_770.jpg "young girls at slots")
"Only youth receives more than it spends" - is it cliche or wisdom? Or is it jealousy? This famous quote of the twentieth century is attributed to two great Irish minds: George Bernard Shaw and Oscar Wilde. Who of them invented it? It remains a mystery. And is there any truth in this saying?
They appreciate authenticity, transparency, and open spaces that promote socialization, - says Roberto Coppola, a Global Director of Marketing Research for YWS Design & Architecture. - They are skeptical towards societal challenges and traditional marketing. They don't want to start a family and take out a mortgage. The older representatives of this generation are 35 years old. These individuals are referred to as the next generation, but they rather form the current generation. Nowadays, they have an impact on the gambling market, and this influence will only grow.
In this article on Casinoz, we will try to answer a simple question: Are young people better gamblers than older people? After all, we can use retrospective analysis and statistical data to evaluate who gambles more. We will also find out whether youth's impetuosity is the ideal quality for gambling.
Age of Youth
Let's discuss the definitions of "young" and "old."
- In jurisdictions of most European countries, the gambling age is 18 years.
- The United Nations defines youth as a transient state between childhood and independent adulthood. It includes persons between the ages of 15 and 24.
- In 2010, sociological research conducted at the University of Kent by the Economic and Social Research Council in London showed that Britons believe that the age of youth ends at 35 years and the old age starts from 58 years.
Although the difference in estimates between the United Nations and Britons regarding the age of youth is as much as 11 years, we will consider the age of 35 for reliability.
Does the Sex Influence Gambling Activities?
The National Lottery is the most extensive gambling activity in the United Kingdom. According to annual health studies in England, 68% of males and 61% of females gambled in 2012. If the participation in this lottery was not considered, the number of gamblers dropped to 46% and 40%, respectively. The gender split was relatively insignificant._770.jpg "young female gamblers")
Howard Shaffer, an associate professor at Harvard Medical School, works with Bwin, a giant in the online gambling industry. He studies the behavior of online players in casinos, poker rooms, and the company's betting offices. Dr. Schaffer analyzes the data transmitted in real time instead of using questionnaires, so he gets accurate information about people's actual behavior during gameplay.
Research involving 50,000 gamblers showed that the difference between males and females became insignificant, namely a few percent. The only noticeable difference is that females make bigger bets and win about 15% more than males. Therefore, we can safely assume that gender is an insignificant factor in our study.
Age and Gambling
A research on players' activity in different age categories was carried out in 2012-2013 in the United Kingdom. Look at the figures below: the horizontal axis displays the age, and the vertical axis shows the percentage of individuals involved in gambling.
_770.jpg "gambling stats")
We can safely assume that the older you are, the higher the probability you will become a gambler. The most popular gambling games (the lottery and scratch cards) are in demand, mainly among older people. However, these data are not dramatic enough to affect the outcome of our investigation.
Comparison of Achievements
To make our comparison of people's gambling achievements, depending on their age, reliable, we must select popular gambling activities that require at least basic knowledge and skills. There is no sense in comparing who rolls dice better. So, let's start.
Sports betting
Players' knowledge must significantly impact their skills in sports betting, and this knowledge usually comes with age.
However, let's look at the story of Frank Rosenthal, a Las Vegas legend. If someone does not know him, he was played by Robert De Niro in 1995 in Casino, directed by Martin Scorsese. His father was a mathematician and owned several trotters, so the 13-year-old boy began to wager on racing. Every day, he subscribed to and viewed the 30-40 daily newspapers and read some editions in shop windows. Rosenthal was the author of the famous phrase:
You don't determine what team will win, but what team offers the best value.
Another interesting fact: Frank Rosenthal gained a reputation as one of the best sports betting and gambling experts in the United States when he was 30, i.e., he was still young! Later, he worked as a consultant at several bookmakers, and his reputation allowed him to manage four casinos and three hotels in Las Vegas. His forecasts became quite ordinary. They ceased to be appropriate, sudden, and almost always correct. The urgent desire to collect every bit of information, which had made him famous in his youth, left him.
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Bob Voulgaris, another young wunderkind, earned a fortune by betting at 30. He found it every day to make bets for one million dollars per game day of the NBA, and the percentage of correctly predicted outcomes reached an incredible 70%. He used to defeat bookmakers! He achieved everything when he was young.
