The lottery market in North America is expected to grow by USD 25.60 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Lottery Market in North America 2020-2024 (Graphic: Business Wire)
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Factors such as the declining average selling price of smartphones, rising internet penetration, and rapid developments in communication network infrastructure have increased the adoption of smartphones across the world. Also, smartphones are emerging as major platforms for various businesses. For instance, the mobile platform accounted for USD 61.8 million in 2019. This is leading to a rise in the number of mobile application-based lottery games. Besides, the integration of many mobile-based payment solutions such as M-Pesa, Orange Money, and Airtel Money is easing the payment process in lottery games. These factors are influencing the growth of the lottery market in North America.
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As per Technavio, new launches will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Lottery Market in North America: New Launches
Vendors in the market are focusing on adopting organic growth strategies by launching new lottery game tickets and platforms. For instance, in December 2019, Georgia Lottery Corp. launched a new concept draw game called Cash Pop. The game offers players a chance to win cash prizes of up to USD 1,250 five times a day, every day, by matching just one number. Similarly, in January 2020, Florida Lottery launched the new Draw game JACKPOT TRIPLE PLAY with Combo. The game allows players to get a triple chance to win the jackpot, as each ticket has three sets of numbers to match with the winning numbers drawn. Also, players can get an extra chance to win by combining all matches on the ticket by adding Combo for an additional one dollar. The launch of many such lottery games is fueling the growth of the lottery market in North America.
“The advent of government-organized gambling and the legalization of gambling activities such as lottery will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Lottery Market in North America: Segmentation Analysis
This market research report segments the lottery market in North America by Type (Scratch-off games, Terminal-based games, and Sports lotteries), Geography (US, Canada, and Mexico), and Platform (Traditional and Online).
The scratch-off games segment led the lottery market in North America in 2019, followed by Terminal-based games and Sports lotteries respectively. During the forecast period, the Scratch-off games segment is expected to register the highest incremental growth due to growing digitalization.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
About Technavio
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