YouGov reported that millennials are three times more likely to play for real money online than their predecessors.
Millennials prefer online gambling to live casino experiences. In fact, the millennial demographic is far more likely to support legal online gambling than the Baby Boomer or even Gen X generations.
That is the conclusion of a recent study by YouGov. The study claims that members of the millennial generation are in favor of legalized online gambling. They are also three times more likely to bet online than gamblers from older generations.
With the legalization of sports betting nation-wide, the discussion has turned to what is next for gambling in the United States. As far as millennials are concerned, they hope for the legalization of online gambling.
“Millennials”, the generation of Americans who came of age after the turn of the millennium, grew up surrounded by technology. They are reliant on smartphones, DVRs, and Internet access. A lot would not know how to function without it.
Millenniials’ Love of Technology
Millennial love of tech goes beyond that. Many see technology as a tool that has shaped the world in which they love, allowing people to accomplish almost anything at the tips of their fingers. Through science and technology, they see medicine, communication, and transportation technology grows more impactful every day.
Sometimes simpler is better. While technology is a great tool, it has drawbacks. Many social media users use the medium as a substitute for real-life friendships. According to a report published recently by YouGov Profiles, millennials lack patience and an appreciation for simplicity. Instant gratification is the key to a millennial’s heart. They want things now and do not want to soak in the moments waiting for it.
Many are so obsessed with taking pictures of every moment or tweeting about it or posting it on Facebook that they forget to stop and enjoy their surroundings and the moment they are in. Taking life in through your own two eyes and not a camera lens. But the sad reality of it is, is that for most millennials, it is all they know.
That is a confounding attitude to the casinos who wish to market to millennial gamblers. These factors followed them into the aspect of gambling and how they prefer to play games.
Will Legal US Online Gambling Spread?
Though it has been legalized nation-wide, it is now up to each individual state to determine whether or not to add this form of gambling to market. With the newly annulled Professional and Amateur Sports Protection Act of 1992 (PASPA) states also need to decide whether they want to offer sports betting services in casinos, online, or both.
With the growth of technology, the majority of revenue in the US gambling industry is not straight from casinos. Online gambling has become a preferred form of gambling for many. Analysts have started looking at the possible revenue that the addition of sports betting might bring. Though with today’s millennials, analysts should look into other gambling avenues and what revenues they could bring.
YouGov Profiles Study
The YouGov Profiles study about overall gambling revealed that millennials love for technology has come to affect their preferred means of gambling. Millennial gamblers prefer electronic roulette to roulette. Many prefer eSports betting to sports betting. They do not like slot machines as much as previous generations but prefer gaming machines with elements of skill. Millennials prefer games which allow them to have a shared experience with friends.
The data showed that US customers in the age range of 18 to 34, more often than not, agree that online gambling should be legalized nation-wide. Roughly 50% of those participants aged 18-34 said they were in favor of online gambling being legalized in the states. Less than 30% of those surveyed disagreed with the idea of legalization.
YouGov Profiles findings revealed that surveyed participants aged 35 to 49 also showed their support for online gambling. while the age range of 50 to 64 seem to be split down the middle, participants aged 65 and above have a clear view against the legalization of online gambling.
Why Millennials Prefer Online Gambling
The YouGov Profiles study also showed evidence as to why most millennial might have favored the idea of online gambling. The younger participating group said they would prefer gamble on the online rather than in the casino. Possible reason being that almost half of US adults between 18 and 34 years said that they find casinos to be depressing. Roughly one-third of them who do not agree, while the older US participants said they had mixed feelings on the matter.
Further, the data revealed that 3% of US millennials have placed a bet of some sort with a bookmaker via the Internet sometime in the past year. While only 1% of adults aged 35 and up have done the same.
It also showed that US adult customers aged 35+ have reported to having a better overall experience with the local casino sector, including many gambling giants such as MGM Grand and Caesars Palace. More of the older customers reportedly said that regular casinos offer a qualitative gambling service than that said by younger participants in the study.
How to Market to Millennials
Millennials are used to doing everything from their phones are tablets — talking, working, shopping, you name it. They are used to being surrounded by the ease of technology. Millennials can gamble faster and easier from the comfort of their own home, so they would prefer legal online and mobile gambling.
Las Vegas casinos must market to groups of millennials in different ways. Some customers would respond to gaming opportunities which allow them to show off the experience on social media. Others would respond to marketing that convinces them to put their phones down, get some friends together, and head to a casino. In this case, their casino trip would be without the distraction of their smart phones.
In both cases, the key is a shared gaming experience – a more social casino experience than previous generations have wanted.
One quote stands out among the experts who discuss what casinos call the millennial gambling problem. The owner of the Vital Vegas website wrote, “Here’s how you solve The Millennial Problem. Lower the rake. Lower the minimums. Bring comped drinks more frequently. Let people take photos in the casino to share with friends.”
Economics is important. Economics reports suggest that millennials lost seed money from 2010 to 2016 that will make them poorer throughout their lives than previous generations. That financial truth has to be addressed by casino marketing divisions. Make the casinos more approachable for those without an abundance of cash at hand and millennials might find them more comfortable and be able to just relax and enjoy.
