Juniper Research estimates an escalation in wagers on online lotteries by 2022
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The findings of a new study commissioned by Juniper Research, the mobile, online and digital market research specialists, reveals that the wagers placed on online lotteries would escalate from US$29 billion in 2017 to US$76 billion by 2022.
The study evaluates that the online lotteries will be disrupted by the opening of markets coupled with a move towards mobile offerings.
The escalation will be propelled by mobile devices, as they will account for more than half of the growth by 2022. The study called Mobile & Online Gambling: Casinos, Lotteries, Betting & VR 2018-2022, explicates that there will be an elevation in the number of digital lottery users from 317 million in 2018 to 624 million by 2022, specially driven by the Far East & China. The Chinese online lottery industry will re-emerge during the four-year period, alongside the launch of the digital lottery in South Korea, which will take place this year forecasts the Research.
Juniper also revealed that the US is on the verge of a new series of legislation that will facilitate the growth of online gambling. While Pennsylvania took the first step to legalise the industry in October 2017, Juniper identified New Jersey, New Hampshire, West Virginia, and Illinois as the states that would likely adapt a new legislation.
However, the research found constraints, with traditional lottery providers, often monopolies in their home markets, now facing increased competition. Research author Lauren Foye explained: “The rise of lottery betting providers will concern traditional players: Juniper calls attention to Lottoland, which saw revenues of $320 million in 2016. The company enables users to effectively ‘bet’ on a range of lotteries globally; users pay to enter and pick the required numbers. Whilst customers do not buy a physical ticket, Lottoland’s insurance model pays out on any wins, should they occur.”
Juniper found that those activities are a draw for players seeking better odds or jackpots from international games.
Source: European Gaming Industry News