Gamification of igames will help increase players’ interaction, and increase in the sign-up rates for online lottery
CHICAGO, IL, UNITED STATES, October 18, 2018 /EINPresswire.com/ — Arizton’s recent market research report on the global online lottery market provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by product (online draw-based games, online instant games, online sports lotteries, and others), by platform (desktop and mobile/app-based), by geography (APAC, North America, Europe, Latin America, and MEA), and offers detailed competitive analysis.
The global online lottery market is anticipated to generate revenues of over $10 billion by 2023, growing at a CAGR of approximately 8% during 2017-2023.
The increasing popularity of draw-based games and scratch-off instant games is boosting the revenues in the global market. Enhanced marketing, online promotions, high adoption, growing interest, and a rising number of dual-income households are some of the primary factors attributing to the growth of the global online lottery market during the forecast period.
The top 3 drivers and trends fueling the transformation of global online lottery market are discussed below:
Growing Number of Blockchain-based Platforms
The increasing influence of technologies changing the landscape and rising number of blockchain-based platforms will revolutionize the global online lottery market. The increasing internet penetration and growing smartphone adoption resulted in higher sales via mobile-based apps that reached over $45 billion in 2017. The leading vendors are leveraging rapid technological advancements and popularity of online platforms to boost sales in the global online lottery market. The blockchain is embraced by many businesses and technology sectors as a game-changing evolution in the value and information exchange. The emergence of blockchain is expected to offer solutions to the lack of transparency and security pre-existing in the industry. Vendors are storing and managing data in the wholly-transparent and immutable blockchain as a reliable and fool-proof way to identify users in the global market. The online operators are using this data or information stored on the blockchain network to verify new players against their profile and ensure the completion of necessary payment without any glitch. Using a blockchain-based system leads to decentralization as it uses a network of nodes comprising the players themselves. The decentralized platform offers full autonomy and independence for winners, thereby, driving the growth of the global online lottery market.
Increasing Use of Gamification
The advent of gamification of online gambling activities will transform the global online lottery market during the forecast period. The top vendors are investing in implementing advanced technologies to attract and retain new consumers in the global market. Various online gambling companies have started to use game-like elements such as avatars, narratives, story-telling, power-ups, leader boards, unlockable contents, and tournaments to gain a larger global online lottery market share. The increasing use of gamification of igames will help increase players’ interaction, and result in an improvement in the sign-up rates in the global market. Gamification is the process of incorporating the game elements such as narratives, leader boards, and role-playing to improve the overall experience and engage consumers for a longer duration of time in the market. Online gambling activities usually come up with rewards. For example, liking a social media page or installing a mobile app for the casino might give you rewards such as free spins, free chips, bonuses, comp points, cash back, and other deals. This adoption of gamification across online portals will help motivating, stimulating, and customer retention by the development of a loyal customer base in the global market. The inclusion of other perks such as earning special ranks on the loyalty reward tier, increasing social connections, and receiving exclusive bonuses will boost revenues in the global online lottery market.
Growth in Adoption of AR and VR by Lottery Vendors
The emergence of new technologies and innovations and the growing influence of the internet will drive demand in the global online lottery market. The leading service providers in the market are implementing AR and VR technology to offer something unique to their customers and provide players with enhanced experience in the market. The adoption of new technologies will help vendors sustain the intense competition in the global online lottery market. AR is a combination of live, direct, or indirect physical contact with the physical and real world and computer-generated sensory inputs such as sound, video, graphics, and GPS data. VR offers the end-users the experience of numerous senses such as vision, hearing, touch, and even smell. The use of these advanced technologies will enable consumers to enjoy high-usability and mobility at the same time and augment the development of the global online lottery market.
Online Lottery Market – Competition Analysis
Global online lottery market is highly fragmented due to the presence of various regional and international players. The continual innovations and upgrades in digital gambling domain are intensifying the competition in the global market. The concentration in developed countries such as the Western European countries is high, while the market is in its nascent stage in developing online gambling economies such as the US and India. The leading vendors are focusing on developing new business models and focusing on diversifying their portfolios to attract new consumers in the global market. The launch of innovative products will help players gain a larger global online lottery market share over the next few years.
The major vendors in the global online lottery market are:
Lotto Direct (theLotter.com)
Play UK Internet (PlayHugeLottos.com)
Other prominent vendors in the global online lottery market include Ardua Ventures (OneLotto.com), Bmillions, Betpoint Group, Camelot Group, IGT, Jackpot.com, LotteryMaster, LottosOnline, Lottoland, Lotto247, Morpheus Games, MultiLotto, Playtech, Svenska Spel, Tatts Group, win2day, Y&M Hans Management Limited, 1xBet, and 24Lottos.
The complete overview of the latest market research report on the global online lottery market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
Source: EIN Presswire