The World of Gambling as Seen by Younger Generations
How is it that those born since 1981, are so important to the gambling industry and its future? The answer is simple. The generation gap contributes to the development of the entertainment industry creating new standards for how gambling services and products are created.
Through time, generations have been defined by the progress of technology. From the personal computer to the internet and the smartphone, invention and innovation have served as driving forces that apprise generational identity.
In today's fast pacing digital world, that identity is clear in the way generations use the internet, the way they value its importance, and the overall digital role experiences play in their lives.
Take Generation Z. They were born into a world that was already online, where the gist of today's digital world was already visible. With technology being omnipresent, Gen Z's expectations for the digital world transcends those of any generations that have come before them.
Today Gen Z makes up nearly 40 percent of all U.S shoppers, and as members of this generation graduate from college, get hired, and increasingly realize their massive buying powers, they are changing the way people identify with and are influenced by the internet and the massive digital world.
Gen- Z and the Future of Work and Play
Each generation has its own characteristics, but Generation Z has one that makes them stand out from other generations. Gen Z's were raised in the world of social media and games. And while a majority of Gen Z's aren't yet of gambling age, that isn't stopping the gaming industry from wanting to better learn about their habits.
Younger generations use mobile phones not just to check emails and make calls but for diverse purposes. As data shows, almost 70 percent of consumers in the world were smartphone users. Actually, the majority use high-end devices that provide high sound, picture, and graphics quality for entertainment, especially gaming. Now with everything in the cloud, more online gaming services are trying to implement blockchain technologies to enhance the gaming experience and ensure transparency. To put it simply, a revolution in the gaming industry is not far away.
To engage and retain younger generations' attention and avoid their games, becoming a boring substitute to others on the market, top casino operators created products that borrow features from video games.
Millennials & Gen Z to Drive Growth
A surge in demand for new alternatives to digital gaming, boosted by younger generations is expected to push the world of gambling worth more than $94 billion by 2024. What's more, both generations are highly inclined toward digital gaming than traditional forms like slots, classic tables games and video poker.
Additionally, a study has shown that "millennials spend less time on gambling and reveal the lowest scores on the number of days for slot betting, trip frequency and trip length among all generations" compared to Gen X and Baby Boomers.
What also supports this argument is that new generation parents, particularly millennials parents, are even tech-savvier than their predecessors. According to a survey, online gaming is the favourite at-home activity of most millennials parents' who also let their kids play video games. They prefer more affordable entertainment that doesn't involve leaving the house. As casino performance tracking plugins show, an increased number of daily visits from younger players made top-tier gambling websites to emerge, while the big casino began organizing events with new kinds of online entertainment.
Another important move in the battle to earn the attention of younger generations is responsive design, product customization, and additional gamification throughout the gaming process.
Younger generations who more or less stormed into the digital world fresh from the cradle, have high demands. In today's fast-pacing world of gambling, it's no longer enough for games to have gripping storylines, high resolution, and catchy 3D effects. Gen Z's look for fun, light, and quality solutions for compatibility across multiple devices, convenient payment methods, and secure data. Websites that cannot easily be adapted to current characteristics of regional markets risk being unable to keep up with the competition and lose their standing.
Younger Generations Tend to Be Cautious in What They Do Online
We all leave behind a digital footprint, which is analyzed by professional marketers. The digital footprint shows your interests and provides clues as to what the potential customer might like, helping marketers cater to each player better. Meanwhile, secure payment and data confidentiality have become two key issues that users take for granted when completing any online tasks.
Younger generations grew up behind a generation that had to battle the great recession. Today, Gen Z is starting to graduate amid uncertainty. So, it comes as no surprise that they now see technology as a way to high-paying employment. Technology is something to master, something to be feared and make the world a more enjoyable place (while making themselves more money).
They are warier about their use of internet, yet they still have a conservative perspective towards how their information is used and privacy respected. They allow brands to contact them on platforms like Instagram or Facebook, but they don't expect to be reachable at all times. This drive creates an interesting dynamic for younger generations who want to disconnect but doesn't seem able to.
Some of Gen Z's openness towards the digital world, despite the traditional privacy and security concerns held strongly by other generations, stems from their overall opinion of the internet as a force for good in the world. In doing so, millennials and Gen Z separate from the other generations, with a positive embrace of the internet that is free from much of the scepticism found among Gen X and Boomers.
We can call them young at heart, but Generation Z persistence that can be harnessed for good is a tenacious thread across many of their digital preferences.