Do Millennials Gamble as Much as Their Parents?

Discover if Millennials hit the jackpot or fold on gambling compared to their parents. Get insights on generational betting habits now!

Do you feel like there are no new faces in casinos anymore? Like casinos are becoming more and more deserted? You are not wrong, as fewer new gamblers are coming from the Millennial generation when we start comparing figures against the previous times. What’s the reason for it, and will it change in the future? Let us find out!

Who Is Generation X?

Generation X is a demographic designation of people who were born between 1965 and 1980. They are children to the previous, rock-n’-roll generation, Baby Boomers.

Baby Boomer’s grandiose style of living created the consumerist economy that many detest today. The continuous strive for bigger and better shaped the problems of the American economy and the destruction of nature for decades to come.

Gen Xers came into the world during quite bleak changes. Divorces were becoming very common, and the birth rates were diminishing. Additionally, the AIDS epidemic was on the rise.

Instability is the most defining word for the time when Gen Xers were growing up. The American government was pulling money out of numerous programs for youth. Civil rights movement brought a lot of societal instability.

Gen Xer’s Attitude Towards Gambling

As the Gen Xers were growing up, many states were legalizing lotteries. Thus, gambling was actually spilling outside of Sin City for the first time. During the end of the ‘80s, Congress allowed tribal casinos throughout the country. It led to Atlantic City becoming a gambling Mecca.

Additionally, poker tournaments were starting to get televised during the ’00s, which, in turn, created a poker fever and brought poker out into the public’s eye. It resulted in a decline in the popularity of horse racing that was vital for the previous generation.

All of a sudden, Gen Xers had numerous gambling options right in the vicinity of their homes. It defined how they became the generation that stopped going to Las Vegas so much. They could bet on sports games easily near their homes and play poker over the internet.

Exactly four-fifths of Gen Xers gamble each year systematically, and the forces of online gambling support this figure. Gen Xers have a solid financial background and quite a lot of disposable income, which empowers them to gamble.

Who Are Millennials?

Millennials (also known as Generation Y) are people who were born approximately between 1980 and 1995. Gen Xers gave birth to the generation of tech-savvies, the Millennials.

Millennials are eerily similar to the generation that preceded the Gen Xers, Baby Boomers. Although the latter like to blame and accuse Millennials of not living ‘correctly,’ they, just like Baby Boomers, seek to change the political landscape, improve societal relations, and rebel against their parents.

Nonetheless, there are some distinct differences between the two generations. Baby Boomers were born into a skyrocketing economy. It allowed them to spend their money frivolously and create a consumeristic lifestyle.

Millennials did originally grew up on numerous movies about gambling. It allowed this generation to dream about gambling and a luxury lifestyle. According to Gamblers Daily Digest, the most popular gambling movies among Millennials are 21, The Cincinnati Kid, Casino, and Ocean’s Eleven.

However, Millennials were born into a declining economy, and, during their adulthood, the economic struggle was really prominent. According to the New York Times, the extremely high unemployment rates, high cost of living, and tons of debts pressured Millennials into living a much more minimalistic lifestyle.

Millennial’s Attitude Towards Gambling

The economic situation defines the attitude of the whole generation towards gambling, and nowadays, it is not an expense that they can afford.

“Although almost every Millennial has an iPhone (or an equivalent Android smartphone) and a pair of the newest Bluetooth in-ear headphones, it does not mean that they throw money around. They simply invest only in the necessary things, and a smartphone is one of those.

Gambling, however, is not one of the necessities. Now, only a fifth of Millennials can’t live without gambling, which is a drastic drop when compared to the previous generation.”

Besides, Millennials are much more informed on the odds of winning in various games and especially in the advantage of the house. This knowledge steers many Millennials away from slot machines in casinos, as they know that they have the worst odds of winning. So, they prefer skill-based games.

The Millennial generation was the first one to grow up playing video games. They did not just play video games in their youth but continue to do it throughout their adulthood, especially when it comes to competitive online games. Such games created a whole new branch of sports called eSports.

Millennials also treasure interesting experiences and new social interactions. So, such introverted activities as playing slot machines do not cut it for millennials. Instead, this generation would prefer open spaces where they can relax and talk with their friends or make new acquaintances.

Future Developments

The gambling sphere has to evolve and adapt to the new market. The reduction in the income of gamblers majorly affects how both online casinos and real ones operate.

Firstly, the creation of a whole new type of sports made many online betting sites to establish subsidiary betting ones dedicated solely to competitive online games. This type of betting is becoming more and more popular among Millennials with each year.

According to Forbes, Las Vegas and Atlantic City casino owners have also caught onto new trends and are changing their casinos accordingly. They are introducing night clubs with DJs, open spaces, new invigorating activities near the casinos, new skill-based games, and so on. These actions make casino visits an incredibly memorable experience.

In Summary

The older generations described teenage Gen Xers as pessimistic, contemptuous, and undirected people. According to the New York Times, however, Gen Xers became inventors and big company executives that created the technological world we live in nowadays. Gen Xers loved to play casino games, and Las Vegas men of business believe that, as the economy stabilizes, Millennials will also start to visit casinos more and realize their movie-inspired dreams of luxury lives.

Thanks to the Millennial generation, the gambling industry is finally getting a long-needed revamp. Most casinos did not change since the ’80s, and if they want to survive and thrive, they better adapt.