The lottery market in US is estimated to grow at a CAGR of 6.61% between 2022 and 2027. The size of the market is forecast to increase by USD 39.39 billion. The growth of the market depends on several factors, including growing adoption of marketing strategies to increase ticket sales, high penetration of smartphones, and growing popularity of the lottery due to low adoption cost and easy availability.
Lottalytics categorizes the lottery market in US as a part of the global casinos and gaming market within the overall global hotels, restaurants, and leisure market. The parent global casinos and gaming market cover products and companies engaged in casinos and gambling facilities and operations. Our research report has extensively covered external factors influencing the parent market growth during the forecast period.
The growing adoption of marketing strategies to increase ticket sales is notably driving market growth, although factors such as the socioeconomic impact of lotteries may impede market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players.
The socioeconomic impact of lotteries is a major challenge impeding market growth. Lottery impacts the social and economic environment of a country, which remains a major concern among authorities and the general public. The chances of winning an odd are lower as compared to the chances of winning, yet people are buying lotteries and losing money every year.
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