According to new data from the Department of Trust (DOT), people over the age of 50 spend less on gambling than younger players.
The study that was done back in 2024 looked at bank transactions of nearly 54,000 UK bettors. Over 90% were under 50 years old while 9.5% were 50 or older. Many will say that how many people of that age still prefer to place bets the old fashion way in a shop.
We will look at some spending habits below from the data that was taken:
- On average, older players spent £50 net per month, compared to £70 for younger players.
- Over-50s deposited 7.6% less money overall.
- They also withdrew slightly more of their deposits (73.4%) than under-50s (69.8%).
- Total deposits for under-50s were about £3.2 million, compared to £314,000 for over-50s.
From the survey that was done older gamblers earned more money on average (£37,380 a year vs £32,780 for under-50s) but still gambled less.
Betting Company Loyalty
Over-50s were a little more loyal to specific gambling brands. They typically used 1.25 brands, compared to 1.32 brands for younger gamblers. This means older players were less likely to “shop around for the best odds on the market”
“Younger users like variety, but older players prefer stability and trust,” said DoT founder Charles Cohen.
The most popular choices amongst the over 50’s were Tombola, Betfred, 32Red, Buzz Bingo and Jackpotjoy. The younger players used companies such as Monopoly Casino, Bet365, Paddy Power, Unibet and Betfair.
The conclusion to this overall is younger gamblers spend and play more across different betting companies while the over 50’s are more cautious, loyal and selective with what betting platforms they use.