Marketing Analysis
Last updated
Last updated
In the global Online Instant Lottery Games segment, USA, Canada, Japan, China and Europe will drive the 5.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$899 Million in the year 2020 will reach a projected size of US$1.3 Billion by the end of the year 2026.
The lottery market forecast predicts a US$ 30.14 billion growth in the next 4 year period. The growth in the online lottery is attributed to the growing penetration of the Internet and smartphones which in turn will fuel the growth. It is a key force driving the lottery market. It is to exhibit a CAGR of 6% during the forecast period.
The online lottery market was valued at US$ 7.5 billion in 2019, it is predicted to exceed US$12 billion by 2026. The global online lottery market by geography is segmented into Asia Pacific, North America, Europe, Latin America, and The Middle East. Europe dominates more than half of the market share, growing at a CAGR of more than 9% during the forecast period.
The demographic profile for online lotteries consists mainly of
Males with an average age of 45.7 years, in terms of gender distribution.
One-third of the market are females who are between the ages of 36-48.
People over the age of 65+ make up 11%.
About 68% of young males between the ages of 18-35 gamble once or more times a month.
85% of the market have completed high school education, and people with less than a high school education are less likely to participate (4%).
They are most likely to be fully employed at about 62% and unmarried are 53% while students who participate are at 4%.
Our target market is mainly players from the age 18-34 years of age, hoping to capitalize on the players' accessibility through the internet.
Appealing to the modern consumer buying habits that are limited to geographical boundaries.
Expanding the market to more female players and players above the age of 65+.
The market is in need of lottery platforms who are innovative and progressive.
Considering the consumers security and income generation via bonuses, which most platforms do not offer.
The expansion of technology has made it possible to access the internet anywhere and anytime.
Optimized versions of the platforms on mobile devices can help grow the reach in the market, while being convenient to the consumers.
The market also expects transparency in how the lotteries are conducted, to be involved in the process and eliminate possible scams.
Providing the option of instant payout to the players, to help them retain possibly all their winnings no house edge commissions are charged. As crypto based lotteries all have a decentralised payment method and protect the anonymity of the players, instant payout further solidifies the consumer trust.