New York, USA, Sept. 10, 2020 (GLOBE NEWSWIRE) -- The recent research report on the Global Lottery Market by Research Dive divulges the impact of COVID-19 pandemic on the present and future market growth. This report is a thorough research formulated by market experts by taking into consideration all the key driving factors, restraints, opportunities, recent trends & developments, and size & scope of the market during the COVID-19 catastrophe.
Highlights of the Coronavirus Impact on Lottery Market Research Report:
The unexpected rise of the COVID-19 pandemic has imposed a negative impact on the global lottery market growth. As per the report, the global lottery market was valued at $157.7 million in 2018 and is expected to hit $325.8 million by 2026, growing at a CAGR of 9.4% during the pandemic period. In the current scenarios, the market size has reached $191.7 million owing to the stoppage of recreational activities and the enforcement of lockdown in several parts of the world. Analysts have projected that the market is expected to restore from the incurred losses and grow significantly by the second or third quarter of 2022.
Quick Download: COVID-19 Impact on Lottery Market Analysis Study
Factors Impacting the Market Growth amidst COVID-19 Pandemic:
The implementation of lockdown in various parts of the world has led to cessation of entertaining activities and ban on lottery places, thus hindering the global lottery market growth. However, the invention of online lottery platforms by several companies in this industry is contributing majorly to the growth of the market. During the lockdown, a majority of the world population is busy on smart phones and indulged in online activities, which is likely to boost the demand for online lottery applications.
Current Market Transformation Due to Covid-19:
As people are opting for online games and fun activities during the lockdown, the online lottery platforms are expected to see tremendous response. Market players have started undertaking initiatives in upgrading their current business models and withstand their business during this crisis period. For instance, BetBuddy, a market leader in data analytics in the gaming sector has invented an AI package to sense compulsive activities and make precise guesses to attract more players toward the game and circulate more money.
Moreover, Firelotto, a cryptocurrency token operating on the Ethereum platform is foreseen to revolutionize the lottery market by making accessible all lottery parameters in open source and fully transparent 24/7.
Post-pandemic Market Insights:
To confront the effect of COVID-19 pandemic on the global lottery market , companies are taking up activities such as mergers & acquisitions, partnerships, and new developments to survive admits the COVID-19 crisis. Furthermore, the implementation of artificial intelligence and machine learning in numerous online platforms is foreseen to unlock additional investment opportunities for market growth in the coming years. Moreover, growing initiatives by market players for innovative technological developments is expected to boost the market growth post-COVID-19 pandemic.
Top 10 Companies Leading the Lottery Industry:
- INTRALOT
- MDJS
- Camelot Group
- Florida Lottery
- Francaise des Jeux
- Mizuho Bank Ltd.
- Loterías y Apuestas del Estado
- Hong Kong Jockey Club
- Singapore Pools
- California Lottery
The report offers several strategies and tactics of the leading players functioning in the market such as the latest strategic plans & developments, financial performance, product portfolio, and SWOT analysis. Quick Download Top Companies Development Strategies Summary Report [75 pages]