Walmart Making Bold Moves into iLottery Market
American retail corporation Walmart Inc. is gearing up to shift its role in the lottery industry from a mere ticket seller to an wactive player and competitor.
Walmart will launch an app integrated with iLottery functions.
LISTEN TO THIS ARTICLE:The retail firm has announced its plans to launch a dedicated app that may integrate iLottery capabilities and allow customers to purchase lottery games directly. In pursuit of this objective, the retail giant has recently had meetings with various big lottery industry players, like IGT, NeoPollard, and Scientific Games.
Walmart has also unveiled a catchy slogan, "Be in it to Win it," as seen in presentation materials from its April summit in Bentonville, Arkansas.
While the specifics of Walmart's lottery strategy remain uncertain, according to multiple sources who anonymously shared information with Lottery Geeks, the "Lottery@Walmart" initiative is in progress.
Inefficient Systems Fuel Walmart's Lottery Foray
According to sources, Walmart's motivation to enter the lottery industry is not only driven by potential profits but also by a shared frustration among retailers and vendors, including Kroger, Sheetz, and Wawa.
An inefficient disconnect exists between lottery point-of-sale (POS) systems and internal store POS systems, stemming from the unique agreements between state lotteries, lottery partners like IGT, and varying state laws and regulations. This results in separate and incompatible systems across different locations.
All of this raises a number of questions regarding Walmart’s long-term strategy for lottery sales. Traditionally, the retail giant has focused on retail sales through lottery vending machines. The tag line ‘Be in it to Win it' implies that the company is looking to expand its lottery strategy into new channels and/or products. Access to sales transactions alone will not justify the ROI.
More Business News
Move to Disrupt Lottery Sales Process
Experts have considered the failure of IGT and Scientific Games to address the issue as a significant oversight, given their dominance in powering state lottery systems across the US.
With Walmart's foray into iLottery, this move could encourage other retailers to follow suit, potentially resulting in a shift away from traditional lottery ticket sales models. This could ultimately lead to the bypassing or even displacing of IGT and other companies with direct contracts with state lotteries in the market.
RELATED TOPICS: Business
Latest News
Most Read
Must Read
Interviews
When Helping Others Is a Life-Long Mission - An Interview with Gordon Moody CEO, Monica Shafaq
Dec 17, 2024
Interviews
Review this New Post
Leave a Comment
User Comments
Comments for Walmart Making Bold Moves into iLottery Market