PUBLISHER: The Business Research Company | PRODUCT CODE: 1477063
PUBLISHER: The Business Research Company | PRODUCT CODE: 1477063
The lottery market consists of sales, by entities (organizations, partnerships and sole proprietors), of lottery services that include games and activities, where participants pay for a chance to win prizes based on random draws or selections.
Lotteries are used by a diverse array of participants, from casual players seeking entertainment to serious players engaging in frequent participation. The use of lotteries varies depending on cultural, legal and social contexts, with draws occurring daily, weekly or for special occasions.
The global lottery market was valued at $313,410.4 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 2.0%.
Increase In Advertising Strategies And Promotions Of Lottery Products
The increase in advertising strategies and promotions of lottery products contributed to the growth of the lottery market during the historic period. Innovative and attractive advertising strategies grabbed consumers' attention and stimulated their curiosity about lottery games and jackpot chances. Attention-grabbing adverts, memorable slogans and compelling visuals evoked a sense of anticipation and excitement, prompting individuals to contemplate involvement in lottery draws. For instance, in June 2022, according to an analysis of lottery data by the Howard Center for Investigative Journalism at the University of Maryland, for every $1 spent on advertising statewide, lottery companies made approximately $128 in ticket sales. Some examples of advertising are that players can "unleash the power of luck" by buying $20 scratch tickets, according to a Texas Lottery online advertisement, and in Michigan, a phone app notifies users to buy tickets before the draw. Thus, an increase in advertising strategies and promotions of lottery products drove the demand for lottery during this period.
Innovative Product Developments With Focus On Scratch-Off Games
Innovative product development is a key trend in the lottery market. Major companies operating in the lottery business market are launching new lotteries to strengthen their position in market. For instance, in January 2024, Mississippi Lottery Corporation (MLC), a US-based lottery company, announced plans to introduce three new scratch-off games, one of which will be a $20 ticket. With approximate odds of 1:4.66, the 200X Cash Blitz ticket has a $500,000 top prize. The ticket allows players to double their winnings up to 200 times; the lowest prize is $40. The 100X Cash Blitz, 50X Cash Blitz and 20X Cash Blitz tickets are anticipated to arrive in March 2024, making the 200X Cash Blitz ticket the big game in the Cash Blitz family. Additionally, in October 2023, Scientific Games Corporation, a US-based lottery games, sports betting and technology company, launched Punch N' Play, its latest instant scratch game innovation, in three North American lotteries. Punch N' Play is a patented game innovation that is exclusive to traditional one-sided scratch games. It is a folded card that has perforated holes to increase the player's chances of winning after an easy, coordinated play motion.
The global lottery market is fairly fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 16.09% of the total market in 2022.
Lottery Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global lottery market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for lottery? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The lottery market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider lottery market; and compares it with other markets.
1Executive Summary