The entire world population does not need a soothsayer to know that evolution has hit the global village massively in the last few years. Since the emergence of the age of millennials, what seemed to be the traditional way of doing things has given way to what is in ‘vogue’ and how easy technology can make ‘traditional’, ‘modern’. The basic fact is that every generation is different from the other and it is very essential to first establish the truth that the millennials cannot be compared to the ‘baby boomers’ and ‘generation X’. It is no news that high technological advancement is a major highlight to point out the peculiarity of the age of the millennials.
The generation of millennials is particularly different from previous generations. Their exposure to technology has over time influenced several of life’s ramifications, ranging from marriage to education, socially and entertainment to a larger part. Consequently, the older folks are starting to see how the world order is gradually bowing to their life choices, economically, socially, and industry-wise. These folks are a group of individuals across the countries of the world, born between the 80s and 90s, specifically, 1981-1995.
Millennials, a Threat to Traditional Casino Operators?
Data and history have shown these folks (millennials) are where they should be in the gaming evolution, but research has also shown that 24-to-38-year-olds of every generation engage in gambling less than 58-to74-year-olds. Casino gaming was a huge part of the way of life of the earlier generation. Taking a quick journey down the memory lane, the rich folks sort that way of entertainment to boast about and show off their wealth, while the less privileged would rather just have fun and probably win a few games to make some money. However, there’s been dire predictions that this generation of millennials is gradually getting less inclined towards this style of entertainment. It’s feared that they would rather not take to casino gaming and few of them who would ‘give it a shot’, would rather engage in it with available technology, rather than visit the traditional casino gaming centers.
Research actually finds that a handful of millennials consider gambling as ‘least important’ in their list of activities, and the other faction is basically in two folds; ‘the newbies who are ‘just visiting’ to see how a casino looks like and its style of activities and the ones who have absolutely no interest in gambling and would rather spend money on food and drinks.
Consequently, traditional casino operators across the world are expressing concerns about how millennials might eventually put them out of business as the world keeps evolving, and you really wonder if they are really a threat to traditional casino operators. Well, the answer is yes, and not far-fetched for several reasons. Here are two major ones.
Social Media & Technology
Unlike the older generations, the millennials would also prefer to have non-gambling facilities in casinos and ‘social media-worthy attractions at casinos. Truthfully, all these might seem like altering what traditional casino centers stand for, but operators should be ready to change course if they still intend to stay in business.
Traditional casino operators need to understand what attracts millennials. Most traditional casino facilities look exactly the way they have been for years, just the same way the baby boomers and generation X have had it. However, millennials are more inclined to change and reform. Simply put, they would rather explore new things. Design experts have suggested that casino operators can start by redesigning their buildings to attract millennials. Surveys conducted over time also shows that they believe casinos should be ‘immersive and inclusive’. They would not visit places where they won’t find their generational ‘gaming interests’ available, because that is what they grew up with.
Asides from the fact that some countries across the world rule out ‘gambling’ as illegal, particularly for the millennials because of ‘age’ and ‘exposure’.
The millennials are technologically very inclined and the ones who enjoy gambling as a form of entertainment would rather do it online, where they have little or no restriction, as long as they have the gadgets and speedy internet connection. Traditional casino operators are then left with two choices; either to avail them with internet facilities to enable them to play online and physically, or close up to create online casino platforms instead.
Instant Satisfaction by Quick Banking
Times are changing and the world of the millennials is definitely not static. As their generation gradually progresses, traditional casino operators would have to dance to their tunes to survive the gaming industry but the changes needed may not be as drastic as previously predicted. One thing is for sure when it comes to the Millennials. They don’t want to be told what to do, especially when it comes to money. Another well known “fact” about the Millennials is their need for instant satisfaction.
The new modern trend of online casinos called “Pay and Play” are built to satisfy the Millennials’ need for flexible and instant financial transactions. Gambling sites with a financial platform built to accommodate instant gambling without any need to register and of course, instant payments and withdrawals of winnings within a few minutes, thanks to the use of modern digital banking authorization. This is very different from traditional casinos, both land based and online, based on traditional banking platforms that take longer time to process and are less used by the Millennials.
Instant satisfaction is at focus when gaming platforms and payment methods are built by, and for the Millennials. The answer to how the casinos may become attractive to the Millennials may be as simple as exchanging the current cash payments at the casinos and instead allow mobile instant payments. Recent research of 2020 shows the Millennials spend a lot when their gambling needs are met. In fact, a study by PXP Financial concludes the Millennials are the biggest spending generation for the online gaming and betting industry.
Entertainment is central to the lifestyle of the Millennials and gambling is no exception, it’s all about meeting the need for instant satisfaction.
