Video Lottery Terminal Market: Current Analysis and Forecast (2024-2032)

Report Description

Video Lottery Terminal Market Size & Forecast

The video lottery terminal market was valued at approximately ~USD 4.8 Billion in 2023 and is expected to grow at a strong CAGR of around 7% during the forecast period (2024-2032) owing to the rising disposable income.

Video Lottery Terminal Market Analysis

The Video Lottery Terminal (VLT) market is a dynamic and rapidly expanding segment within the global gaming industry. This market encompasses electronic gaming machines that provide a variety of games such as slots, poker, keno, and bingo. These machines are typically located in casinos, racetracks, and licensed establishments like bars and restaurants. The VLT market is driven by several key factors, including technological advancements, regulatory support, and the increasing popularity of electronic gaming.

For instance, in June 2024, IGT secured a contract to provide the Ohio Lottery Commission with a central monitoring system for video lottery terminals. The contract, effective from May 31, 2024, through June 30, 2033, includes an option for Ohio to renew the contract for up to two additional one-year terms. This contract involves the deployment of IGT’s Intelligent central monitoring system across more than 10,000 VLT machines in seven racinos throughout Ohio.

Video Lottery Terminal Market Trends

This section discusses the key market trends that are influencing the various segments of the video lottery terminal market, as identified by our team of research experts.

Video Poker Machines Segment Transforming Industry

The video poker machines segment is a prominent and enduring part of the gaming industry, offering a unique blend of traditional poker gameplay and electronic gaming technology. Unlike slot machines, which rely entirely on chance, video poker machines incorporate an element of skill, as players can make decisions that affect the outcome of the game. This mix of strategy and luck makes video poker machines particularly appealing to a wide range of players. Recent technological advancements have significantly enhanced the appeal and functionality of video poker machines. High-definition screens, touch sensitive controls, and immersive sound systems provide a more engaging gaming experience. Additionally, the integration of advanced algorithms ensures fair play and random outcomes, complying with regulatory standards.

North America is Expected to Grow with Significant CAGR During Forecast Period

The Video Lottery Terminal (VLT) market in North America is a significant and expanding sector within the broader gaming industry. VLTs are electronic gaming machines found primarily in casinos, racetracks, and other licensed establishments such as bars and restaurants. These machines offer a variety of games including slots, poker, keno, and bingo, and are connected to a central system that ensures game integrity and regulatory compliance. The market in North America is driven by technological advancements, regulatory support, and the increasing popularity of electronic gaming.

In 2024, Aristocrat Gaming announced its entry into the Québec VLT market, launching 10 games including “Bao Zhu Zhao Fu Red Festival” and “Fire Light” on new hardware platforms. This move is part of their strategy to expand in North America.

In January 2024, Everi Holdings launched its new Empire Flex™ cabinet, featuring high-resolution displays and innovative gaming content. This product aims to enhance the gaming experience in casinos across the United States and Canada​ (IGT)​.

Video Lottery Terminal Industry Overview

The video lottery terminal market is competitive, with several global and international market players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new type launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market are IGT Solutions Pvt. Ltd.; Scientific Games; Playtech PLC; NOVOMATIC AG; SYNOT; Aristocrat; AGS LLC; Apollo Games; Aruze Gaming Global, Inc.; and Universal Gaming Group.

• In February 2024, Scientific Games announced a partnership with the British Columbia Lottery Corporation (BCLC) to enhance their VLT offerings. This collaboration includes the deployment of new gaming terminals and upgraded software to improve user engagement and operational efficiency.

Video Lottery Terminal Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, type portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global video lottery terminal market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Video Lottery Terminal Market Analysis (2024-2032)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global video lottery terminal market were the three major steps undertaken to create and analyze the adoption of video lottery terminal in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global video lottery terminal market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the video lottery terminal market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the video lottery terminal market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report, such as type, application, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the video lottery terminal market. Further, we conducted factor analysis using dependent and independent variables such as type, application, and regions of the video lottery terminal market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the video lottery terminal market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global video lottery terminal market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the video lottery terminal market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global video lottery terminal market in terms of types offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global video lottery terminal market. Data was split into several segments and sub-segments after studying various parameters and trends in the areas of the type, application and regions in the global video lottery terminal market.

The main objective of the Global Video Lottery Terminal Market Study

The current & future market trends of the global video lottery terminal market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the video lottery terminal market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the type, application, and regions.
• Define and analysis of the regulatory framework for the video lottery terminal
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the video lottery terminal market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the video lottery terminal market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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