Public Gaming Magazine Sept/Oct 2021

48 PUBLIC GAMING INTERNATIONAL • SEPTEMBER/OCTOBER 2021 though it was your money in the first place, a small tax refund feels like something unexpected, almost like a gift. Or, if we earn income from our labor, we spend it differ- ently than if we receive money by winning the lottery.” When people’s lives are disrupted, as they have been during the pandemic, it can also disrupt their sense of balance and the way they mentally divide their income into differ- ent buckets. Noelle Weaver noted that Foresight Factory looked broadly at what was happening with consumer finances during the pandemic and saw a trend toward “cautious consumers.” Globally, 44% expect to carefully budget household spending over the next 12 months. For lottery players, it doesn’t mean that they’re not going to spend, but that they’re carefully putting money aside to purchase lottery. The experts discussed Mental Accounting in relation to small prizes, player engage- ment, and other topics. “Particularly from a Responsible Gaming point of view, we all want players to have controlled budgets, and Mental Accounting might actually help with that,” observed Cohen. In the Vox Pop interviews, a number of players said that, in light of the pandemic, they’d think differently about what they’d do with a large jackpot win. As discussed earlier, Foresight Factory notes shifts in the recent data toward more locally focused, socially conscious activity. “We definitely see people who are investing their money within their local community, and I think there’s a real opportunity for that,” said Weaver. “People are spending on them- selves and they’re definitely investing back, whether it’s another lottery ticket with a lo- cal bodega owner or something else within the local community, with the understand- ing that the money is going there.” What does this mean for the way peo- ple view a lottery win? What motivates players might be changing post-pandemic, and lotteries need to speak to players clear- ly in order to connect with those consumers in a way that’s meaningful – including the way the prize is presented. What are the implications of Mental Accounting for prize structures? The phenomenon of Mental Accounting cer- tainly has implications for the design of prize structures and merits further exploration. THE IMPORTANCE OF SIMPLY HAVING FUN When it comes to how consumers are en- tertaining themselves during the pandemic, many say they have been learning new skills, trying new things, and that simply having fun has been important to them. Foresight Fac- tory found that 70% of weekly lottery players (versus 50% globally) said that simply having fun is something that will continue to be very important to them after the pandemic, and that’s a positive sign for the lottery industry. “We’re finding that people are establishing new practices and new routines,” observed Owain Service. “With that will come the need to think about what these mental accounts and different segments of activi- ties might be. Which of these categories will people put their lottery budget toward? And it seems from the player feedback that a lot of people will put lottery in that fun and entertainment category.” n IGT invites you to hear more insights from The Players Project event in a presentation during the PGRI Lottery Expo, Oct 26-28. The Players Project “Vox Pop” interviews illustrate Mental Accounting in play- ers’ comments about the budgets they allocate to playing lottery. Players also indicated that their handling of a jackpot has changed since the pandemic. “I would build my own music label, help out my family – but this pan- demic kind of changed the way you see life in general…. I think if I win, I would also like to help [recipients of a local charity] get back on their feet.” – Player in Italy “I would invest in a nice vintage car. It was always my dream. Now I think it would be good to invest in something that won’t lose value, so if I’m in need I can always sell it to one of the other collectors.” – Player in Germany “Before the pandemic, I had the idea that the money will allow me to travel to beautiful remote places. A year ago, that would be my answer. However, last year changed a lot. Nowadays… I think I would rather get a small lakeside house and spend more time with nature in my own country.” – Player in Ukraine