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Millennials and Customization: the Future of Payments in iGaming

Author: Rode Arteaga
17 January 2020, 15:46
Votes: 2

Every year the gambling industry faces new challenges and one of the most relevant is acquisition and retention of the millennial audience. The Login Casino team studied the issue with the help of 1Ante experts.

Millennials and Customization: the Future of Payments in iGaming

The first thing to do in order to understand the issue deeply is to make a clear definition of the concept “millennial”.

So, millennials, or the Y generation, are the people whose first steps in adult life coincided with the boom of digital technologies. Mainly, these people were born between the end of the 80s and the beginning of the 90s. Their main feature is perceiving all the technological benefits as a fact, not as something extra or innovative.

One more term from the title of the article – customization – is the product or service personalization in order to meet clients’ needs. In this case – millennials’ needs.

And the last, but not least, term of the topic – omnichannel. Initially, it was a marketing concept, which meant the integration of differentiated communication channels into a coherent system.

So, why the millennial audience is so important for gambling operators?

Read more: Secure Payment Systems: How to Choose

Demographical changes or millennials in iGaming

First of all, it should be noted that the millennial audience is important not only for online operators but for land-based gambling establishments’ owners as well. They were the impetus for developing robotic equipment, videopoker and videolottery terminals.

According to experts from 1ante.com, the milestone in acquisition and retention of this audience is the use of innovative technologies, particularly in terms of iGaming payments. It should also be noted that millennials are the biggest generation of consumers in the world.

Demographical changes or millennials in iGaming

“It is vital for gambling operators to adapt their payment systems to the needs of the millennial audience. The three key features here are speed, security and personalization. Therefore, the most efficient strategy is an omnichannel payment solution”, commented 1Ante representatives.

Read more: Review of Online Casino Payment Systems

Peculiarities of attracting millennials

According to 1Ante experts, each aspect of payment systems can be optimized in terms of Y generation’s regional needs. These can be Skrill in France or Sofort in Austria. Bank transfers and digital wallets are such a usual thing nowadays that operators, which do not have this option in their payment system, risk losing a significant part of profit.

If to speak about security, transactions must necessarily be tested for the risk level. This implies special features of payment security systems that verify transactions.

The role of blockchain and AI

Blockchain and iGaming

Despite the fact that this term is already familiar to everyone, the influence of blockchain on various branches of business, especially connected with digital identification and payment systems’ application, continues.

Blockchain peculiarities help in solving a number of issues related to payment systems in gambling, namely, it guarantees security and fair play, ensures anonymous access to the resource, speeds up transactions, offers lower fees.

The role of blockchain and AI

“Blockchain provides the storage of gaming data that cannot be edited or changed. Virtual gambling establishment and betting companies that accept payments in cryptocurrency provide anonymity while depositing and withdrawal transactions take much less time”, said 1ante.com experts.

Read more: Review of Online Casino Payment Systems

Artificial Intelligence and iGaming

Interesting fact

Artificial Intelligence uses several dozens of parameters that help to predict clients’ behavior while experienced managers use at most five parameters.

AI can be used in gambling companies in two main directions – marketing and management. This technology allows optimizing routine processes and copes with it much better than humans. For instance, with the help of AI, one can identify the possible outflow of clients in a few minutes and prevent it with the help of an individual approach.

As mentioned earlier, one of the most significant forums dedicated to payment systems took place in London on September 18.

Read more: Risks Faced by Online Casino Customers

Read more: Cryptocurrency and Blockchain in Betting: Tasks of the Technology and Ways of Its Implementation

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