Does the generation you’re born in have any impact on your online gambling behavior? PXP Financial, an international expert in payment processing services, set out to answer this question. They recently published a research piece on how different generations of online casino players handle online gambling and betting payments.
The study aimed to investigate the opinions of age-segmented players regarding payments. They questioned four different generations: Baby Boomer (1946-1964), Generation X (1965-1989), Millennial or Generation Y (1981-1995), and Generation Z (1996-2012).
- Millennials tend to spend the most on online gambling
- Debit cards are the preferred payment option across gambling sites
- Safety is an important factor when making deposits at online casinos
Millennials – The High-Rollers of the Game
PXP Financial conducted research to examine which generation has the most significant impact on online gambling, as well as which form of digital payment is the most common. They surveyed the attendees at ICE London, one of the largest and most popular interactive gaming exhibitions in Europe.
As CEO Koen Vanpraet explained:
At PXP Financial, we work hard to ensure we understand trends within various markets and how they will affect our clients. Such insights will hopefully provide the industry with a greater understanding of its target groups and help our clients decide on the most effective strategy to bring their services to consumers.
Overall Group Consensus
According to 52% of the attendees questioned, Millenials are the biggest spenders when it comes to making bets with digital payments at casino sites. The majority of people surveyed were from the Millennial group itself, but the perception was shared by some Generation X people, too.
On that note, Generation X believed representatives of its group were the biggest spenders at 33%. However, since PXP Financial compared the results of this research with a previous investigation they did, the conclusion was that Millennials were still perceived to spend the most.
Debit Cards – The #1 Online Gambling Payment Method
Even though there is a wide variety of digital payment methods at online casinos, the most used option is debit cards. Out of those examined, over 45% used debit cards as their primary method for betting online.
If you add varied forms to the equation, such as eWallets, that number increased to 53%. That being said, the majority of players relied on debit cards and all debit-card associated payment options for playing at online casinos.
Generation X and Credit Cards
- Millennials make up 49% of debit card users, followed by Generation Z.
- On the other hand, only 25% of Generation X used debit cards.
- 59% of Generation X preferred using credit cards.
- 67% of the Generation X group disapproved credit card ban in the UK.
Safe Online Casino Deposit Methods
This research showed useful insight into players’ payment habits and preferences in online casino payment options. It turns out that Millennials prefer using debit cards, while their slightly older peers, Generation X, prefer credit cards. However, given the credit card ban in the UK, players that participate in online betting would have to resort to using other payment methods.
There are plenty of online casino banking options that are safe, fast, and convenient. In addition to credit cards and debit cards, eWallets, cryptocurrencies, pay-by-phone options, prepaid cards, and vouchers are just some of the options available to players.
And while all these payment methods offer secure transactions, to ensure a positive gameplay experience, it’s essential to find a legit online casino. Playing at reputable sites adds another layer of protection by using SSL encryptions and firewalls that further secure your private and financial details.