Alongside the capital’s many attractions for the well-to-do, besides its 5-star hotels, Michelin-starred restaurants and exclusive nightspots, casinos have always been an important draw.
This has been the case ever since the 18th century, when the first gentlemen’s clubs started to appear, which also offered gaming. But, just as clubs that are the exclusive domain of men may be under threat following the Garrick’s decision to allow women members, casinos also seem to be an endangered species.
Few would deny that these are places that appeal to both residents of the city and visitors passing through. Unfortunately, it seems like the harsh economics of operating in a world-class city like London are creating a difficult and possibly unsustainable situation for many of them.
The harsh facts and figures
While it’s hard to find specific statistics for London, recent research by the European Gambling and Betting Association has uncovered the figures for Europe.
In 2024, the gross gaming revenue across the continent hit a total of €123.4 billion. This represented a 5% year-on-year increase. Good news, you might imagine, for the sector. But dig a little deeper and the figures aren’t so rosy. Looking at land-based casinos, the revenue did rise marginally from €73.3 billion in the previous year to €75.5 billion in 2024. The land-based operators’ market share was on the decline.
There was a 2% drop from 63% to 61% and the forecasts predict that this is set to accelerate over the coming years. So this year it’s expected to be a market share of 60% and by 2029 it will fall to 55%
However, look at the figures for the kinds of online casinos that are featured on sites like Casino.org, and you’ll see that they’re making gains where land-based ones are seeing losses. They are able to do this through offering free games, as well as a wider range.
In 2024, the digital rivals accounted for 39% of the €123.4 billion in gross gaming revenue, an increase from 37% in the previous year. In particular, it was players using mobile devices that accounted for 58% of this revenue. This is proof that this form of gaming is leaving other methods behind, something that was first identified back in 2019.
The situation in Mayfair
This drift away from land-based casinos to online is very evident in Mayfair and its environs.
It was in 2023 that reputedly Britain’s oldest casino, Crockfords, closed its doors for good. The Curzon Street landmark had been in operation for nearly 200 years and had become the epitome of the stylish and exclusive gaming room.
First established by the fishmonger William Crockford in 1828, it made a fortune for its founder, and he became one of the country’s richest self-made men of his age. It attracted players from the highest levels of society as well as celebrities and big names from the world of sport. But even its rich heritage couldn’t save it from the harsh economics of supply and demand. Its closure was put down to a combination of factors said to have put many London casinos at a disadvantage not only to online operators but to other global brands.
Another nearby casino whose long-standing reputation wasn’t enough to sustain it was The Ritz Club. This failed to reopen after the COVID-19 epidemic, having reportedly not made a profit since 2016. So anyone who ever tells you that the house always wins would have to make an exception in this case.
Then there’s the Clermont Club. Over the past few years, it has been open and closed repeatedly, and, in October 2025, it is now said to be closed again “temporarily”.
Of the old guard, it seems like only Les Ambassadeurs is managing to soldier on. There are also a number of other casinos, owned and run by international chains, which are its Mayfair neighbours. Perhaps these are insulated from economic hardship thanks to being part of a global network.
The appeal of online
So what exactly is it that’s drawing players away from nights at the casino and replacing it with a screen instead? Naturally, there’s the convenience of being able to play whenever and wherever they want.
There’s also the privacy and anonymity of online play. Even the ambience and atmosphere of the casino experience is being increasingly replicated by the many live casino sites, and virtual and augmented reality are set to take this to a whole new level.
So, unless land-based casinos can come up with some strategies to counteract these and all the other appeals of their online competitors, the future could be very bleak indeed. But they’ve survived recessions and worse in the past, so this is just one more threat to be overcome – and the ball is very much in their court right now.
