- An online lottery system operated independently of outside interference.
- The COVID-19 pandemic made it hard for people to play the lottery in person, making the online lottery grow in popularity.
- Cryptocurrency accounted for 43.3% of iGaming bets in Q3 of 2021.
LAS VEGAS – The online lottery market has been expanding with new technologies as online gambling becomes increasingly more popular across the United States.
Advancements In Online Lottery Technology
According to a report from Stratview Research, the online lottery market is expected to compound annual growth rate (CAGR) of 1.2% over the next five years.
An online lottery system is essentially self-operating and doesn’t require any interference in order to run smoothly. This kind of system was inevitable with the rise in digitalization in other forms of online gambling.
With the COVID-19 pandemic making it difficult to play the lottery in person, people naturally turned to an online lottery alternative.
“Due to the lockdown imposed as a result of COVID-19, offline lottery ticket selling businesses and other gaming establishments were shut down,” said Shankar Bhandalkar, a Market Research Consultant.
Advances in technology continue to shift the online gaming marketplace and offer players new and exciting opportunities in the iGaming industry.
Cryptocurrency’s Effect On Online Gambling
Online gambling-related hobbies such as sports betting and virtual casino games have surged in popularity recently. While many industries are still hesitant to embrace the usage of cryptocurrency, the online gambling sector has done so wholeheartedly seeing many forms of crypto accepted.
According to an article from The Daily Gazette, “As per the estimation, the market will surpass US $200 billion by 2023. It is an opportunity for crypto or bitcoin online gaming to grow.”
A SoftSwiss report also shows that in the third quarter of 2021 cryptocurrency accounted for 43.3% of iGaming bets.
This is a 180.55% increase from the previous Q3 of 2020.