NEW YORK, Oct. 10, 2023 /PRNewswire/ — The China – online lottery market is estimated to grow by USD 1.86 billion from 2022 to 2027, growing at a CAGR of 8.49%. The online lottery market in China is concentrated owing to the presence of many global and regional companies. A few prominent companies that offer online lottery market in China are Baidu Inc., China Sports Lottery Operation and Management Co. Ltd., Gaming China, QQLotto, Shenzhen Yixun Sky Network Technology Co. Ltd., SINA Corp., and Zhaoqing Chuangwei Development Co. Ltd . The report provides a full list of key companies, their strategies, and the latest developments. Download Free Sample before buying
Company Offering:
- Baidu Inc: The company offers online lotteries such as Bibliotektto Draw and The Big Lotto
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- Impactful driver- The increased reach of online lotteries is notably driving the market growth. The widespread accessibility of online lottery is one of its most enticing features, extending its reach to a broad spectrum of players. Online lottery’s chief advantage lies in its internet-based nature, freeing players from the need to physically visit a location. Consequently, it eliminates the necessity for travel, granting players the flexibility to engage in lottery activities at their convenience. Furthermore, the attraction of online lotteries is drawing increasing numbers of young participants, primarily because of the convenience of playing through computers and mobile devices. Moreover, the online lottery sector is experiencing significant growth in China. For instance, Chinese lottery sales surged to USD 58.67 billion in 2021, marking an 11.8% increase from 2020. During the prior year, retail sales had been largely suspended due to the COVID-19 pandemic. These developments are positively influencing the China online lottery market, thereby driving its growth throughout the forecast period.
- Key Trend – The introduction of new types of lotteries is an emerging trend shaping the market growth.
- Major Challenges – Concerns related to social issues are one of the key challenges hindering China’s online lottery market growth.
Market Segmentation
- The mobile segment is estimated to witness significant growth during the forecast period. The mobile segment proves to be a highly effective channel for market players to strategically target their audience and entice them with a diverse array of preferred lottery games. When compared to desktop users, mobile users exhibit a higher likelihood of converting into online lottery customers. Consequently, smartphones are recognized as a potent avenue for boosting participation in online lottery activities, thus stimulating the growth of this segment. One primary driver behind the enhanced conversion rates to online lottery customers via smartphone devices is the growing efficacy and relevance of personalized lottery-related advertisements. Furthermore, numerous market players can harness mobile platforms to deliver a more captivating and interactive experience to users, thereby attracting a larger customer base. Additionally, market players can promote other product offerings on this platform, tailoring their approach based on the user’s gaming habits and the types of games previously enjoyed. This strategy helps in augmenting their sales figures. Consequently, these factors are poised to propel the growth of this segment, consequently driving the expansion of the China online lottery market during the forecast period.
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Related Reports:
The online lottery market size is estimated to grow at a CAGR of 8.45% between 2022 and 2027. The market size is forecast to increase by USD 12,741.16 million.
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.
TOC:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Device
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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