Every week, millions of Americans enjoy playing lottery games. In the US, around $160 billion is generated from gambling activities each year, and much of that is generated by national and state lottery games. Furthermore, according to a recent report, America’s lottery market is due to grow by billions of dollars in a very short amount of time.
The Expected Growth of the American Lottery Market
Technavio, which is a leading global technology research and advisory company, has been closely monitoring the American lottery market and has recently released a report of its findings. The main finding is that the US lottery market is expected to grow to $20.62 billion by the end of 2024.
Between the years 2020 and 2024, that growth is predicted to progress at a compound annual growth rate of 5%. The report identifies the increasing use of smartphones as one of the primary reasons why the lottery market is expected to grow; in that, it’s now easier to access lottery games online.
Another key finding of the Technavio report is the year-over-year growth of the American lottery market is estimated to be 5.81%. The report also states that the market is fragmented, with several players occupying the market share.
Games and Jackpots
It’s easy to access American lottery games and check US lotto results at lotteryamerica.com, so it’s no wonder more and more Americans are playing lottery games. Indeed, one key reason that American Lottery games have become even more popular in recent times is down to the internet.
Before 2011, online lottery sales were forbidden. Due to legal clarification of the Wire Act, it was determined that each state that operated lotteries was within its rights to operate online lottery games if they wanted to do so. Today, many jurisdictions provide various online lottery options.
The American lottery is one of the largest forms of gambling in the US, and it can be enjoyed in the majority of states. The fact that the market is growing means larger jackpots can potentially be won. If you’re new to playing American lottery games, you may not be aware of just how big American Lotto jackpots can get.
Winners can become millionaires, or even billionaires, overnight. The three biggest American Lotto jackpots of all time were $758.7 million for Powerball, $1.54 billion for Mega Millions, and $1.59 billion for Powerball.
Powerball and Mega Millions are only two of the many lottery games available, but they are the most popular. Powerball is played across forty-five states and offers a minimum jackpot of $40 million. To play, simply select five numbers between 1 and 69 and one Powerball number between 1 and 26. On the draw night, balls are randomly selected. You win different prize money amounts for matching different quantities of numbers.
Mega Millions is also available in forty-five states. It’s a draw game like Powerball. To play, choose five numbers and one golden Mega Ball number. The great thing about Mega Millions is the game offers large second-tier prizes, including the Mach 5 prize, in which you win $5 million for matching five balls.
The other most popular draw lottery is Lotto America, which is a multi-state lottery, although it’s only available in thirteen states. Lotto America was created by smaller states in order to generate bigger jackpots. Because the states have small populations, players have a 1 in 9.63 chance of winning a prize, although the prize money is much smaller than that offered by Powerball and Mega Millions.
America’s Lottery Market Has Actually Been Rising for a Long Time
According to Statista, state lottery revenues have generally been on the rise year on year, with a few exceptions. In 2019, the total state lottery revenues totaled $28.86 billion. In 2018, the revenue figure was $27.06 billion, and in 2017, the figure was $25.01 billion.
Compare that to decades before, and you can clearly see how much American lottery games have grown, even when taking inflation into account. In 1977, the total state lottery revenues in the US totaled $0.77 billion. By 1982, the figure was $1.69 billion, and in 1987, it was $5.51 billion.
Only time will tell if Techanvaio’s prediction that the American lottery market will grow by more than $20 billion by the end of 2024 is correct. But looking at past and recent trends, it seems likely that the estimate will be right. And if you start playing American lottery games yourself, you can contribute to that growth. You could even become a jackpot winner.