Report: Millennials found to be the biggest online gambling spenders
PXP Financial study suggests Generation X had the most negative reaction to the imminent ban on gambling with credit cards
Millennials are the biggest spending generation for the online gaming and betting industry, according to an industry report from payment provider PXP Financial.
Millennials – individuals born between 1981 and 1995 – were found to spend more than the older generation X (1965-1980) and the younger generation Z (1996-2012) on online gambling.
The report – conducted in February during the ICE 2020 exhibition in London – also found that generation X prefers to play with credit cards and the demographic had the most negative response to the UK credit card ban that is set to come into force on 14 April.
In a prior report, PXP found that generation Z preferred to spend using digital currencies over cash.
PXP did detail that generation Z has ‘yet to have a significant impact on the online payments industry, primarily due to their age and financial capability’, but this would change as the group matures.
Koen Vanpraet, PXP Financial CEO, said: “At PXP Financial, we work hard to ensure we understand trends within various markets and how they will affect our clients.
“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,” he added.
PXP notes the results of the study are not intended to be a definitive outlook on the entire industry as those surveyed were limited to attendees of ICE London 2020.