Monaco, together with Monte Carlo, is a place that we associate with many interesting things. From palaces, luxury, and royal family, to exclusive places where tourists come on vacation. Of course, gambling is one of Monaco’s main attractions.
However, the question is whether residents are also allowed to gamble, just as visiting tourists do. At the very beginning of this article, we must highlight the fact that not only they don’t gamble but residents are actually prohibited from doing so within the borders of the country. That attraction is reserved for tourists only, and if Monaco residents want to gamble, they can do so elsewhere.
We are sure you also know that Monaco is the second smallest sovereign state in the world, but despite this, it has a huge tourist attraction. The beaches are beautiful, the atmosphere is a combination of luxury and history, and most of the time rich and famous people come on vacation.
Why are Monaco residents banned from gambling?
Monaco has about 8,000 permanent residents and an additional 30,000 residents. These legal conditions apply to those who hold citizenship in Monaco.
In fact, it is completely wrong to conclude that all residents are not allowed to gamble in land-based casinos. These laws date back to 1850 when moral policies were introduced for residents, who should be an example of prestige and class.
According to the laws of that time, which are largely still valid today, people who are an example of prestige must not allow themselves to be dependent on a casino.
In fact, such laws are not at all new and scandalous, because in many countries the authorities have the same attitude. The only difference is that Monaco has a huge number of casinos, which makes the situation paradoxical.
On the other hand, online gambling is not prohibited, so we can say people indeed have options if they really want to gamble.
What are the current gambling laws in Monaco?
Monaco is home to two huge casino franchises, Casino de Monte Carlo and Monte Carlo Bay Casino. However, we know that both are available exclusively to people who are not permanent residents of Monaco.
Back in the 19th century, Monaco legalized gambling, casinos, lottery, sports betting, as well as pokies online and other internet activities.
If you are a tourist, you can visit any of Monaco’s casinos. Somewhere you may have to pay an entrance fee. But what will certainly not happen is that you meet a citizen who gambles.
You must be wondering if there is a loophole in this law. Of course, the law only applies to those born in Monaco. Residents can gamble freely.
Gamblers love this country because no winnings are subject to taxes.
In 2020, a new item was introduced, namely that casinos can pursue debtors. That was not the case before. However, this time the law is on the side of the organizers of the games because many times big debtors managed to get away, which is not at all favorable for the casino itself.
Do laws in Monaco protect residents?
We mentioned earlier that many countries have laws that regulate gambling. We all know that gambling can cause huge addiction and monetary debt. Many people recklessly enter into such adventures and lose everything they have. Of course, all this affects mental health terribly. Addiction problems are something that many people around the world struggle with. Gambling addiction is much more difficult than any form, as there is often no going back.
That’s why Monaco takes care of its own residents, by forbidding them to gamble in casinos. Their resorts are aimed at wealthy guests who like to spend a lot of money.
The authorities in Monaco consider that online gambling carries less risk, because it is not possible to play for large sums, therefore the circumstances are easier even for the citizens of the country.
Monaco wants to protect its status as a luxury destination
The citizens of Monaco believe that if they too gamble, then they will not be able to maintain their status as a luxury destination. If you think about it, this country, although small, has a huge number of gambling centers, huge resorts, and hotels.
Monaco is an extravagant, luxurious, elegant, and fun destination. If you find yourself there, you will be able to see a number of luxury yachts, vehicles, and beautifully dressed people and you might even run into some celebrities.
Formula 1 fans often come for the great race in Monaco and also bet on their favorite driver.
In general, there is no state consensus clearly stating the reasons why Monaco restricts gambling of any type for its residents. However, the best guess is that on the one hand they protect people and on the other hand they maintain the status of an exclusive destination.
There is also a historical anecdote from the 19th century when the House of Grimaldi went bankrupt, so Princess Caroline decided to open a casino in Monaco. Of course, it was all a tourist attraction and was not allowed for the residents. The goal was to pour money into Monaco, without the citizens going into debt.
We have to admit that the historical story really makes sense and we like it. Maybe that is the real reason why the laws are not changed to this day.
At the end of this article, we come back to the same conclusion. If you are a resident or a tourist, then you can gamble in any casino in Monaco. However, if you were born there or have acquired citizenship during your life, you should find another way to entertain yourself.
It seems that Princess Caroline’s views are still relevant today. The profit comes from the tourists, not from those who already live in Monaco. We have to admit that she really knew what she was doing back in the day. And of course, perhaps other countries could also take advantage of her attitude in order to protect the internal economy and ensure the complete mental health of their residents.