WHY MILLENNIALS HOLD THE KEY TO IGAMING’S FUTURE

iGaming revenue continues to rise, with the European Gaming and Betting Association (EGBA) anticipating iGaming generating as much as €29.3bn in the year 2022 – a rise of almost €5bn from 2019.

Whilst this is a huge positive, those within the industry will be well aware that the key to the long-term success of online casinos, is its interaction with the Millennial generation.

Millennials’ Gaming Education

A recent report suggested that the majority of young people are gaming in some capacity. From casual mobile games to more in-depth console/PC games, the report found that 22-36-year-olds still hold a keen interest in gaming, and whilst the evolution from video gamer to iGamer may not currently be an obvious one, the ability to play games while making real cash should prove appealing to Millennials.

To entice the Millennial age demographic, iGaming payouts are getting larger, and can, on occasion, be lifechanging, with those who play mega moolah sometimes attempting to land jackpots in the tens of millions. iGaming companies also create their content to specifically target Millennials, with well-known gameshows adapted to be used in an iGaming capacity, and popular celebrities brought in to market their products. Clearly, a new approach will be required to bring in this audience.

Appeal Increases With Tech Advances

Generations Y & Z were seen as the first to catch the gaming bug, and now it’s incredibly rare to see a member of this demographic unable to navigate their way around a smartphone. iGaming has adapted to this by tailoring their games to mobile and tablet devices, moving away from the traditional online casino websites which were only accessible on desktop or laptop.

As technology continues to evolve – with virtual reality and augmented reality gaming now two of the fastest moving in the genre – expect iGaming to continue to adapt their content to appeal to Millennials’ tastes.

Issues That Face The Industry

It is not just the issue of appealing to a younger demographic which currently faces iGaming, though, with video gaming giants Sony and Microsoft recently unveiling plans of a surprising partnership. The duo has spent the majority of Millennials’ lives competing for Playstation and Xbox sales, but Sony is now looking to Microsoft for help in powering its streaming services.

With competition in the video gaming industry greater than ever, the largest iGaming providers will need to guarantee that their content remains engaging, and innovative, to keep on the right side of Millennials.

Generational Gambling Habits

The main concern for the online casino sector though, is that Millennials do not seem to prioritize gambling as much as the slightly older Generation X.

In a study by Atlantic City’s Stockton University, the Generation Xers were found to spend on average 23.5% of their monthly budget on gambling, significantly more than the 8.5% wagered by Millennials. Of the Millennials who do gamble, the study showed that 40% who did not currently play slot games said that they would do so if there was an element of skill involved, and 38% would play if in a group.

iGaming may be a sector on the rise, but at this stage, there is little doubt that there is work to do to attract Millennials. However, should iGaming developers continue to adapt to changes in technology, and user experience, the industry will no doubt be confident of maintaining its upwards trajectory in the years to come.