When iGaming Next 2024 kicked off with an All-Star panel on Wednesday in Lower Manhattan, Julian Buhagiar struck an ominous tone.
Buhagiar, a general partner at Yolo Investments, did not mince words. Asked to provide a snapshot for the evolution of the industry over the next 10 years, Buhagiar boldly proclaimed: “Gambling Is Dead.” At first glance, Buhagiar's comments may appear to be hyperbolic or a crafty attempt to grab headlines.
But for those who paused a minute to digest Buhagiar's comments, it became quickly apparent that he proposed a thesis for how the industry needs to respond to rapidly changing customer dynamics. Traditionally, foot traffic inside brick-and-mortar casinos has been dominated by the elderly population, as senior citizens represent a large percentage of activity on slot machines inside a retail environment.
The demographics skew younger in sports betting, where bettors are predominantly under the age of 35. A 2023 Ipsos poll found that sports bettors are more likely to be men who have yet to celebrate their 40th birthday.