In terms of online casino business, players for change include generational shift in consumer preferences, competition with other forms of entertainment, the role of artificial intelligence (AI) and metaverse, responsible gambling and regulatory development.
Uplatform said one of the most significant changes on the market side is “the influx of millennials and Gen Z players into the industry.”
The term “Generation Z” is used by marketers to refer to consumers born between 1996 and 2010.
“This generation’s identity has been shaped by the digital age, climate instability, the changing financial environment, and COVID-19,” suggests McKinsey & Co., a market research expert.
U-Platform noted that the Pew Research Center, an American think tank, has defined Generation Z as people between the ages of 9 and 24 now.
“Although a significant portion of this age group is still legally unable to gamble, in many states, the minimum age to play is 18 years old,” Uplatform said in his paper.
“As a result, about 20% of Gen-Z can gamble legally in online casinos,” it added.
U-Platform also observed that the U.S. Commission on Problem Gambling published a study in March that gambling was already a popular activity among older Gen Z members.
“It’s important to adapt and accommodate these younger generation preferences while maintaining a balance that appeals to the older population,” Uplatform said in the context of online game operators.