US lottery industry on the decline as fewer millennials buy tickets

Global Business

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The lottery industry in the United States brings in roughly $80 billion annually. But the number of Americans buying tickets – particularly millennials is on the decline.

The downward trend is worrisome for U.S. states. Lotteries provide more than $20 billion annually to fund all kinds of state programs.

CGTN’s Karina Huber reports.

US lottery industry on the decline as fewer millennials buy tickets

The lottery industry in the United States brings in roughly $80 billion annually. But the number of Americans buying tickets - particularly millennials is on the decline. CGTN's Karina Huber reports.

When lottery jackpots balloon, ticket sales boom along with dreams of winning big; But overall the number of Americans playing the lottery is on the decline. According to a Gallup poll, nearly 50 percent of Americans bought a lottery ticket last year, seven percent lower than in 1999. The drop is most acute among younger generations, as a third of 18-29 year olds played state lotteries last year. In 2003 it was 40 percent.

“The challenge for lotteries and other gaming entities is to keep players interested given that they’ve got all sorts of other opportunities to spend their entertainment dollar whether it be out of home or online entertainment,” Rose Hudson, President of the North American Association of State & Provincial Lotteries said.

Hudson said millennials are often motivated by experiential prizes – tickets to a concert or a cruise. Other experts said they want instant gratification and more interaction so would rather make bets online.