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The online lottery market is predicted to experience high growth rates in the coming years. This is largely due to the increased acceptance of technology and high consumer disposable incomes. However, it is important to note that the industry has its own set of challenges. One of the major challenges is the level of competition. The industry has witnessed an increase in the level of investment in promotional strategies. It is also important to note that a lot of states are attempting to expand the reach of the online lottery.
The online lottery market is expected to grow at a 14.9% CAGR over the next two years. This is mainly because of the rapid digitalisation of the market. It is also predicted to experience a significant increase in the number of smartphone users. Furthermore, the increasing availability of high-speed internet is also expected to contribute to the market growth.
The online lottery market has seen a steady growth since the early days. A total of six states have legalized online lottery sales so far. The first online lottery game was offered by Illinois. However, it is still not legal to sell tickets online in Nevada. It is still unlikely that the lottery will be available in Nevada anytime soon.
The online lottery industry is also dominated by several key players. These players include Jackpocket, the largest online lottery courier service. Jackpocket offers lottery tickets for various state lotteries. The service is available both on desktop and mobile browsers. It also offers drawing games, including Mega Millions and Powerball.
The online lottery market is predicted to reach a market size of $4 billion by the end of 2021. This is a positive trend. The growth is predicted to be significantly higher for the mobile lottery market. This is likely to be attributed to the increased use of smartphones and the growth of mobile internet facilities.
Some of the major online lottery games include Fantasy 5 and Mega Millions. Both of these games feature two draws per day. These lottery games also feature variable jackpots each week. The jackpot for these lotteries ranges from $20,000 to $300,000.
The online lottery market has also received a boost from the rapid expansion of internet facilities. It is also predicted to experience a higher growth rate than the desktop lottery market. This is mainly due to the increased use of smartphones and the growth in consumer disposable incomes.
Despite the fact that online lotteries have not yet been authorized by all states, there are still several states attempting to expand the market. The legal landscape is still favorable for more states to be able to legalize the online lottery sales. In addition to this, the growing popularity of online lottery games is also expected to be a major driver for market growth in the coming years.