asserted that the online lottery segment is furthermore destined to benefit from ‘the proliferation of major online lottery platforms’ with the scene in North America dominating via a 26% global market share owing to ‘the wide scale adoption of mobile devices,’ a worldwide pool of aficionados and services that permit punters ‘to play from the comfort of their homes.’
The statement from Valuates Reports read…
“The popularity of online lottery games has proliferated and players can now access a wide variety of gaming options from these lottery websites. Easy access from the comfort of your home saves money on travel and other related expenses while the sheer choice maximizes the chances of winning big. This in turn will drive the global lottery market in the coming years.”