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Lottery tickets have been around for centuries now. Millions of people play the lottery every year, and the internet revolution made it even easier as you can now buy lottery tickets online. Before too long, online lottery is expected to completely dominate the lottery market. In fact, the global lottery market is expected to reach revenues of more than $76 billion by 2022, which is over 150% more than 2017.
Today, we will discuss the online lottery market and the reasons behind its growth over the last years and in the near future. We will list a few major factors that are leading to the popularity of online lottery tickets, as well as some factually based findings that will likely lead to an even bigger rise in sales.
Technology Impact
Since online lottery is played – you guessed it – online, it’s no doubt that technology will always have a huge impact. With the latest technological advances, vendors are competing with each other to provide a superior experience for their players, raising the overall quality of service in the sector, attracting more and more players worldwide.
One such technology is AR and VR. Companies that are able to implement these technologies will gain a significant advantage over competitors. Another recent technology is cryptocurrency. While most governments and financial institutions were against the use of cryptocurrency, the online gambling industry embraced it and it is now witnessing increased use of cryptocurrency in making bets.
Advantages of Playing Online
It is clear that playing the lottery online is a lot more convenient than having to go to a physical store. There are also many advantages in terms of games you can play. Top vendors continually update their catalog to include more and more lotteries from all over the world. Having the option to play international lotteries plays a significant part in bringing more players to the online lottery market.
For example, in the past, you had to physically be in Spain in order to play the popular Spanish Christmas Lottery. But now, everyone in the world can participate and this of course, brings a lot more players online. The prizes put for grabs in this lottery reach a staggering amount of $2.5 million.
Other Reasons for Growth
According to researches, the number of digital lottery users is expected to double from 317 million in 2018 to 624 million by 2022, mainly driven by China and the Far East. Based on these researches, it is also anticipated that the Chinese online lottery industry will re-emerge during this period. A huge part of the increase will also be South Korea – where a digital lottery will be launched.
Alongside the stable and growing Western markets, it is believed that the US is also close to a wave of legislation which will facilitate online gambling, and with that the sale of online lottery tickets. After Pennsylvania allowed such activities in October 2017, New Jersey, West Virginia, New Hampshire and Illinois are also expected to follow suit. With this new legislation, the online delivery of state-run lotteries will likely be allowed, as well as pools between states, which will drive participation even further.
