The lottery is a form of gambling in which players buy a ticket in the hope of winning a prize. Lotteries are held in more than 100 countries around the world.
The lottery industry is expected to grow at a CAGR of 9.1% from 2018 to 2026. During this period, the online lottery market is projected to experience the fastest growth. Several reasons are driving this growth. These include higher per capita disposable income, high adoption of online gambling, and the increase in dual-income households.
The global lottery market is primarily segmented into draw-based games, online instant games, online sports lotteries, and online gaming. The draw-based games segment accounted for a majority of the market share in 2017. It is predicted to have a high CAGR during the forecast period.
Draw-based games are characterized by the use of random numbers. There are several kinds of draw-based games, including Mega Millions, Class Lotteries, Lotto, EuroJackpot, and Keno.
Lotteries are popular in Asia Pacific (APAC). China & SAR, Japan, and Australia are the largest markets in APAC. 7-8 percent of adults in these countries buy lottery tickets. Similarly, the Middle East and Latin America are also major markets in the region.
Online lottery is growing in popularity in many regions. This is because people are able to earn tickets through a computer system that is connected to telecommunication networks. Moreover, the growth of mobile technology has made lottery apps available for smart devices.