Online Lottery - Latvia

Latvia

Highlights

Revenue in the Online Lottery market is projected to reach US$24.56m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.64%, resulting in a projected market volume of US$30.59m by 2028.
In the Online Lottery market, the number of users is expected to amount to 33.6k users by 2028.
User penetration will be 1.5% in 2024 and is expected to hit 1.9% by 2028.
The average revenue per user (ARPU) is expected to amount to US$922.20.
In global comparison, most revenue will be generated United States (US$5.74bn in 2024).
With a projected rate of 6.6%, the user penetration in the Online Lottery market is highest South Korea.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Online Lottery market in Latvia has been experiencing steady growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences play a significant role in the growth of the Online Lottery market in Latvia. With the increasing use of smartphones and internet access, more people are turning to online platforms for their entertainment needs. Online lotteries provide a convenient and accessible way for customers to participate in games and potentially win prizes. The ability to play anytime and anywhere has made online lotteries a popular choice among Latvian consumers. Trends in the market have also contributed to the growth of the Online Lottery market in Latvia. The introduction of new and innovative lottery games has attracted a wider audience. Online platforms have also made it easier for customers to participate in international lotteries, expanding their options and increasing the overall market size. Additionally, the integration of social media and online advertising has helped to raise awareness about online lottery games and attract new customers. Local special circumstances have further fueled the growth of the Online Lottery market in Latvia. The country has a long-standing tradition of lottery games, and the online market has provided an opportunity for operators to reach a larger audience. The government has also implemented regulations to ensure the safety and fairness of online lottery games, which has increased consumer trust and confidence in the market. Underlying macroeconomic factors have played a role in the growth of the Online Lottery market in Latvia as well. The country has experienced stable economic growth in recent years, which has led to an increase in disposable income. As a result, more people have the financial means to participate in online lottery games. Additionally, the COVID-19 pandemic has accelerated the shift towards online entertainment options, including online lotteries, as people have been spending more time at home. In conclusion, the Online Lottery market in Latvia has been developing steadily due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The convenience and accessibility of online platforms, along with the introduction of new games and increased marketing efforts, have contributed to the market's growth. The government's regulations and the country's stable economy have also played a role in attracting customers to the online lottery market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Gambling Revenue (GGR) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies, and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, the urban population, the usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.