Lottery & State Gaming Operations
State lottery operators and lottery management companies providing instant ticket, draw game, and iLottery services to government clients.
Market snapshot
These figures describe Casinos & Gaming (2.8.2), the segment that Lottery & State Gaming Operations sits within — not Lottery & State Gaming Operations on its own.
- Market size
- ~$113B
- Growth
- ~4.3%CAGR (2017–22, nominal)
- Companies
- ~3,900
U.S. Census Bureau 2022 CBP/Economic Census, NAICS 713210 (Casinos) + 713290 (Other Gambling) + 721120 (Casino Hotels).
Business model & economics
Revenue model
Gaming win plus hotel, F&B, and entertainment; digital wagering
Key economics
- Recurring revenue
- Low
- EBITDA margin
- Strong on gaming; digital marketing-cost heavy
- Capex intensity
- High
play-driven, but loyalty programs build frequency
Characteristics
- Online sports betting and iGaming are the defining growth trend.
- Land-based gaming is capital-intensive and consolidated.
- Loyalty programs and integrated resorts drive frequency.
Geographic concentration
Casino and gaming employment concentrates where the activity is legal and entrenched — Oklahoma's tribal gaming, Nevada, Washington, and Delaware.
U.S. Census Bureau — 2022 County Business Patterns (employment by state), NAICS 713210. Concentration shown by location quotient.
M&A deal context
Who’s acquiring
- Scaled casino operators
- Digital gaming & sports-betting platforms
- Gaming REITs and asset investors
What’s driving deals
- Online sports betting and iGaming expansion.
- Consolidation across land-based gaming.
- Separation of gaming operations from real estate via REITs.
Find Lottery & State Gaming Operations acquisition targets
Search Acquisera’s index for companies classified under Lottery & State Gaming Operations (2.8.2.3) and build a targeted deal pipeline.
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