Generation X, those born between 1965 and 1980, is the demographic cohort that is more likely to use credit cards for gambling purposes as opposed to millennial gamblers, according to a new research by payment services provider PXP Financial.
PXP Financial surveyed a group of delegates at this year’s ICE London gambling industry conference. The payments firm used the interviews it conducted as the base for its ‘A conversation about payments: Differences in generational betting’ paper.
The recently conducted research found that the majority of Generation X members (59%) use credit cards to gamble.
On the other hand, millennials, that is to say those born between 1981 and 1996, are most likely to use debit cards for gambling purposes. About 49% of all of PXP Financial’s millennial respondents said that debit cards were their primary payment form when it came to gambling.
This rose to 53% when the payments firm included the use of debit cards through eWallets. In comparison, only 29% of all surveyed Generation X members said that they used debit cards to place bets or play at casinos.
PXP said that the Generation Z demographic cohort is yet to have a major impact on the online payments and gaming sectors. However, the payment services provider said it believes this will change over time.
Looming Credit Card Ban
The results from PXP Financial’s survey are revealed just days before the implementation of a credit card gambling ban in the UK.
Among the respondents at ICE London, 55% said that the looming ban would have a negative effect on the gambling industry. Among the Generation X members who participated in PXP Financial’s survey, about 67% said that the credit card gambling ban would have a negative effect on the sector.
It was in January when the UK Gambling Commission announced that a ban on the use of credit cards for gambling purposes would be introduced. The new rule is set to take effect on April 14 and aims to reduce gambling-related harm and protect vulnerable people.
Millennials are the group that spends the most while gambling, according to PXP Financial’s survey. About 52% of the survey’s respondents said that those born between 1981 and 1996 were the biggest spenders when it came to gambling.
However, at 33%, the majority of Generation X respondents said they believed their own generation was the one that spent the most on gambling.
Commenting on their recently released paper, PXP Financial CEO Koen Vanpraet said that it is their goal to “understand trends within various markets and how they will affect our clients.”
He added that they hope the insights provided “within this sentiment research will provide the industry with greater understanding of its target groups and help our clients with their market strategies.”