NEW YORK, The online lottery market in China is expected to grow by USD 3.67 bn from 2021 to 2026. The growth momentum of the market will accelerate at a CAGR of 5.13%, according to Technavio. Technavio analyzes the market by product (Lotto, Sports, VLT, and Scratch card) and device (mobile and desktop).
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The online lottery market in China covers the following areas:
Online Lottery Market In China Sizing
Online Lottery Market In China Forecast
Online Lottery Market In China Analysis
Drivers and Challenges
The increased reach of online lottery is supporting the online lottery market growth in China. Online lottery can be played through computer and mobile devices, with a high adoption among young people. In addition, mobile ads, being one of the strongest mediums of advertising, encourage people to try the games online. Moreover, the online sports lottery in China has been driving the market growth. For instance, Chinese lottery sales raised to USD 58.67 bn in 2021, up by 11.8% from 2020, when retail sales were suspended for a large part of the year due to the COVID-19 pandemic. Sports lottery made up the majority of the total, which was 22% more than that of 2020. Thus, the market will grow positively during the forecast period.
Online scams and negative impacts are challenging the online lottery market growth in China. Moreover, lottery can lead to addiction, loss of sleep, and depression due to high debt and bankruptcy. This can impact the social and economic environment of a country. Those who are addicted to lottery tend to spend well beyond their means. On average, gambling addicts have more than double the debt when compared to non-gambling households. Such effects can be seen across China. With the growing popularity of lotteries, the crime rate is also increasing as people addicted to lotteries try to find ways to finance their addiction but end up committing crimes or illegal activities such as passing counterfeit money, theft, and fraud. This, in turn, will restrict the growth of the market during the forecast period.
Key Vendor Analysis
The online lottery market in China is concentrated, and the vendors are deploying growth strategies such as price, variety, and innovation to compete in the market. The key offerings of some of the vendors are mentioned below:
Baidu – The company offers lottery services where you can simply select six numbers from 1 to 49. BIT Mining Ltd. – The company offers online sports lottery service in China. China Sports Lottery Operation and Management Co. Ltd. – The company offers sport lottery service in China and offer four types of lottery. Gaming China – The company offers national lottery made for Chinese players everywhere and it is available exclusively online. QQLotto – The company offers digital animation 4D lottery games using the technologies of Digital Lottery Draw System.
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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