Legal casino gambling age in MonacoGambling Industry Overview in Monaco
The following approaches will be presented
- Gambling legislation in Monaco
- Gambling authorities in Monaco
- Online casinos in Monaco
- and more
Monaco has a long history as Europe’s premier gambling destination. The Principality on France’s Southern coast legalized gambling in 1863 and is home to some of the world’s most famous casinos. Gambling was legalized in the country in 1863 in an effort to spur economic development.
The tiny city-state’s population is one of the wealthiest in the world, with an estimated 1/3 of its residents’ millionaires. The principality also has the second-highest GDP per capita. It does not, however, rely solely on its casinos for economic development, with just 4 percent of its revenue coming from gambling, while tourism is responsible for 11 percent. Banking and finance also account for a large percentage of its economy as well.
Monaco is also home to one of the most luxurious casinos in the world, Casino de Monte-Carlo. The 157-year-old gambling and entertainment complex is owned and operated by the Société des bains de mer de Monaco, which the city-state’s government and the ruling royal family, the Grimaldis, have a majority interest. The criteria for getting in the exclusive casino is super strict.
Of its 38,000-plus inhabitants, less than 9,500 are native Monégasque. And while its gambling facilities are one of the microstate’s major draws, it has always been illegal for its own residents. However, foreigners who have settled there are exempt from the no-gambling law. And while the country’s gambling laws refer to land-based casinos, they say nothing about online casinos, leaving locals free to partake.
As the story goes, in the mid-1800s when Princess Caroline developed Monte Carlo Casino, she insisted that locals not be allowed inside (due to the potential ill effects of commercial gambling on the community) and that gambling revenue should come only from foreigners. The payoff? Citizens of Monaco do not have to pay income taxes. For that reason, the state is known for being quite the tax haven. Profits made from gambling are also tax-free in Monte Carlo.
Overview
Monaco’s four land-based casinos are regulated by the Gambling Authority and Department of Gambling Control under the Ministry of Finance. The body is responsible for supervising casino operations, ensuring an employee code of conduct, controlling access to casinos, and also monitoring their hours of service. While gambling permits must be obtained through the Prince of Monaco.
Gambling activities in the country were first legalized in 1863, when the first casino opened, the Casino de Monte Carlo, to generate more wealth for the royal family. The casino was founded by Charles III the Prince of Monaco, it was his mother, Princess Caroline’s idea. The Prince, however, invited Frenchman, François Blanc, who ran a successful casino in the spa town of Bad Homburg, to take over and run what was at first a failing operation. François and his brother Louis are responsible for designing a Roulette wheel with a single zero on it (today’s single-zero roulette game) specifically for King Charles III of Monaco. The Casino de Monte Carlo set the standards for roulette in Europe, and it remained exclusive to the Principality until 1933.
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The Principality is also characterized by the monopoly imposed on the gaming industry after the Societe des Bains de Mer took over the segment in 1863. It is also famous for the numerous poker events that take place on the territory of the state. However, poker is not the only game Monaco is known for. The World Backgammon Championship also takes place in the city-state and has every year since 1979.
As of mid-2020, there are four land-based casinos that operate on the territory of Monaco:
- Casino de Monte-Carlo
- Monte-Carlo Bay Casino
- Sun Casino – Monte Carlo Grand Hotel
- Casino Café de Paris
These four casinos are largely self-regulated. They operate under quite relaxed and even informal rules, just like the situation with the online casinos that are launched in the country. To enter you must have photo identification, be over 18 years of age, be properly attired, and not be native Monégasque.
Legal Landscape
The great paradox here is the fact that even though Monaco is considered a gambling Mecca, the citizens of the Principality are not permitted to place bets in the casino. They are not even allowed to enter such a venue, except for the employees.
However, foreign citizens are absolutely free to place their bets in local casinos, with such citizens represent about 80% of the Principality’s total population.
Online Gambling
There are no online casinos based in Monaco, and there is no gambling law regarding foreign online casinos. However foreign websites are accessible and native Monégasques can gamble from home, even if they are prohibited from doing so at their local casino.
Monaco’s authorities had been considering forbidding local citizens from gambling on foreign websites in order to impose a monopoly on the market. However, they gave up on these intentions, and as of mid-2020, there aren’t any legal provisions that apply to online gambling, subsequently, online gambling operators aren’t allowed to establish within the boundaries of the Principality.
Most online sites operate from jurisdictions outside of Monaco, primarily France.
In 2001, there was an effort to regulate online gambling but it remains in the draft stage.
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