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Casinos have been attempting to address their so-called “Millennial” problem but an article published by Motley Fool on Tuesday suggests there is no Millennial casino problem.
From Motley Fool:
If you've read much about millennials and the gaming industry, you've probably noticed a pattern: Virtually every article notes that they aren't into casino gambling, then presents at least one of four magic bullets sure to save the gaming industry from "them."
*Online poker and online/mobile gaming
*Daily fantasy sports (DFS)
*eSports wagering (wagering related to competitive video gaming)
*"Skill-based" gaming, where the outcome of the game is determined by the player's skill.
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There is not a shred of objective evidence to support the idea that there's anything unusual about millennials in terms of their propensity for casino gambling, Motley Fool claims.
They claim the perception of a Millennial problem is based on anecdotal evidence.
Statistics show that gaming revenue as a percentage of total revenue on the Las Vegas Strip has fallen to under 37% while Millennials have increasingly driven visitation to Sin City.
Motley Fool writes:
It's like complaining that people aren't spending enough on movie tickets because they're spending too much at the overpriced concession stand, particularly when it's pretty clear in this case that non-gaming activities (concession sales) are driving visitation to the Las Vegas Strip, and ultimately gaming revenue (ticket sales).
There are, however, three sure things we know about Millennials in regard to casino gambling.
There is now more access thanks to the spread of online and mobile gambling.
Millennials are more knowledgeable about gambling than those of past
The house advantage has been on the rise for two decades, such that the value of a gambling dollar has never been lower.
- Gilbert Horowitz, Gambling911.com
