Getting Millenials on your side
March 21, 2019
Lyubomira Petrova looks at the trends and behaviours among millenials and suggests how best to engage this lucrative demographic.
Considered as a key demographic holding great potential for the gambling industry, the presence of millennials in marketing tactical plans on how to reach, engage and retain them is more evident and significant than ever before.
“Millennials are the Holy Grail for marketers and take up 50% of budgets in some sectors”
By 2020 nearly half of the global workforce will be made up by them, so it’s no surprsing that professionals in the igaming industry have already started work on how best to appeal to the fledgling generation.
Living in a dynamic world full of innovations and ultimate entertainment opportunities, when it comes to gambling behaviour players from younger generations are markedly different to their parents. Millennials will not risk their hard-earned money on the old-fashioned gambling formats that have traditionally appealed to an older crowd. This is a generation of experience seekers who are willing to spend their money on pure entertainment. They are more likely to choose gambling-related activities that test their ability in some way, which has led many offline and online operators to embrace gamification and new engaging gambling verticals.
One of those new verticals is esports, a global phenomenon engaging millennials like never before. Esports has an especially solid positioning in the Asian market, where betting on it can further enrich the igaming industry and the whole ecosystem. UltraPlay has a degree of expertise in the market, having offered pre-match and live odds on esports since 2014. We believe that esports can advance the opportunity for many operators who want to catch and fully use the new slice of the betting market.
NEW OPPORTUNITIES AND GROWTH
According to studies, by 2020 more than 50% of Asia’s population will be in the 18-35 age bracket and will hold a combined income of more than $5.4tn by 2024. Asian millennials are also becoming more selective about how and where to channel their money. By understanding the specifics of this audience, then, operators can offer highly competitive products that are set to millennials’ requirements and gaming profiles.
Moreover, the demographic’s affinity with technology is affecting the way betting brands make these offers. The reason for that is the up-and-coming generation has the know-how to find the most convenient and best offers through reviews and brand comparisons.
Millennials are setting new trends and are motivating the gambling industry to look for new strategies and thus to push technological innovation forward. Most of it starts at the Asian gambling exhibition, G2E Asia, Macao, where
UltraPlay will present the latest innovations and improvements, as well as providing answers on how to attract those tech-savvy millennials.
This has been published on the March/April issue of iGaming Business.Tags: Lyubomira Petrova UltraPlay CMO