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Monaco – Online Casinos & Gambling Regulations
Taking second place for the smallest country in the world and first place for gambling in Europe, the Principality of Monaco has a long history with the age-old activity. The small city-state is now considered a haven for the wealthy and classy high-stakes casinos. Surrounded by the lush vineyards of southern France on one side and the emerald waters of the Mediterranean on the other, it is easy to see why so many are attracted to this jewel of a city. Unfortunately, some controversy surrounds this as well, due to it often being declared a tax haven for the ultra-rich. In-fact the local Monégasques only make up around 16% of the population with the rest being of various foreign descents.
More information about Monaco – Online Casinos & Gambling Regulations
While it is actually illegal for Monaco's citizens to gamble, there is no specific law that mentions any online aspects. It is therefore considered as a gray-market where overseas operations are free to offer their services. Online casinos actually create a great solution for local Monégasques who want to gamble, as this circumnavigates the restrictions of physical establishments. You will still have to keep in mind that you will be creating an account from an unregulated market, meaning you won’t be able to take any legal recourse in the possibility of an issue occurring. It is therefore extra important you take precautions before committing any of your personal information and payment details to a certain establishment.
- Is the casino licensed?
- Is the licensing authority in line with EU law?
- Does the site offer French language options?
- Are your preferred payment methods supported?
- Will you be eligible to participate in any promotions?
Asking yourself some questions is a great start to checking the legitimacy and value of a casino. A great way to find answers to these questions is by sticking with us here at GoodLuckMate. Our articles and reviews are written by unbiased industry veterans, whose job it is to keep you informed.
The current gambling regulations can actually be traced all the way back to the late 1800s in the time of Charles III. Seeing that the state was in a financial crisis, Charles applied a complete ban of gambling to locals while encouraging foreigners to come gamble instead. And ever since Monaco has remained a luxury paradise for gamblers around Europe and across the world. There are therefore several historic gambling venues as well as the famous Monte Carlo racetrack that often sees Formula 1 pass through its cityscape course. French horse race betting and lottery tickets are also found around the state under a special stamp duty. While foreign nationals now account for a majority of the population, the law has remained relatively fixed and no new legislation has since been created to account for the online aspect. This essentially means that online operations are unable to establish themselves in Monaco, but residents are still able to access sites set up in jurisdictions abroad.
The strict regulations in France mean that there is not much incentive for online casinos to provide French localization options. A lot of operations do not target French-speaking players, as the market is simply limited, meaning that many players may have to rely on English language settings. There are however some operations that provide French language options, but they can appear to be far and few between. The good news is that most online casinos are based in Europe, meaning that regional sporting events, European legislation and cultural differences are all accommodated for. This is due to the fact that so many online casinos operate in Malta, just a short trip across the Mediterranean away. As such, Europe has been the largest focus of the vast majority of the online casino industry since the beginning. While new markets are opening up and others are being probed, Europe remains a bastion for online casinos.
Due to the huge saturation of online casinos in Europe, there is little surprise that euros can be found almost everywhere. Along with the benefit of being able to use your local currency at pretty much any establishment, the wide variety of available payment options are also a big advantage. Various payment cards, e-wallets, bank transfer options and other unique payment methods are common features for players using euros. The hardest part is choosing the right method for you. Over recent years more and more players have been choosing to play with cryptocurrencies, which has exploded on the scene. This is especially useful for players whose currencies are not supported, but even people using euros has also chosen this alternative payment method thanks to the enhanced security features found in the technology.
There are various reputable Monaco casinos that easily make the bucket list of any gambling enthusiast. The first however was established over 100 years ago and its roulette tables still spin to this very day. The Le Grand Casino de Monte Carlo first opened its doors back in 1858 and remains one of the most prestigious casinos in the world. Although Monaco has often been synonymous with gambling, the future of the online side of things might not be so golden. There are suspicions that Monaco may be included in the French jurisdiction, which includes various game restrictions and other limitations for online players and operations. Rather than moving towards forging their own regulated market, it may be that it instead comes under France’s authority that operations sites have found to be too unappetizing to partake in.