A recent study shows that millennials or Generation Y (born between 1981-1995) have the highest number of gamblers compared to any other generation. They all have some things in common; for one, all of them have to deposit money into their online casino before they can gamble via the internet.
They make use of the same range of payment methods to deposit into their respective online casinos. Payment method is one of the most significant considerations before delving into online gambling.
The millennials are considered lucky because they got to see a significant transition into digital technology. It gives them more advantages over previous generations such that an average millennial knows how to operate several digital devices like computers, mobile gadgets and many more advanced technologies.
They also got to taste a little bit of life without advanced technology, unlike Generation Z. Generation Z experienced a rather advanced technological era from the beginning. However, Gen Y has a more balanced perspective compared to the Baby Boomers; they had to go to Las Vegas to gamble.
Due to their digital knowledge in most sectors, it is not uncommon to see millennials gauge standards and trends. It is one primary reason you should know the popular payment methods they use, irrespective of whether you are in any older generations; it will help you stay somewhat updated.
This article will look at the most popular online casino payment options that the vast majority of millennials use to play games. If you are new to gambling, use this as a guideline to select your preferred payment method.
What Do Millennials Need From Their Online Gambling Payment Options?
Contrary to popular beliefs, millennials don’t jump on every payment method they see in online casinos. There are specific considerations that most of them make before they opt in for an option for their online gambling. Here are the main things that millennials need:
- License and Security
- Speed of transactions
- General ease of use
The most crucial factor to consider for online gambling in the next generation is security. Millennials always want to make sure that their money is safe while gaming. They aim for the safest methods that provide the fastest transactions and are also very easy to use in a gaming environment.
Popular Millennials Casino Payment Options for Young Adults in the Gaming Industry
For someone new to the online gambling industry, it is easy to get confused because of the vast number of digital payment methods available in online casinos. Besides, many unsecured methods have crept into the industry, placing players’ funds at risk.
While you may be unsure which one is safe or not, the best option is to focus on what the millennials use. It reduces the chances of losing your money and still getting the best deposit and withdrawal services from your respective online casino.
1. Debit Cards
Debit cards are one of the most popular digital payment methods in the world. One could easily attribute the popularity to the ease of use, even in land-based casinos. They are issued by financial institutions or investment banks.
Arguably every online casino allows the use of debit cards for transactions. Some of the most popular and accepted debit card services are Visa, MasterCard and American Express.
Debit cards were also one of the first payment methods to arrive in the digital marketplace. At the same time, it doesn’t look like it will go extinct anytime soon because millennials love it.
If you are looking for a secure payment method that helps you efficiently access your bank account directly, you should consider debit cards. The only requirement is to input your card data and the pin; also, make sure you are using a secure and licensed gaming casino.
So far, you have the amount in your bank account; the casino will automatically deduct it. The same goes for withdrawal payments from the online casino too. Once you input the debit card that you would like to withdraw your funds to, the rest is automatic.
2. Contactless Payment
Contactless payment is a more advanced future innovation that the millennial generation uses for payments in their online casinos. Although contactless payment may involve using your credit and debit cards or any other payment tool, it processes transactions through radio frequency identification (RFID) and near field communication (NFC) technology.
The online platform also has to support this method for you to be able to use it effectively. It is rapidly spreading, and most online casinos are implementing it already even for digital payments for gaming on any slot machine on a land-based casino floor. Some casinos like CA$5 minimum deposit casinos allow you to transfer funds from your own bank account to the casino without sharing your sensitive banking information.
Popular brands like Apple, Samsung and Google have apps that make use of contactless payment technology. Once you download their respective apps, you will need to connect your card or other compatible payment tools. Immediately, your card data will be successfully linked to the account; it creates a unique account for you that you can use within the app interface. You can use the account to make payments to your online casino operator to play specific games.
Millennials prefer the contactless payments innovation because once you link your card data once, you don’t need it again to make transactions. There is a tendency to either forget your debit card at home or otherwise misplace it. With contactless pay, you only require your mobile phone with the app to process everything.
3. Mobile Wallet
One could roughly categorize mobile wallets as a type of contactless payment. As mentioned before, you need to download some mobile applications to link your debit cards before making contactless payment transactions; these apps are what are called mobile wallets.
There are three common mobile payment wallets: Apple Pay, Google Pay, and Samsung Pay. Apple pay is made by the Apple company, and you can use it on any Apple product such as iPhone, iPads, Macs and any other Apple device. Apart from using it for casino deposits, you can also use it to make cash purchases from Apple stores and online stores that support it.
Google Pay, on the other hand, is for Android devices. So far, your casino supports it; you can use it to do online cash transactions on the platform. It also has a unique remittance service; however, only consumers in the United States and India can use it.
Samsung Pay is another popular mobile wallet, but it is only available on Samsung devices. However, it is also as functional as its other counterparts. Mobile wallets turn your mobile phone into a powerful digital payment tool.
4. eWallets for Mobile Devices
EWallets are also fast rising to become one of the millennials’ most popular payment methods for depositing and withdrawing their funds in online casinos. A decade ago, people used to carry wallets around to keep their money. That is exactly how eWallets work for you. The in-app sidebar makes navigation for payments very easy.
One of the most popular and influential digital wallets is PayPal. PayPal is a giant in the e-commerce business industry, and they provide one of the best eWallet platforms for digital payments to millennial bettors.
They meet all the primary requirements that you may be searching for in your payment method. You can choose to use a personal or business account. The most important thing is that PayPal is a very secure payment method; the encryptions are tight and everyone is confident that their money is safe. It is also very flexible and compatible with a lot of online casinos.
Transaction speed is also superb, and withdrawals to a bank account only take a few working days — the eWallet packs in many features that the millennial generation indeed loves. Other reputable eWallets include Skrill and Ecopayz. They function exactly like PayPal. One notable mention that contributes to the popularity of these digital wallets among millennials is that it is easy to register an account. You don’t have to go through lengthy processes before your account is set for making payments.
Cryptocurrencies are another fast-rising transaction tool among this generation. It is digital money; here is cash you don’t physical interact with. Everything is done over a decentralized network.
One of the most popular cryptocurrencies in online casinos is bitcoin. The crypto has gradually risen through the ranks over the years to become the most valued. Some online casinos already allow business transactions in crypto.
Millennial consumers love this method because of the privacy that comes with it. When you make transactions in cryptocurrencies, no bank, chief executive, or financial institution is overseeing your financial transactions because it is a decentralized network. Although it may promote a bit of fraudulent activity, it also guarantees the security and privacy of your gaming and casino account.
If you, as a player, love to bet big on games like slot machines, which require depositing huge payments, using cryptocurrencies is arguably the best option for you. Online casinos place higher deposit and withdrawal payments for those that are using cryptocurrencies. If you are ready to take advantage of the privacy of the blockchain, there is no better time to start using it than now.
Listed in the articles were some of the deposit options for this generation. Perhaps you don’t know much about gambling; maybe you are Gen Z. Still, it serves as the perfect guideline for you to pick the one that suits you in this digital age. First, all your gaming must be at a legit casino. Casino operators must be licensed and regulated by a top gambling body for you to trust them to play any game on their platforms.
Although there are several new payment methods that may leave you confused, here is where this article is here to serve you. It isn’t only restricted to casino players; if you prefer sports betting, the same methods also apply
Due to the ease of deposit, it is easy to get addicted and begin to deposit your money for day-to-day survival. If such is the case for you, reach out to your casino problem gambling resources for help.