Lottery is a game of chance in which people pay a small amount of money to be entered into a draw where they have a chance to win a large jackpot. The game was invented in ancient China. It has become a popular form of gambling worldwide.
Despite its popularity, lottery has been criticized as an addictive game. However, it is also used to raise funds for public projects. Some of the most common lottery games include Cash4Life, the Multistate National Lottery, Powerball, and Mega Millions.
As per research, the global lottery market is divided into four segments: North America, Europe, Asia Pacific and Latin America. During the forecast period, Asia-Pacific lottery market is projected to expand at a CAGR of 9.1%. This growth is mainly attributed to increasing awareness of lottery schemes, product innovation, and continuous legalization.
Online lottery market is expected to experience the fastest growth in the forecast period. The growing adoption of online lotteries is boosting the market in APAC. These online lotteries allow players to purchase tickets and earn a prize via a computer system connected to the telecommunications network.
Online lotteries provide access to different lottery games, thus allowing players to choose the most appropriate lottery. Moreover, lottery websites provide information on the past draws.
The lottery industry in the United States generated $71 billion in 2012. However, the lottery market is predicted to experience a slight decline during the forecast period.
The online lottery market is segmented into sports lottery, online draw-based games, and instant games. Among these, the online draw-based games account for the largest share of the overall lottery market.