Are Millennials the End of Gambling
Millennials, also known as Generation Y, are those born between the early 1980s and early 2000s, entering adulthood at the turn of the 21st century and giving them their name. Millennials represent a quarter of the world's population, have considerable purchasing power, and have great influence in many sectors, including gambling.
Compared to older generations, millennials are not so interested in casino games such as slot machines, craps and blackjack, online and offline. Some in the industry worry that this lack of interest means the end of gambling, but this is not necessarily the case.
What do millennials do when they don't gamble?
Millennials still flock to places like Las Vegas. However, these trips are not about gambling, but the Strip is seen as an entertainment destination with many experiences.
With chic hotels, trendy bars and restaurants, fun shows and trendy nightclubs, Generation Y is drawn to everything the area and casinos have to offer, except for the amusement arcades themselves, and when a millennial goes to a casino, it is seen primarily as a social activity to hang out with friends and enjoy a fun night out. In the evening, you can try your hand at a table game or slot machine, but don't spend a lot of time and money. The experience is more of a holistic one than one centered on one aspect, casinos included.
Is this really a millennial problem?
As much as some people want to blame millennials, there are several studies that suggest it's less of a generational problem than an age problem.
Life Magazine published an issue in June 1955 predicting the end of Las Vegas. The current generation, the largest in history at the time, was not as interested in gambling as their parents and grandparents were. New technologies changed the game. Something had to be done to lure the new generation onto the gaming floor, even though the number of visitors to Vegas was steadily increasing. These were the baby boomers, not the millennials, but nearly 70 years ago the industry was worried, and yet it survived.
The problem then is not the generation, but the fact that people in their 20s and 30s simply don't gamble much. They have less disposable income than older adults, and they have different priorities for their money and time. For example, many are interested in homeownership, a goal that can only be achieved if money is saved and not squandered. They also want to live their lives to the fullest and have as many experiences as possible.
Statistics have shown that people's interest in gambling peaks with age, so in theory millennials will follow in the footsteps of their elders in about 25 years and move away from shows and restaurants to slot machines.
Don't millennials generally like games?
Even though millennials have no interest in gambling, they love gaming. They grew up with gaming systems like Nintendo 64, PlayStation, Game Boy and Xbox. Many continue to use traditional systems, but increasingly also mobile phones.
Interestingly enough, the casual games for mobile phones that attract millennials today have similarities to casino games. Both types entice people with techniques such as colorful graphics and music that attracts them. Many mobile games also contain virtual currencies that must be spent to purchase items for in-game use. These virtual currencies may also require real money, just like casino games. And unlike casino games, they do not usually offer a payout option. Nevertheless, millennials prefer casual games to casino games.
What do casinos do and what else can they do?
Casinos have discovered that to appeal to millennials, they need to use technology and make good use of it. Millennials have grown up with technology and are constantly adapting to the latest and greatest innovations. If casinos have outdated websites and machines, this only leads to frustration, whereas the smoother current technology will keep millennial players interested. The industry has already introduced online games for PC and mobile devices and offers betting as two options to attract the tech-savvy Generation Y.
Some studies have shown that more millennials could gamble if existing games were modified or new ones were introduced. An example is new games that are offered and feel more like console video games than traditional casino games. These machines, which are reminiscent of video games that players grew up with and now play, add a convenience that facilitates the approach to the machine. They do not want to play games of chance - even less when the house advantage is much higher than in the past - but rather games they can study and train to play. Already, they are showing more interest in poker and video poker than in gambling machines.
It is also important that casinos offer some team-oriented games. Players can work together to develop their strategies and achieve their goals, something that can be much more fulfilling than a "single-for-one" game. It also satisfies their desire for social interaction. Instead of sitting alone at a slot machine and simply pressing the buttons, they would have a shared experience.
Since mobile connectivity also means that millennials can choose to play more at online casinos than in the countryside, options such as virtual reality are well integrated. dealer Live casinos enable some of the interaction that millennials are looking for, but virtual reality is a way to further enhance the gaming experience. Being immersed in and interacting with a 3D environment provides a stronger connection to the game. For land-based casinos, wearables are an ideal investment. They offer not only increased customer satisfaction, but also a lot of data for casinos. Wearables will enable truly personalized experiences and promotions, especially on millennials "favourite items - food and drink.
Casinos need to keep in mind that millennials are a different audience, but the industry has experienced similar behaviour before and is still strong.