The coronavirus pandemic may have decimated the local economy and forced us all inside our homes, but the restrictions may have had one possible upside. 

According to the Alliance for Gambling Reform, $1.5 billion has been saved by Australians that would otherwise go into pokie machines, due to closures of pubs and clubs around the country.

This $1.5 billion mark was met in less than a month, and could potentially be $2 billion if losses from casinos are counted. 

That $2 billion in saved gambling losses represents 8% of the near-$25 billion Australians lost to gambling in 2017-18

Gaming machines like the pokies account for most of that $25 billion, with the amount saved so far accounting for around 10% of total pokies losses. 

Not mincing his words, Alliance for Gambling Reform Chief Advocate, the Rev Tim Costello, said these huge figures "demonstrated the blight poker machines are" on Australian communities and the economy.

“It has been awful reading about the lives lost to COVID-19 in Australia, and my heart goes out to the people who have been affected,” Rev Costello said.

"But the shutdown of poker machines in Australia has undoubtedly saved lives too, while also improving lives for many people for the better.

“We’re hearing some great stories of how people are no longer worrying about how to pay their bills because they now have money in their bank accounts instead of them being bled by poker machines."

"They are machines of addiction designed specifically to drain money from people, and also our economy.”

Need somewhere to store cash and earn interest?The table below features introductory savings accounts with some of the highest interest rates on the market.

Provider

4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance

High Interest Savings Account (< $250k)

  • Bonus rate for the first 4 months from account opening
  • No account keeping fees
  • No minimum balance
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month

Savings Maximiser (<$100k)

  • Deposit at least $1,000 + each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money

Saver Account (<$250k)

  • No account fees
  • Total ongoing variable rate of up to 5.20% pa by depositing $1,000 in the previous month
  • Easy access to your money
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%

Savings Account (Amounts < $250k)

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • A great base interest rate of 4.75%
020001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Never miss out on your bonus interest with a little help from the Bonus Interest Tracker
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest

Home Saver

  • Never miss out on your bonus interest with a little help from the Bonus Interest Tracker
  • $0 monthly account fee
  • Dip into your savings without losing your bonus interest
02000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
No monthly fees
  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
No monthly fees

Save Account

  • Download the App to open your account
  • Get better visibility of your spending within App!
  • Deposit $200 per month to activate bonus interest
020000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

HomeME Savings Account ($0 - $100,000)

    02001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

    Growth Saver ($1 - $25k)

      010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

      Target Saver

        010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
        For customers aged 14-35 years
        For customers aged 14-35 years

        Future Saver Account ( < $50k)

          05001$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
          • Maximum Age - 24
          • $0 monthly account fee
          • Earn bonus interest

          Goal Saver

          • Maximum Age - 24
          • $0 monthly account fee
          • Earn bonus interest
          010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

          Boost Saver

            00.011$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

            Reward Saver Account (31 years +) ($0-$100k)

              01000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

              Bonus Saver Account (Amounts < $100k)

                0201$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                Reward Saver Kick Start (Amounts ≤ $1m)

                  00.010$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                  Life (< 30 years) (Monthly deposit)

                    5000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                    NetBank Saver

                      000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                      ANZ Save

                        050$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                        Young Saver Account

                          0501$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details

                          Save up

                            Important Information and Comparison Rate Warning

                            All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of December 10, 2023. View disclaimer.

                            Reverend Costello believes the lack of pokies could actually save more than $1.5-$2 billion, as less gambling could mean significant public health savings. 

                            "Pokies do the majority of gambling harm in this country because there are just so many of those machines plaguing our nation -- roughly 200,000 of them," he said.

                            "Western Australia has got it right -- they only have poker machines in the casino and accordingly they have significantly lower rates of gambling harm."

                            He also said COVID-19 represents an opportunity to rethink the value gambling provides for our society. 

                            "Pubs, and importantly clubs, that operate poker machines will find that they contribute much more to local economies without poker machines. Research suggests it is far more productive to invest in hospitality than gambling, where we know for every $1 million spent on food and meals 20 jobs are created," he said. 

                            "Contrast that with a mere three jobs for the same amount lost to gambling.

                            “We never thought we’d see airlines and other industries shutdown for the sake of public health, but that’s a tough reality we have faced and worked through. The benefits of keeping poker machines switched off are myriad, far outweighing any supposed benefit in turning them back on.”

                            According to an interview Reverend Costello gave to 3AW, there has been a 300% jump in online gambling. 

                            This is further backed up by an ASX report by Aristocrat Leisure, the world’s second biggest social gaming company, which stated in a COVID-19 update that its "digital business continues to perform strongly, with higher bookings and player engagement evident across most of the portfolio". 

                            Monash University associate professor Charles Livingstone told SBS News in April that the risks associated with online gambling are potentially higher. 

                            "There is a difficulty for some people who are going to be tempted to shift their gambling expenditure online and for these people there could be quite serious consequences," he said.

                            "There are no real limits to online gambling and you can use credit cards to top up online gambling accounts, which you can’t use in pubs or clubs."

                            Resources for gambling help

                            Problem gambling is generally defined as:

                            When betting starts to create trouble in your life, such as debt; relationship problems; loss of a job; stress or depression etc.

                            If you continue to gamble despite negative consequences, or if you know you need to stop, but can’t, then you might be a problem gambler. If you’re reading this and know you've continued to gamble during COVID-19 despite pokies being unavailable, then there are numerous resources you can reach out to for help:

                            To help get your finances back in order after gambling issues, you can also speak to an ASIC approved financial counsellor.