The purpose of this study was to compare gambling risk status before, during, and after the COVID-19 lockdown in Australia in 2020. A total of 458 participants completed all three surveys which covered four time periods: before lockdown, during lockdown, one year post lockdown, and two years after lockdown. Compared with before lockdown, there was a decline in gambling participation overall and in participation in each gambling form during lockdown. There was also a decrease in the number of people who reported any problem gambling symptoms. After lockdown, gambling participation and having any problem gambling symptoms increased. During lockdown, restriction on the availability of certain high-risk gambling activities (e.g., electronic gaming machines (EGMs), casino games, and sports betting) was linked to transition from at-risk to non-problem gambling. Respondents who had no problem gambling symptoms during lockdown but were at-risk of problem gambling after lockdown were more likely to bet frequently on EGMs or to have decreased their frequency of online gambling. They also had higher stress, psychological distress, and loneliness.