Typically, a lottery is a state-run gambling operation. In most cases, the proceeds are set aside for government programs. The funds are used to finance roads, bridges, libraries, and other public projects. Several colonies in the Americas also used lotteries to finance local militias and fortifications.
The history of the lottery dates back to the Han Dynasty. A record from 9 May 1445 at L’Ecluse states that a lotterie was held to raise money for fortifications. This is believed to be the oldest known European lottery. However, it is possible that the first recorded lotteries in Europe were actually held in ancient China.
In the 17th century, several colonies in the Americas used lotteries to finance local militias. The University of Pennsylvania was financed by a lottery in 1755. In 1758, the Commonwealth of Massachusetts raised money with a lottery for an expedition against Canada.
In the 18th century, many colleges were financed with lotteries. In the United States, the lottery helped finance the construction of canals and bridges. In some cases, the government also sold tickets to brokers, who in turn hired agents to sell them. These tickets were usually issued with a notation. In other cases, the tickets were sold on a “Pieces of Eight” basis.
Lotteries were also popular in the Netherlands in the 17th century. In some towns, public lotteries were held to raise money for fortifications and the poor. Some colonies even promoted slaves as prizes. The first French lottery was called Loterie Royale and was authorized by an edict of Chateaurenard. The tickets were expensive.
The US lottery industry was estimated to have generated $71 billion in 2012. In 2012, the market was predicted to be down, but it was expected to grow at a single digit rate in the future. In addition to analyzing the lottery market, the report provides information on key market restraints, market trends, and market segmentation.
The global lottery market is mainly divided into four regions: North America, Latin America, Europe, and Asia-Pacific. Its market size is projected to reach $300.6 billion by 2021. The Asia-Pacific lottery market is projected to grow with a CAGR of 9.1% through the forecast period. The report also offers analysis of the key players and their contributions to the overall lottery market.
A key player in the Asia-Pacific lottery market is China Vanguard You Champion Holdings, a lottery technology supplier. It recently signed a five-year agreement with Hainan Huan Yu Assets Investment Company. It is also working with the Hainan Sports Lottery Administration Center to provide technology and funding for expansion of the lottery market in Hainan.
The Asian-Pacific lottery market is expected to witness rapid growth from 2017 to 2021. Its projected increase is driven by increasing awareness of lottery schemes and product innovation. In addition, the market is expected to experience steady legalization. The market will also benefit from the development of technological innovations, such as a lottery application that integrates mobile payment methods.