The lottery industry faces declining sales, and the introduction of new games can help reverse this trend
The online lottery market is expected to grow as the industry continues to adapt and evolve to meet and exceed the expectations of players. Changes follow trends like new shopping practices, changing demands, and the proliferation of gaming activity and entertainment involving mobile devices. There are challenges to address, however, as to reverse the trend of declining or flat sales, and innovation is the key to ensure that the industry is vibrant and growth-oriented.
Factors that contribute to declining sales include jackpot drought, lack of new games, and changing demographics and habits. While the lottery industry has put a lot of effort to ensure a good distribution of products, a major challenge is to leverage the current distribution channels. The key question is how to modernize and transform existing channels in ways that will keep existing customers happy and will simultaneously attract new players. Businesses across multiple industries are trying to strike this fine balance as to increase their customer base in times of financial uncertainty amidst a continuing pandemic. To this, it is important to develop and introduce new solutions that keep pace with the betting crowds.
We all know that content is the king, and gaming companies are certain to be more than aware of this. While lottery providers are still offering standard games like The Dallies, raffles, and toto sgp, experts highlight the importance of new content and gaming options for players. As Lottery at BCLC Vice President Kevin Gass nicely formulated, the notion of content is key, the goal being to develop new solutions that appeal to customers who feel existing products are not engaging or interesting enough. The answer here is to come up with collective industry solutions as to boost the sector’s capacity to assess how successful new games are in keeping customers entertained. One idea is that gaming providers involve two teams – one that is working to create new games and another that would focus on making existing games more appealing.
Urgent Action to Improve Outcomes
As lottery providers do not face a lot of competition, it is important to take urgent action and develop more and better products to improve outcomes. Experts emphasize the importance of urgent action, with the lottery industry challenging itself to stay strong. The way forward is not only to offer improved gaming experience but also to do business better from a customer perspective. Digitalization is one solution in this direction as more and more customers choose to play online and from the comfort of their home. Another idea is to offer ticket packages which some lottery providers have already done. In partnership with major grocery chains, lottery operators offer customers the option to buy tickets while checking out groceries. These are known as scratch and win ticket packages.