“Consumers under 38 are more technically literate and more knowledgeable about gambling than any generation that came before them,” Ray Sze, Head of Games at Bitcoin.com, told The Cryptonomist in an interview, pointing out that digital casinos are the platform of preference for young gamblers.
The powerful arrival of cryptocurrencies is pushing the gambling industry and the betting market to evolve quickly. Most of the big players in the casino industry have decided to bet everything on digital gambling platforms. However, many of the companies do so without realizing one key aspect: the demographic factor.
The consumer habits of young digital users today make it difficult to convert the standard casino model in relation to other age groups. Simply put, Millennials and Generation Z approach gambling through a completely different lens than older generations. And casinos would be better off adapting.
This will be a key market segment for the growth of digital casinos. In such a context, cryptocurrencies cannot miss out. “The next generation of gamers will be all familiar with using virtual and crypto currencies”, notes Sze, talking about how digital casinos will help fuel the growth of the crypto adoption rate.
“From FIFA points to Vbucks to Bitcoin Cash, the transition is natural and as more transactions can be made between the fiat and crypto world, we expect cryptocurrencies to continue to gain market share on fiat gaming”.
A digital casino that is focusing on the growth of the promising betting sector is Bitcoin Games, a gambling platform (slot machines, roulette, classic table games such as blackjack and poker) where only Bitcoin is used.
This is where the need to use exclusively Bitcoin arises
Sze explained the reason for the choice, pointing out that:
“Bitcoin is the most widely used cryptocurrency there is right now. More and more people are adopting Bitcoin as their preferred mode of transaction all over the world”.
“The decentralized nature of this cryptocurrency with a level of transparency unmatched by any other digital currency in the space, along with the community that supports it, makes Bitcoin the perfect coinage for such a lucrative entertainment sector as gambling”.
The focus on anonymity, instant recording, and security through blockchain technology have made Bitcoin very popular in the crypto gambling ecosystem. Suffice it to say that bettors and gamblers average over $1 million in BTC winnings per week.
Sze also recalls that Bitcoin has prioritized the formation of a loyal and trusted community through the creation of reward programs and special events, an example of which is the Bitcoin Games 12 Days of Christmas.
Generation Z, video games and betting are part of the daily routine
Although Bitcoin Games aims at a wide demographic and welcomes players of all generations (“We have something for everyone,” says Sze), since traditionally the casino world is a world populated by the more “mature” players, it is clear that the target audience is represented by Millennials and Generation Z.
Almost 91% of the young people in Generation Z play video games assiduously, while 84% of Millennials call themselves gamers.
“A majority of today’s youth that makes the key consumer segment for casinos are fueled by their digital consumption habits”.
This age group prefers to have instant access to video games and gambling via smartphones and the Internet, rather than having to visit a real casino in person. These young people are interested in technological innovation, seeking anonymity and requiring immediate gratification which translates into faster processing times.
According to the latest surveys, the majority of this population sees cryptocurrencies as a class of assets in its own right and is receptive to the idea that digital coins will become a means for their purchasing operations.
“Digital crypto casinos – notes the manager – not only bring gambling at their fingertips, they also provide a faster and safer way for these generations to navigate the world that they already call home“.