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Global Lottery Market to Reach $430.4 Billion by 2031: Allied Market Research


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According to the report published by Allied Market Research, the global lottery market generated $300.6billion in 2021, and is projected to reach $430.4 billion by 2031, growing at a CAGR of 3.8% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape, and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners, and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.

Report coverage & details:

Report Coverage

Details

Forecast Period

2022–2031

Base Year

2021

Market Size in 2021

$300.6 billion

Market Size in 2031

$430.4 billion

CAGR

3.8%

No. of Pages in Report

283

Segments Covered

Type, Application, and Region.

Drivers

Surging access to the internet across the globe coupled with the rise in the use of digital equipment such as laptops, smartphones, and tablets.

Opportunities

Acceptance of new technologies such as blockchain and data analytics.

Restraints

Strict laws pertaining to lottery with many nations banning lotteries.

Strict implementation of regulations regarding online gambling.

COVID-19 Scenario:

  • The outbreak of the COVID-19 pandemic had negatively impacted the growth of the global lottery market, owing to slowdown in online lottery activities due to lockdown.
  • However, during the COVID-19 pandemic, people started saving more money. This decimated the expansion of the global market.
  • Decrease in sales of lotteries owing to strict laws pertaining to social distancing norms implemented by government along with the closure of non-essential activities hampered the growth of the global industry.
  • Myriad kinds of lottery frauds and cybercrimes were committed during the pandemic, thereby impeding the growth of the global market during the COVID-19 pandemic.

The report offers a detailed segmentation of the global lottery market based on type, application, and region. The report provides a comprehensive analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can essentially help market players, investors, and new entrants in determining and devising strategies based on the fastest-growing segments and highest revenue generation that is mentioned in the report.

Based on type, the lotto segment held the major market share in 2021, holding nearly one-fourth of the global lottery market share, and is expected to maintain its leadership status during the forecast period. However, the scratch-off instant games segment, is expected to cite the fastest CAGR of 4.3% during the forecast period. The report also contains segments such as quizzes type lottery, numbers game, and others segments.

On the basis of application, the lottery offline store segment held the largest market share in 2021, accounting for nearly three-fifths of the global lottery market share, and is expected to maintain its leadership status during the forecast period. Nevertheless, the online store segment, is expected to cite the highest CAGR of 5.6% during the forecast period.

Region-wise, the North American region held the major market share in 2021, grabbing more than one-third of the global lottery market share and is expected to maintain its leadership status during the forecast period. However, the Asia-Pacific region is expected to cite the fastest CAGR of 4.5% during the forecast period. The report also analyses other regions such as Europe and LAMEA.

The key players analyzed in the global lottery market report include INTRALOT, MDJS, Camelot Group, Florida Lottery, Francaise des Jeux, Mizuho Bank Ltd., Loterías y Apuestas del Estado, Hong Kong Jockey Club, Singapore Pools, and California Lottery.

The report analyzes these key players in the global lottery market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance, and operating segments by prominent players in the market.

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OnAir Entertainment™ launches a new game, Blazing Dragon Tiger

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OnAir Entertainment™ launches a new game, Blazing Dragon Tiger
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OnAir Entertainment™️, the go-to provider of premium live casino content to operators, launched a new game, Blazing Dragon Tiger to their game portfolio on 26th January.

With its unique studio environment and table-felt animation, in Blazing Dragon Tiger players decide which spot to bet on and anticipate the winning side to be either Dragon, Tiger, or Tie, with the option of additional side bets.

Alongside the smooth gameplay and great UI visuals, the studio environment will bring greater value to customers by offering brandable studio elements. In addition, customisation by customers may also be in the configurable side bets and bet limits.

Real-time percentages will show how many users are betting on Dragon, Tiger, or Tie offering live predictions and statistics. Additionally, the option to zoom in and zoom out on specific roads will allow players to see better all-needed results on these roads.

Blazing Dragon Tiger will join the OnAir Entertainment’s™️ games portfolio with Standard Blackjack, Standard Roulette, Speed Roulette, Auto Roulette, 9 Pots of Gold™ Streamicon™, Eclipse Blackjack™, Card Matchup, and Lotus Speed Baccarat™️.

