US - Lottery Market size to grow by USD 39.39 billion from 2022 to 2027 | Market is concentrated due to the presence of prominent companies like Arizona Lottery, Connecticut Lottery Corp. and Florida Lottery, and many more - Technavio

NEW YORK, Sept. 29, 2023 /PRNewswire/ -- The US - lottery market size is estimated to grow by USD 39.39 billion from 2022 to 2027, growing at a CAGR of 6.61%. The lottery market in US is concentrated owing to the presence of many global and regional companies. A few prominent companies that offer the lottery market in US are Arizona Lottery, Connecticut Lottery Corp., Florida Lottery, International Game Technology plc, New York State Gaming Commission, Pennsylvania Lottery, Pollard Banknote Ltd., Scientific Games LLC, and Texas Lottery Commission. The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample before buying

Company Offering:

• Arizona Lottery - The company offers lottery such as Winning Numbers, Where To Play, Draw Games, Quick Draw, Scratchers, and Fast Play.
• Connecticut Lottery Corp. - The company offers lottery such as Scratch Games, Fast Play Games, Keno, Powerball, Mega Millions, Lotto.
• Florida Lottery - The company offers lottery such as Powerball, Mega Millions, Florida Lotto, Cash4Life, Jackpot Triple Play.
• For details on companies and their offerings – Buy the report!
• Impactful driver- Growing adoption of marketing strategies to increase ticket sales

The growing adoption of marketing strategies to increase ticket sales is driving the market growth significantly. Vendors follow integrated marketing communication through newspapers, magazines, and social media to sell their products. These communication channels play a major role in generating product awareness among users in the US. To draw in customers and encourage ticket sales, Georgia Lottery uses billboards with illuminated numbers. Brand awareness and engagement are the main focuses of social media marketing strategies implemented by players in the lottery market in the US.

• Key Trend - Advancing technologies
• Major Challenges - The socioeconomic impact of lotteries

 Market Segmentation

• By Type, the market share growth by the scratch-off games segment is significant during the forecast period. Scratch-off games include the commonly known quick and easy-to-play scratch-off cards. The popularity of this segment is growing due to factors such as low cost and instant chances to win. Additionally, this type of lottery doesn't need any skills or calculations to win. The cost of tickets ranges from USD 1 to USD 50, with a 1:3 winning chance. Moreover, the higher-priced tickets offer higher prize money than other lotteries like Powerball and other terminal-based lotteries.

Technavio Research experts have provided more insights on the market share of segments - View Free Sample Report

Related Reports:
The lottery market in Mexico is estimated to grow at a CAGR of 9.3% between 2022 and 2027. The size of the market is forecasted to increase by USD 3,537.24 million.

The online lottery market size is estimated to grow at a CAGR of 8.45% between 2022 and 2027. The market size is forecast to increase by USD 12,741.16 million.

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Platform

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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SOURCE Technavio