The Global Online Lottery Market
Lottery is a gambling game where a number of players are selected, usually in small groups, and offered a chance to win a prize. Depending on the jurisdiction, winnings can be paid out in one-time payments or annuity payments. It is common to see lottery money used to fund public projects. For example, many states use the proceeds of lotteries to fund local college programs. The lottery industry has also helped finance bridges, libraries, and roads.
There are over 100 countries in which lotteries are played, and the market is growing steadily. In the United States, more than a billion dollars are sold every year. Lottery products are sold through authorized lottery stations, which include counters in supermarkets and gas stations, as well as dedicated lottery stores.
Although the lottery industry is growing, it is not as popular as sports betting. The popularity of online gambling is also increasing, which is fueling the development of the global online lottery market. Currently, the global online lottery market is divided into North America, Europe, Asia Pacific, and LAMEA. This segmentation helps determine the prevailing market opportunities and key trends.
Globally, the market for lottery games is expected to grow at a CAGR of 9.1% during the forecast period. This growth is driven by the increase in consumer disposable income, the popularity of online gambling, and the proliferation of online gambling websites. Furthermore, the rapid development of technology will contribute to the expansion of the lottery business. Moreover, increasing awareness in lottery schemes will propel the growth of the global lottery market.
The first known European lotterie was held in the Roman Empire. Emperor Augustus organized a lottery and distributed tickets to wealthy noblemen during Saturnalian revels. Later, the money raised from the lottery was used to repair the city of Rome. During the Han Dynasty, lottery slips were also used to fund major government projects.
Today, the world’s lottery market is divided into the online lottery market and the physical lottery market. The online lottery market is classified into draw-based games and online sports lotteries. Among these, draw-based games accounted for more than half of the total share in 2017. Increasing popularity of draw-based games is expected to drive the growth of the global online lottery market. Moreover, the introduction of interactive systems for draw-based games will encourage the growth of the global online lottery market.
However, the traditional lottery product sales have declined due to government regulations. A recent study shows that lottery revenue in France decreased from $170,000 in 2014 to about $15,000 in 2018. Despite this, the lottery business has been expanding steadily in China and is projected to continue doing so.
Several lottery funds were used to build roads, bridges, and fortifications. Money from lottery funds was also used to finance colleges and local militias. Colonies in the United States had more than 200 lotteries between 1744 and 1776. Among these, the Academy Lottery in 1755 financed Columbia University, the University of Pennsylvania, and Princeton University.