When it comes to online gambling, Millennials (born 1981 – 1995) are the biggest spenders and prefer to use debit payments. In contrast, Generation X (1965 – 1980) prefers to play with credit instead.
January’s announcement of a credit card ban across the industry produced interesting results. Unsurprisingly, Generation X had an incredibly negative response. However, perhaps more surprisingly, each of the generations had a majority negative view on the regulation, leading to more than 50% of the respondents citing it to be harmful to the sector.
With regards to Generation Z, they have yet to have a significant impact on the online payments industry, primarily due to their age and financial capability. However, this is set to change as the group matures.
And as for the perception of retail, Millennial’s were found to lean more positively towards physical shopping, although it was nearly an even split. Generation X, on the other hand, vastly preferred the convenience of shopping online.
So finds research into the payment habits of different generations of players in the online gaming and betting space by PXP Financial, the global expert in acquiring and payment processing services.
“At PXP Financial we work hard to ensure we understand trends within various markets and how they will affect our clients,” explains Koen Vanpraet, CEO of PXP Financial. “It is our hope that the insights provided within this sentiment research will provide the industry with a greater understanding of its target groups and help our clients with their market strategies.”
This sentiment survey was developed following PXP Financial’s 2019 Are Payments the Key to Maximising Gen Z Appeal for the High Street research, which looked at the retail spending habits of Generation Z (1996 – 2012). Interestingly, the survey found that the majority of respondents preferred shopping instore to online and preferred to spend using digital currencies instead of cash. It aimed to provide another look into this generation and the spending habits of other generations in the retail sector.
The research for this survey was conducted at ICE London 2020, Europe’s biggest Online Gambling expo. Download PXP Financial’s whitepaper, A Conversation About Payments: Differences in Generational Betting.
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