Macau casino gaming revenue could hit a five-year low in June thanks to gamblers choosing to wager on the Euro 2016 football tournament.

In a note issued on Monday, Nomura analysts reported that Macau’s June gaming revenue numbers were already off to a slower start than expected, down between 7% and 11% year-on-year. But this decline has accelerated since Euro 2016 kicked off on June 10.

According to Nomura, the week following the tournament’s start saw average daily gaming revenue fall 22% from the previous week. In addition to gamblers choosing football over baccarat, the high-rollers that are showing up in Macau are winning more, pushing VIP win down 0.15 points to 2.7%.

The phenomenon of football taking a bite out of Macau’s performance is well documented. Macau’s current two-year stretch of monthly revenue declines got its start in June 2014, the month the 2014 FIFA World Cup kicked off.