Online gambling among generations

Those born before the invention and rapid spread of the Internet are unlikely to say anything positive about blockchain, Bitcoin and other cryptocurrencies. For example, the famous economist Nuriel Roubini and world known investor Warren Buffett are vocal critics of new “financial revolution”. Most cryptocurrency fans are among young people — millennials really like the idea of digital assets. It is expected that in the next decade it is this age category that will earn much more money than their predecessors in their younger years.

Almost every online casino has embraced all benefits of blockchain to this day. Cryptocurrencies are often used to place bets on gambling websites or buying virtual lottery tickets. There is a serious differences between generation cohorts when it comes to new trends. Let’s examine them by analyzing every generation separately.

Baby boomers: Old and conservative

Baby boomers were born between 1944 and 1964. Their current age is between 55–75 years. The term “baby boomer” refers to Post World War II optimism, when americans were enjoying new-found prosperity. At that time the birth rate in US has skyrocketed, resulting in a “baby boom”. For ease representatives of our older generation are often called Boomers.

The Boomers prefer traditional media, rarely use Internet and mostly not interested in newest technologies. Their habits are shaped long ago so they prefer do thing in the old-fashioned way. There may be a lot of gamblers among Boomers and almost all of them prefer to visit traditional casinos. In a research study conducted by casinos operating in New Jersey, only 8.5 percent of a millennial’s vacation budget is spent on gambling. Older generations spend almost three times more, but not in online casinos.

Generation X: Highest debt load and rise of personal computing

Those born between 1965 to 1979 are digitally savvy and spend roughly 7 hours a week on Facebook. This generation was the first in human history to experience rise of personal computing. People in age from 40 to 54 still read newspapers, but also use Internet pretty often.

It is safe to say that Generation X is more close to online gambling, than Boomers. They also have enough money to spend on casinos or lotteries like Powerball. However, the biggest share of online gambling sites visitors is held by younger generations.

Millenials: Explosion of the Internet

Millennials or the Generation Y is the segment of people who are born between the years 1980 and 1994. They are active users of the Internet and mobile devices. These people are old enough to have job with stable income, some of them also have big student debts. As of economy the main shaping event for Millenials is The Great Recession, occured in 2008. Because of it average young americans have less faith in traditional financial system than previous generations.

Analytics of popular trading platform eToro recently conducted a survey among 1000 americans from age 20 to 65. Respondents were represented by three generations: Generation X, Millenials and Generation Z. Unsurprisingly, almost 40 percents of millenials are betting on Bitcoin in the event of a global economic crisis. They also represent the largest client base of online casinos and blockchain lotteries.

Most casinos have realized that they can only attract the millennial group if they introduce new trends and technologies in the gambling industry. Young people are most likely to download the gambling app rather than use traditional slot machines.

Generation Z: Mobile devices for everything

Young people from Generation Z are learning about personal finance. Financial education is considered one of the hottest topics among those who still goes to college. In the coming years they will face massive debt for student loans and danger of another potential economic crisis. Also, much of the generation has no stable income or significant net worth.

As you can see, each generation has its own habits, formed during long period of time. Tendency for online gambling will definitely rise in future. If you want to make more money on your bets, join Ethex.bet and move with the times!