US Lottery Market to grow by USD 39.39 billion from 2022 to 2027, Driven by the growing adoption of marketing strategies to increase ticket sales - Technavio

NEW YORK, March 13, 2023 /PRNewswire/ -- The global lottery market size in the US is estimated to grow by USD 39.39 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of  6.61% during the forecast period. The growing adoption of marketing strategies to increase ticket sales is notably driving market growth, although factors like the socioeconomic impact of lotteries may impede market growth during the forecast period.

For more insights on the historic market data (2017 to 2021) and forecast market size
(2023 to 2027) - Request a sample report

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial  - buy the report!

Lottery Market in US - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on type (scratch-off games, terminal-based games, and sports lotteries) and platform (traditional and online).

• 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 price tickets offer higher prize money than other lotteries like Powerball and other terminal-based lotteries.

Insights on the market contribution of various segments, historic (2017 to 2021) and
forecast market size (2023 to 2027) - Download a Sample Report

Lottery Market in the US – Market Dynamics
Key factor driving market growth

• 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.

Leading trends influencing the market 

• Technological advancements like the use of virtual reality (VR) and artificial intelligence (AI) are emerging trends in the market. 
• Rather than working in the usual manner, lottery businesses have begun employing new client engagement tactics to provide a more realistic and omnichannel experience to their consumers. They are also using these technologies to observe consumers buying and playing patterns.
• The emergence of big data and the internet of things (IoT) creates growth opportunities for the lottery market in the US. Prediction of trends and forecast demand is made easy through the use of data. Data can also be used to determine the appropriate content to be showcased based on consumer preferences and habits.

Major challenges hindering the market growth

• The socioeconomic impact of lotteries is a major challenge impeding the market growth. Lotteries impact the social and economic environment of a country, which is a major concern among authorities as well as the general public. 
• Even though the chances of winning an odd are lower compared to the chances of winning, people are buying lotteries and losing money every year.
• Furthermore, lotteries can lead to addiction, loss of sleep, and depression due to high debt and bankruptcy. This can impact the social and economic environment of a country.

To know more about other drivers, trends, and challenges, historic period (2017 to 2021),
and Forecast (2023 to 2027)- Request a sample report!

What are the key data covered in the US Lottery Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the lottery market in the US between 2023 and 2027
• Precise estimation of the size of the lottery market in the US size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the lottery market across the US
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of the lottery market in the US vendors

Gain instant access to 17,000+ market research reports. 

Technavio's SUBSCRIPTION platform

Related Reports:

The online lottery market size in China is expected to increase by USD 3.67 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.13%. The increased reach of online lottery is one of the key drivers supporting the online lottery market growth in China.

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. High potential ROI is notably driving the Mexico lottery market growth. 

Browse for Technavio Consumer Discretionary market reports, ToC & LoW

Table of Contents

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 Drivers, Challenges, and Trends

10 Vendor Landscape

11 Vendor Analysis

12 Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio