USD 27.9 Bn growth expected in Lottery Market in the US | Driven by high penetration of smartphones | Technavio

The market is driven by the high penetration of smartphones. The adoption of smart devices such as smartphones in the US has increased significantly over the years. For instance, in 2021, about 75% of the US population had smartphones as compared to 2019 when 69% of the US population had smartphones. The growth in the adoption of smartphones can be attributed to factors such as the declining average selling price of smartphones and developments in communication network infrastructure. The increasing adoption of smartphones has been rapidly transforming the gambling industry. Smartphones are becoming one of the major platforms for online gambling owing to the ease of access to casino games and e-sports betting. Thus, with the increasing adoption of smartphones, the growth of the lottery market in the US is expected to accelerate during the forecast period.

As per Technavio, technological advancements will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.

Lottery Market in US: Technological advancements

The advent of the latest technologies such as big data, analytics, IoT, and AI is expected to create significant growth opportunities for market players. For instance, by integrating data analytics, lottery companies can predict trends, forecast demand, reach the targeted audiences, and make appropriate decisions. It can also be used to expand the customer base and gain a competitive edge in the industry. Similarly, technologies such as virtual reality and artificial intelligence are enabling operators to offer a realistic and omnichannel experience to customers. Many such developments are expected to have a positive impact on the growth of the market over the forecast period.

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Lottery Market in US: Segmentation Analysis

This market research report segments the lottery market in US by type (scratch-off games, terminal-based games, and sports lotteries) and platform (traditional and online).

By type, the scratch-off games segment generated maximum revenue in the market in 2021. The segment is driven by the low cost of scratch cards and the instant chances of winning. Similarly, by platform, the traditional segment held the largest share in the market in 2021. Factors such as the expansion of lottery retailers, increasing lottery prize money, and liberalization of government regulations are driving the growth of the segment. The market growth in these segments will be significant during the forecast period.

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Some of the key topics covered in the report include:

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

Related Reports:

Online Lottery Market in China by Product and Device - Forecast and Analysis 2022-2026

Gambling Market in APAC by Type, Platform, and Geography - Forecast and Analysis 2022-2026

Table of Contents:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2020
• Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Type

• Market segments
• Comparison by Type
• Scratch-off games - Market size and forecast 2020-2025
• Terminal-based games - Market size and forecast 2020-2025
• Sports lotteries - Market size and forecast 2020-2025
• Market opportunity by Type

Market Segmentation by Platform

• Market segments
• Comparison by Platform
• Traditional - Market size and forecast 2020-2025
• Online - Market size and forecast 2020-2025
• Market opportunity by Platform

Customer landscape

• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Arizona Lottery
• Connecticut Lottery Corp.
• Florida Lottery
• International Game Technology plc
• New York State Gaming Commission
• Pennsylvania Lottery
• Pollard Banknote Ltd.
• Scientific Games Corp.
• Texas Lottery Commission
• The California State Lottery

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

About Technavio
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SOURCE Technavio