Market Insights Digital eServices Online Gambling

Online Lottery - Nigeria

Nigeria

Revenue in the Online Lottery market is projected to reach US$92.55m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 5.95%, resulting in a projected market volume of US$116.60m by 2028.
In the Online Lottery market, the number of users is expected to amount to 510.7k users by 2028.
User penetration will be 0.2% in 2024 and is expected to hit 0.2% by 2028.
The average revenue per user (ARPU) is expected to amount to US$238.60.
In global comparison, most revenue will be generated in the United States (US$5,743.00m in 2024).
With a projected rate of 6.5%, the user penetration in the Online Lottery market is highest in South Korea.

Key regions: Asia, Japan, South Korea, United States, Europe

Market

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Currency

Analyst Opinion

The Online Lottery market in Nigeria is experiencing significant growth and development, driven by various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences play a crucial role in the development of the Online Lottery market in Nigeria. With the increasing penetration of smartphones and internet connectivity, more Nigerians are embracing online platforms for various activities, including lottery participation. The convenience and accessibility offered by online lottery platforms attract customers who prefer the ease of participating from the comfort of their homes or on-the-go. Trends in the market also contribute to the growth of the Online Lottery market in Nigeria. One notable trend is the increasing popularity of mobile applications for lottery participation. Mobile apps provide a user-friendly interface and seamless experience, attracting a larger customer base. Additionally, the integration of social media platforms into online lottery platforms allows for increased engagement and participation, further driving the market growth. Local special circumstances in Nigeria also impact the development of the Online Lottery market. The country has a large population, with a significant portion of the population being young and tech-savvy. This demographic factor creates a favorable environment for the growth of online lottery platforms, as the target audience is readily available and receptive to digital platforms. Furthermore, Nigeria has a diverse cultural landscape, and lottery games that cater to specific cultural preferences or traditions can gain popularity and contribute to market growth. Underlying macroeconomic factors also play a role in the development of the Online Lottery market in Nigeria. The country's economy has been experiencing steady growth, leading to an increase in disposable income for many Nigerians. As disposable income rises, individuals are more likely to participate in leisure activities such as lottery games. Moreover, the online lottery market provides an opportunity for individuals to potentially win substantial prizes, which can be appealing in an economy where financial opportunities may be limited. In conclusion, the Online Lottery market in Nigeria is developing due to customer preferences for convenience and accessibility, trends in the market such as the popularity of mobile applications, local special circumstances including a young and tech-savvy population, and underlying macroeconomic factors such as rising disposable income. These factors collectively contribute to the growth and expansion of the Online Lottery market in Nigeria.

Methodology

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.