With 87 million people born between 1980 and 2000, those in this age group account for 33 percent of the nation’s spending. This same age group is not so quick to gamble either online or in casinos, and it’s had experts baffled. Millennials head to Las Vegas, yet gambling is only making up a third of the city’s revenues. A recent study takes a look at what’s keeping the millennials from turning to casinos for recreation.
Millennials Have Three Key Reasons for Shying from Gambling
One of the leading reasons millennials are straying from online and land-based casinos are that the games are not intriguing them. This age group has grown up with computer games. They don’t want to push buttons, they want games that involve a level of skill. This is why so many millennials are turning to online poker and fantasy sports instead. They want to be able to have some involvement in whether they win or lose.
When it comes to entertainment, millennials want to be involved. They don’t want to hide behind a game by themselves. They want to join in with a group where they can socialize. This is why so many are joining poker groups, heading to online poker rooms with chat, or playing video poker.
Finally, millennials want games that are fair. They do not want to feel like they’re wasting their money on games where the odds are stacked against them. According to a study on slot machines, slot machines are taking more money from gamblers than in past years or decades. Many games used to have an average of approximately eight spin per minute. In 2014, calculations were done to find the average increased to 15.5 spins per minute. That’s almost twice as fast, yet wagers are remaining the same or are higher. As a result, players are losing money faster, and millennials understand this. They don’t want to keep wasting money.
What Needs to Change
Both land-based and online casinos need to start offering skill-based games. To meet with this changing demand, states like Nevada and New Jersey have changed their laws to allow casinos to add skill-based games, even skill-based slot machines. For this to work, game developers need to create slot machines and other games where the house advantage is minimal. As they work to come up with casino games for millennials, it proves to be an exciting time where all players will soon see changes that make them more likely to win at games that they typically avoid.