The lottery market in the US is expected to grow at a CAGR of close to 6% during the period 2018-2022, according to a new market research study by Technavio.
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Technavio has published a new market research report on the lottery market in the US 2018-2022 under their media and entertainment library. (Graphic: Business Wire)
The report categorizes the lottery market in the US by type (scratch-off games, terminal-based games, sports lotteries) and by platform (traditional and online). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact.
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Market driver: higher reach of online lottery
Higher customer reach is one of the most attractive features offered by online lotteries. It does not require any physical presence of the players as this activity is Internet-based. This gives the players convenience of playing from any location within the country. The adoption rate among the young population is high as these online lotteries are played through computing and mobile devices. One of the strongest platforms, which is mobile advertisements, have a wider reach to those who refrain from going to lottery venues.
According to a senior analyst at Technavio for gaming research, “In the US, the average age of an individual visiting a casino is 45, the online gamer is 34 and lottery player is 18. However, the minimum age limit is 18, which is followed by a number of states. The wide reach of the online medium for lotteries will drive the market growth during the forecast period.”
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Market trend: growing number of online women gambler
The number of female participants in the online gaming market in the US is increasing. In the online gaming market, this segment accounted for more than 40% revenues. One of the major reason for this growth is that players are not bound to buy lottery tickets from a location, they can buy it from anywhere. It has been observed that women gamble privately through their personal devices. This anonymity helps women feel more confident and less intimidated by the large number of male players.
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Some of the players in the market
- California State Lottery
- Florida Lottery
- New York State Lottery
- Texas Lottery Commission
Due to the presence of many large and small established vendors, the lottery market in the US is highly competitive. Product portfolio, pricing, prize money, credibility, application availability, varieties, and payment options are the basis of the intense competition. Vendors are also investing in planning, designing, developing, acquiring new players, and expanding existing facilities. As the vendors will deliver numerous gaming options to players to gain an advantage, the competitive scenario is expected to become more intense.
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About Technavio
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