Reportlinker.com recently released its latest market report on the online lottery market—and it’s got good news for lottery players!
Though COVID-19 has had a huge impact on many industries over the past year, it doesn’t appear to be slowing down the online lottery business.
While last year’s report estimated the global market for 2020 to be US $8.7 billion, the new analysis projects a revised figure of US $14.5 billion by 2026.
This projection reflects a compound annual growth rate of 8.7% over the course of the analyzed period.
Technology and Digitalization Key to Online Lottery Growth
Like so many other sectors, technology has brought big changes to the world of lottery. Continued technological advancements are a huge reason for online market growth.
Additionally, many online lottery companies are focusing on digitalization and making their products more accessible across online platforms.
Overall, these trends toward online availability make it easier than ever for lottery players to play and buy tickets online.
By taking lottery into the online space, we are also seeing a sort of globalization of the lottery, where players from all over the world can play the biggest draw games from just about any country. And they can do it all without ever leaving their house.
In recent years, there has also been a trend towards gamification. Gamification involves incorporating features that are typical of games, such as point scoring or competing against friends, into activities or products that are not traditionally associated with game playing.
The ubiquity of game play and competition in everyday life may be just one more reason why there has been an increased interest and uptake of online lottery play.
Social media has had an impact on the industry as well, as online lottery companies use it for easy, non-restrictive advertising and product promotion.
Add to these factors that disposable incomes, per capita income, and dual-income households are all increasing globally, and you’ve got even more reasons why people are turning to lottery for entertainment.
Lottery in Spain
Many countries in Europe are having a big impact on the global online lottery market, as they make moves to support online sports betting and sports lotteries. This segment of online lottery entertainment is predicted to drive a lot of future growth.
In total, the European market is expected to grow at a rate of 8.2% over the analyzed period, and Spain is a big part of that growth.
In fact, the Spanish Directorate General for the Regulation of Gambling found that Spain’s online gambling market increased by 17.7% between 2019 and 2020.
It comes as no surprise, however, as Spain is home to some of the biggest and best lotteries to play online, including El Gordo de la Primitiva.
Spanish citizens have always shown a keen interest in lottery, with more than 90% of the Spanish population buying tickets for the Loteria de Navidad every year.
And now many are buying tickets for big draws, such as the US Powerball and Mega Millions, taking place all around the world as well.
What Does This Mean for Lottery Players?
So, now that we’ve crunched the numbers, what does it actually mean for the average lottery player?
Well, the increasing uptake of online lottery means more people are buying tickets. Since many lottery games use a share of ticket sales to fund their prizes, the projected growth of the online lottery market has one major benefit for players: bigger jackpots!
In short, the increasing availability of online lottery games, plus skyrocketing sales, means it’s never been a better time to start playing the lottery.