So, youth wins in sports betting.
Poker
It has been known that you need something more than success to win at the poker table. However, the Journal of Gambling Studies conducted an interesting experiment in 2012. Three hundred participants were divided into two groups: experts and amateurs. Then they played 60 same, predetermined hands in Texas Hold'em.
The difference in the money earned by both groups was extremely insignificant. Thus, we can conclude that success in poker depends on luck if equal opponents play against each other.
Let's look at the World Series of Poker Main Event winners over the past 10 years and their age at the moment of their triumph.
Joe Cada, 21, is the youngest player to win the WSOP bracelet. No winner over 30 has won the bracelet in the last seven years! Poker used to be considered a game for old people, but nowadays, young players prevail.
It allows us to conclude that young people are the best poker players.
Blackjack
The next popular casino game is blackjack. Let's be honest: if you know the game's basic strategy and do not count, you can rely only on luck. If you follow the basic plan, it has a crucial role in maximizing the payout percentage.
If you have a ten and a five, and the dealer shows an eight, you must hit! And it is a question of luck whether you win or not. Does the age influence the outcome? - To be sure, the answer is negative!
Let's discuss examples. Massachusetts Institute of Technology students created Strategic Investments Company in the 1990s. They used to earn money by playing blackjack and counting professional cards. The team of students mastered this art under the control of Bill Kaplan, a graduate of Harvard Business School. The precise sum of their proceeds is still unknown, but their profits reached millions of dollars.
_770.jpg "21 movie")
The MIT Blackjack Team used to have over eighty players. Almost all of them were students and graduates between the ages of 20 and 30. They challenged the odds and succeeded in winning at blackjack tables.
Therefore, the youth wins in blackjack.
Slots
The following kind of gambling game is slots. In Las Vegas, slots generate almost half of the total income of all casinos. The age does not differ when playing a slot machine online or offline. Slots have a fixed payout percentage, so you may know precisely how much you will lose in the long run.
However, slots are more prevalent among older players. Many people used to think that slots were a choice for the poor, uneducated, and pensioners. However, researchers at Oregon State University refuted these stereotypes. They found that 55-year-old housewives with a college education and an annual household income over $55,000 prefer slots.
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This study also highlights the reasons for playing slots. There are four of them:
- Utilitarian. People are just looking for activities. They are not concerned about winnings or losses in the game. They just want to kill time.
- Excitement. People like the noise and hustle-bustle of casinos. They enjoy frequent victories and a sense of awe in anticipation of the jackpot.
- Multi-purpose motivation. This reason is often related to young, uneducated individuals with low incomes. They are attracted by the opportunity to win money and gain the reputation of a lucky man.
- Relax. The educated and wealthy gamers who usually play betting small amounts just want to enjoy interesting conversations and a funny atmosphere, rest, and relieve stress after a hard working day.
Users don't require any skills to play slots, so they are mainly chosen by those who want to take a rest and have fun. Profits are a secondary motive. The age does not affect the outcome of the game. You solely need luck to win while playing slots.
As you can see, the chances are equal at video slots.
At the following casinos, young gamblers can use cryptocurrency.
| Casino | Deposit methods | Withdrawal methods | Accepted currencies | |
|
+7
|
+6
|
$, €, ₽, ₴ | |
|
+11
|
+10
|
$, €, ₽, C$, ¥, kr | |
|
+4
|
+3
|
$, €, ₽, KZT | |
|
+6
|
+6
|
$, €, ₽, KZT, C$, kr, zł, ₴ | |
|
+9
|
+8
|
$, €, ₽ | |
|
+9
|
+7
|
$, €, ₽ | |
|
+6
|
+5
|
$, €, ₽ | |
|
+11
|
+7
|
$, €, ₽, KZT, kr, zł | |
|
+1
|
+1
|
$, €, ₽, KZT, kr, zł, ₴, YTL | |
|
+6
|
+7
|
$, €, ₽, ₴ |
Conclusion
So, the score is 3:0. Youth wins. Only one category out of four, namely slots, remains without a winner. Young players under 35 years of age won the other three categories. Youth won in sports betting, blackjack, and poker. This allows us to make the final conclusion:
So, youth beats experience in gambling!
