DUBLIN, August 16, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Online Lottery Market in China 2016-2020" report to their offering.
The online lottery market in China to grow at a CAGR of 4.53% during the period 2016-2020.
Online Lottery Market in China 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One of the key trends for the market will be introduction of new types of lottery. Lotteries are available in various forms, ranging from schemes for maximum monetary benefits to charitable funds. China Welfare Lottery and China Sports Lottery are the only two legalized lottery operators in the country. China Welfare Lottery deals with raising fund for charity and societal welfare, whereas funds raised by China Sports Lottery are used for building community sports facilities. The sports segment made huge profits in 2014. Once the ban is lifted, it is expected to introduce more innovative lottery options to attract buyers.
According to the report, revenue contribution in the form of tax is encouraged by the government which will be a key driver for market growth. The government of China encourages lottery sales to earn premium tax amounts from the player's painless revenue. The lottery market of the country has a huge consumer base, who buy the ticket for a minimal amount. This amount is a part of their disposable income after taxes. Lottery organizers collect this amount for the prize money to give to the winner and converts disposable income into taxable income, which is further used by the government for various social activities.
Further, the report states that one of the challenges for the market will be high tax imposed by the government. High taxes and duties on licensees to conduct legal gambling activities are expected to affect the lottery market during the forecast period. The government increased the tax from 20% to 25% in its March 2014 budget. Also, the recent ban on online lottery resulted in the closing of many online lottery service providers. There are high chances that stringent tax regulations will be implemented by the government when they reopen the online lottery service for all the vendors. This will adversely affect the revenue during the forecast period and will also prevent new players from entering the market
The market is divided into the following segments based on types:
- Welfare lottery
- Sports Lottery
- Lottery 365
- Taobao Lottery
- QQ Lottery
- NetEase Lottery
Other prominent vendors
- 360 Lottery
- Baidu Lottery
- SINA Lottery
For more information about this report visit http://www.researchandmarkets.com/research/7mv3xs/online_lottery
Related Topics: Online Gambling
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SOURCE Research and Markets