Like almost everything consumed and serviced, the American lottery is adapting to the world wide web. That is, the industry is going online, according to recent reporting by Modern Retail.
The move comes as many states, including Michigan, Georgia and Illinois, have already made online lottery legal for residents.
This is a general trend of relaxing previous restrictions, as state and federal governments loosen constrictions on things previously interpreted by many social conservatives as morally odious, including gambling.
Why It Matters: The gambling industry is set to boom because of the adaptation to the online world. The U.S. market is estimated to be valued at $2.3 billion in 2021 and $14.5 billion by 2026, while Asian markets are estimated to reach $4.1 billion by the latter date, according to a Global Industry Analysts report.
Apps have sprouted to supported the online industry. The likes of Jackpocket, Betfred and SpinToWin Slots & Sweepstakes are already up and running, helping people bet from wherever they so desire.
Certain corporations are set to benefit as well.
TransAct Technologies Incorporated TACT, Inspired Entertainment INSE have already seen a slow and steady rise over the last year, while Golden Entertainment GDEN has skyrocketed from about $13 a share to $47.
Photo: Dylan Nolte via Unsplash.
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