Lottery betting is the practice of making predictions about lottery draws and betting on the results. Lottery betting, commonly referred to as lotto betting, is an authorized form of online gambling where individuals wager on the results of lottery draws rather than purchasing paper
The market size of Lottery Betting sector in the Asia Pacific region reached a value of $51 billion in 2021. Key markets for Lotteries Betting in the Asia-Pacific region includes countries like Singapore, and South Korea. As many of the countries globally have made betting legal in their respective region which has paved way for the growth of the sector. There are still many across the globe where betting remains illegal.
South Korea Lotteries Betting market was valued at $2.5 billion in 2021. The Lotteries Betting market in the Asia-Pacific’s region saw a growth of 10% in 2021 as the sector witnessed a recovery in demand after easing the restrictions which were placed on account of the pandemic COVID-19.
Earlier in the year 2020, The COVID-19 outbreak impacted the sector greatly. Lotteries Betting were forced to shut their business for most of the year due to the ongoing coronavirus restrictions and lockdowns which postponed many sports and tournaments globally. During the year 2020, the market value of Lotteries betting in the Asia-Pacific region saw a de-growth of 26% due to the impact of COVID-19.
Many Lotteries betting games requires people presence and are done in a offline mode in casinos via bookies who takes bet on the behalf of the people betting on the game. Thus, when casinos were open, they needed to adjust their games and follow the government’s coronavirus safety measures, decreasing demand for the sector in general.
The major companies that have a strong presence in the Asia-Pacific Lotteries betting market includes The Hong Kong Jackpot, and Betting.AG.
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