In the Midst of Attracting a New Millennial Audience
Following the rise of digitalisation, the sports betting market has reached new, unprecedented heights. Interestingly, the forward-thinking nature of modern-day gambling has revolutionised the market, with an evolving demographic actively engaging with the latest opportunities. Although it hasn’t always been like this, the recently-adopted tech-driven approach to sports betting has attracted a new wave of millennial players. So, let’s consider why the sector is currently in the midst of captivating Gen Y bettors.
The Appeal of a Modernised Industry
The sports betting market had a value of $85 billion in 2019. By 2020, Statista reports that this figure rose to $203 billion, marking a $118-billion increase. Although millennial players' increased participation isn’t the sole reason for this growth, it’s undoubtedly been central to the market’s multibillion-dollar progression. Presently, industry leaders are targeting Gen Y, which is an audience aged between 25 and 40.
One way in which the industry has piqued millennial interests is by modernising their traditional offers, making them available online. Fascinatingly, this perfectly caters to Gen Y bettors. Research from Herosmyth reveals that 35 per cent of millennials use tablets, while 25 per cent use their smartphone as their primary source for content. Not only that, but 57 percent use a laptop, and 57 percent own desktops.
As such, this digital approach ensures that a technologically-literate audience can accessibly immerse themselves in the latest offerings. Not only are Gen Y bettors more tech-savvy than Gen X or Baby Boomers, but they’re also more digitally active. As such, they expect a wide-ranging selection regarding available markets, which many operators are able to provide. NordicBet odds, for example, cover numerous different sports, including basketball, football, ice hockey, tennis and much more. Furthermore, their platform utilises several betting types, such as in-game and outrights.
Catering to a Generation of Expectations
The tech-focused aspect of the sports betting industry aside, millennial gamers have also been drawn to the market because of its bonus-offering style. Across many business sectors, incentive-driven approaches are central to both attracting new players and maintaining existing users. As such, because many of the present-day operators embrace sign-up promotions and loyalty schemes, this has subsequently captivated Gen Y.
Having grown up in an ever-evolving technological era, Gen Y are undoubtedly a demanding generation. Millennials’ prior knowledge of digital markets means that they often expect on-demand entertainment, which sports betting platforms offer. Furthermore, the introduction of on-demand in-play betting, in particular, feeds into the pre-existing perception that spectating is more enjoyable when there’s something on the line. This emotionally-charged element adds more drama to the world of sports, and that’s something that Gen Y seemingly gravitate towards.
Gen Y is Here to Stay in Sports Betting
The sports betting revolution hasn’t happened overnight, but now that the millennials have taken the market by storm, they don’t appear to be going anywhere any time soon. Ultimately, the tech-orientated style that has modernised the market appeals to Gen Y as it enables immersion in all-action, high-stakes entertainment at the push of a few buttons.