Sign up for news

Things to Know about Lottery Market in 2021

30 June 2021, 09:21
865
Votes: 1

Lottery news isn’t only the results of draws. It is a huge market, a challenging business, which is evolving and changing its initial form.

Things to Know about Lottery Market in 2021

Tony DiMatteo, CEO at Lottery.com, has provided an overview of this sector of the gambling industry, dwelling on the most interesting issues.

How does the lottery industry of 2021 look like? Could you provide a short overview?

The industry in mature markets is expanding at a moderate rate, but with a strong shift toward innovative technologies. Lottery players are looking for platforms that offer convenience, security, and reliability of playing the lottery remotely from their phones or computers.  

In high-growth markets, such as Latin America, Africa, and the Asia Pacific, there is a rapid expansion of lottery games, including sports gaming as well as a shift toward innovative technologies.  A couple of trends in high-growth markets that have been ongoing for several years are increasing disposable income and access to mobile devices. We expect these trends to continue, both of which are positive for online lottery play.    

Can we say that the pandemic has transformed the lottery sector digitally? As people needed to use online products instead of buying a traditional ticket in retail shops.

In our industry, the pandemic accelerated trends that were already occurring – namely, the desire of consumers for more convenient and safer ways to participate in the lottery. During the pandemic, it became obvious that an online solution for official lotteries is needed, especially when people are unable to go to a retail location and are looking for more entertainment options from their homes.  Similar to what occurred at Amazon with books or Netflix with video rentals, we expect that after consumers have experienced the convenience and safety of online products, they will not go back to visiting brick-and-mortar stores.  

What lottery products are in the highest demand nowadays, and why?

The US lottery games are the most popular. Their high name recognition and large, fast-growing jackpots make them the highest in demand.

What are the main trends in the lottery sector from the technological point of view? What features should every lottery website/application include to be successful in the market?

Consumers using any application today are looking for the security of their personal information and data as well as a low-friction and seamless experience that delivers on their expectations. Online requirements that force a consumer to maintain a minimum amount in an online wallet, request excess information beyond the requirements of “know your customer”, only permit users to complete part of the transaction online and require additional steps in a retail environment, or that do not provide cryptographically secure technology will not ultimately meet consumers’ expectations. 

What makes the lottery as business specific? How does this market differ from other segments of the gambling industry?

Lottery is a universal game played by most adults, is offered in almost every jurisdiction in the US and internationally, can require a very small financial outlay by the user, and doesn’t require a substantial time commitment. However, it has traditionally been slower than other segments of the gambling industry to adopt new technologies. That said, as consumers demand greater interactivity and convenience in every aspect of their experiences, we have seen the same demand within lottery and an increased engagement in certain jurisdictions with online solutions. We anticipate that these same users will responsibly transit to other equally engaging forms of play, such as sports betting and other games of chance. We expect this trend and consumer demand to continue.

What about the marketing tools in the lottery vertical? What are the most effective methods to promote the product?

There are multiple ways to promote lottery products – particularly those that utilize the innovative technologies we have previously discussed. One effective tool is word-of-mouth advertising. Of course, for this to be effective, you need to have an innovative and user-friendly product, strong customer service, and an identifiable brand. This combination is not easy to create, but if you can, you have a highly effective and cost-effective marketing tool.

Some additional marketing options include paid search campaigns, event sponsorships, and affiliate partnerships. This type of marketing is most effective when introducing a new product or entering a new market.

What is expected for the lottery market in the nearest future? Will it transform or remain the same?

We believe the transformation from a brick-and-mortar model to a digital one will accelerate in the coming years, as evidenced by more jurisdictions approving iLottery. This is fueled by consumer preference for the convenience, safety, and reliability of accessing the lottery from their phone or computer and from jurisdictions looking for additional sources of revenue, which lotteries provide.

Read more: Guide to starting an online lottery

Read more: Overview of Camelot in the UK

natural8 natural8
Comments:

No comments

Now read
5 Aug
Up