The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Online Lottery Market.
It was estimated prior to this unanticipated outbreak Online Lottery Market will reach CAGR of 1.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Online Lottery Market Insights
Online lottery market is likely to witness a steady CAGR of 1.2% during the forecast period owing to rise in draw-based games, and scratch-off instant fames and increasing smartphone sales and internet penetration in developing economies. Gambling at the comfort of one’s own space is another factor contributing to the growth of the online lottery market.
Market Share Analysis
Online Lottery Market Share: By Device Type
Based on the device type, the online lottery market is segmented as mobile and desktop. The mobile segment is expected to be the higher-growing segment during the forecast period owing to increasing sales of smartphones and internet penetration in the remotest areas of the world. Increasing disposable income and population will further contribute towards the growth of the online lottery market.
Online Lottery Market Share: By Region
In terms of regions, Europe is estimated to be the largest region for the online lottery market during the forecast period. Europe has been a center of lottery and draw-based games for several decades. With digitalization in all the spheres, the European population is shifting towards virtual lottery systems from physical ones and augmenting the growth of the online lottery market in the region.
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