OnAir Entertainment’s™️ games are designed to offer a real-life gaming experience thanks to world-class digital branding technology, professional game presenters, and sleek branded environments which offer an immersive experience for players.

Seval Kaya, Business Development Director at OnAir Entertainment™, added: “We are very happy to announce a new game in our portfolio with great animation features creating stands out in the industry. Furthermore, our customers can use the brand elements on this new gaming experience for even better customisation. We have achieved this wonderfully designed user interface thanks to everyone who was involved in bringing this game to life.”

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Latest News

FAVBET switches to Single Wallet for increased player comfort and smoother operations

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FAVBET switches to Single Wallet for increased player comfort and smoother operations
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FAVBET is doing away with the practice of creating several wallets in the player’s personal account on favbet.com in favor of its own Single Wallet solution which makes it much easier for users to manage their accounts. Migration to the new system is automatic and will not require any action from users.

The Single Wallet replaces the previous system where casino players and bettors had to create a separate account called “wallet” for each payment method without the ability to transfer funds between different wallets. In contrast to the previous approach, the Single Wallet combines all user accounts into one that allows deposits and withdrawals using different cards and payment systems.

The key advantage that FAVBET users get after switching to the Single Wallet is one account for all payment methods. Now, there is no need to create separate wallets for debit cards, Skrill, or other payment methods.

This is not an update to the existing system, but rather a solution developed from the ground up that not only adds convenience but also significantly increases the capabilities of our platform. On the surface, the changes don’t seem like much, but what we created here is in fact a full-fledged banking system that is similar in its functionality and efficiency to the solutions used by the leading financial institutions,” says Serhii Kostiushkin, Head of Engineering at Betinvest.

According to the company’s tech lead, developing the new system was unavoidable as the previous solution was created quite a while ago and could no longer keep up with the company’s growth and user numbers. Additionally, its outdated architecture significantly complicated financial accounting and put excessive load on the platform. The new system processes five times more transactions while being much more stable and not requiring as many resources.

The Single Wallet approach is now a standard for the world’s leading sportsbooks and casinos. Now, all of its advantages are available to favbet.com users.

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Cryptocurrency

Gambling payment fintech continues hiring drive with senior appointment

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Gambling payment fintech continues hiring drive with senior appointment
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Meryem Habibi joins as Chief Revenue Officer

Global cryptocurrency-based fintech services group, SG Veteris, has appointed Meryem Habibi as Chief Revenue Officer. In this newly created role, Meryem will oversee the group’s global revenue generating functions and is responsible for the growth strategy, performance and alignment of its revenue-generation operations.

Reporting to CEO, Anil Oncu, Meryem will lead sustainable business growth though sales, strategic partnerships and marketing, identifying suitable customer segments to target and new markets to enter. Founded over six years ago and headquartered in London, the company grew its staff numbers by 25% and opened new offices in Estonia and Lithuania in 2022, to expand the reach of its Bitpace (gambling and gaming industry online cryptocurrency payment platform) and Koinal (popular cryptocurrency trading platform) brands. It has five offices and provides services to 150+ countries.

Commenting on the appointment, Anil Oncu said:

“I am delighted to welcome Meryem to the team. SG Veteris is in a growth phase, and we are currently bucking the trend in the market by continuing to hire key roles to help with our global expansion plans in reputable jurisdictions over the course of 2023. We’re excited about launching in even more countries as we are seeing consumer behaviours shift and crypto payments becoming more popular and in demand. We are proud to continue to attract the best people in the industry to help us continue to scale.”

Meryem has over 15 years’ experience in finance and technology innovation and joins from international payments/FX trading fintech, AZA Finance, where she was responsible for a major expansion of operations across Middle East & Africa. She has previously served as Head of Channel Operations for EMEA and APAC regions at Diebold Nixdorf, the US-based ATM and software giant, and led marketing and communications at Samsung Electronics.

Meryem Habibi adds:

“SG Veteris is a well-established company with high quality, flexible products which address genuine needs and gaps in the market, and I’m excited about the opportunities ahead. I see real growth potential in the benefits we can bring to cross-border trade and helping businesses to conduct more efficient and cost-effective transactions.”

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