Reportlinker.com recently published its latest report on the online lottery market — and it has good news for lottery players!
Although COVID-19 has had a huge impact on many industries over the past year, it does not appear to be slowing down online lottery activity.
While last year’s report estimated the global market for 2020 at US$8.7 billion, the new analysis predicts a revised figure of US$14.5 billion by 2026.
This projection reflects a compound annual growth rate of 8.7% over the period analyzed.
Technology and digitization are key to the growth of the online lottery
Like so many other industries, technology has brought big changes to the world of lottery. Continuous technological advancements are a huge reason for the growth of the online market.
Additionally, many online lottery companies are focusing on digitization and making their products more accessible on online platforms.
Overall, these trends towards online availability are making it easier than ever for lottery players to play and buy tickets online.
By introducing the lottery to 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 almost any country. And they can do it all without ever leaving their home.
In recent years, there has also been a trend towards gamification. Gamification involves incorporating features typical of games, such as scoring points or competing with friends, into activities or products not traditionally associated with gaming.
The ubiquity of gambling and competition in everyday life is perhaps just one more reason why there has been increased interest and adoption of online lottery gambling.
Social media has also impacted the industry as online lottery companies use it for simple, non-restrictive advertisements and product promotions.
Add to these factors that disposable incomes, per capita income and dual income households are all increasing globally, and you have even more reasons why people are turning to the lottery for entertainment.
Lottery in Spain
Many countries in Europe have a great impact on the global online lottery market as they take steps to support online sports betting and sports lotteries. This segment of online lottery entertainment is expected to generate strong future growth.
In total, the European market is expected to grow at a rate of 8.2% over the period analyzed, and Spain accounts for a large part of this growth.
In fact, the Spanish Directorate General for Gambling Regulation found that the Spanish online gambling market grew by 17.7% between 2019 and 2020.
This is not surprising, however, as Spain is home to some of the largest and most best lotteries to play onlineincluding El Gordo de la Primitiva.
Spanish citizens have always shown a strong interest in the lottery, with more than 90% of the Spanish population buying Loteria de Navidad tickets every year.
And now many are buying tickets for big draws, such as the US Powerball and Mega Millions, which also take place around the world.
What does this mean for lottery players?
So, now that we’ve crunched the numbers, what does this actually mean for the average lottery player?
Well, the growing adoption of online lottery means more people are buying tickets. Since many lottery games use a share of ticket sales to fund their prizes, the predicted growth of the online lottery market has a major benefit for players: bigger jackpots!
In short, the increasing availability of online lottery games, along with skyrocketing sales, means that now has never been a better time to start playing the lottery.