Monaco is a small city-state situated on the Mediterranean and bordered by France. Measuring in at just 2.02 square kilometers in size, it is the second smallest country in the world and with a population of about 38,000 residents; it is the most densely populated country in the world. Monaco has a reputation for being a playground for the rich and famous and it is estimated that 30% of the population are millionaires. The country is considered a tax haven and residents do not pay income tax. It is also very well-known for its upscale casinos that cater to the world’s most affluent individuals.
Le Grand Casino de Monte Carlo is perhaps the most famous casino on Earth. It was the brainchild of Princess Caroline who saw an opulent casino as a way of getting Monaco out of a financial slump. The first Monacan casino was opened in 1856 but changed locations several times before ending up at its current location and opening for business in 1863. The casino underwent a series of renovations, upgrades, and name changes but one thing remains the same to this day; the venue is an architectural wonder that caters to the upper class.
Today, there are 5 casinos in Monaco and gambling is as popular as ever. One catch in Monacan gambling laws is that locals are barred from playing at these establishments. Identification is checked at the door and locals will be turned away. This doesn’t mean that Monacans can’t enjoy casino gaming. Monacan gambling laws currently do not address internet gaming and many of the world’s best online gaming companies accept bets from Monacan online casino players.
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What are the Best Gambling Sites and Promotions for Monaco?
There have been rumors that France may expand its gambling jurisdiction into Monaco which would have a very deep impact on the gaming industry. However, this is rumor and there have been no concrete plans unveiled. For the time being, there are no online gaming sites operating out of this tiny country and Monacan online casino fans are free to enjoy their favorite casino games at the highest-rated online casinos in the world. They are also able to cash in on some very attractive bonuses. It is a cinch to collect $50 in casino bonuses at 5 Dimes as well as the €50 bonuses available at BetAtHome. You don’t need to wear a suit and tie to cash in on the €100 casino bonus packages at BetWorld or Interwetten and you don’t need to be a millionaire to get your hands on the €200 bonuses that await you at Casino Cruise, William Hill, 50Stars, and Carnival Casino.
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How Regulated is Monaco’s Gambling Market?
Monaco’s gambling market is largely unregulated. While land-based casinos are regulated and overseen by the Gambling Authority, nothing else is regulated. Poker, bingo, and sports betting are not regulated and there is no lottery. Internet gaming is unregulated but Monacans are more or less free to gamble online with foreign operators. This could all change is France expands their gambling jurisdiction into Monaco but this is still at the rumor stage.
Is Gambling Legal in Monaco? What is the Legal Age?
Gambling in Monaco is legal but it is restricted to non-residents. Identification must be produced in order to enter a gambling establishment here. Online gambling in Monaco is not mentioned in Monacan gambling laws and Monacan players appear to be free to gamble at foreign online gambling sites without any fear. The legal gambling age in Monaco is 18.
Does Monaco Tax Gambling Winnings?
The total absence of direct taxation is the main principal behind Monaco’s fiscal system. There are no taxes on gambling winnings in Monaco. In fact, with the exceptions of a VAT and a few other taxes that apply to a few select people, there are no taxes. Companies do pay taxes on profits.
What Currencies and Payment Methods do Monacan Players Generally Use?
Monaco is not officially part of the EU but they do adhere to certain EU policies. The official currency here is the Euro and it is accepted throughout the country. The majority of Monacans looking to make a financial transaction with an online gaming site use credit cards. EWallets like Neteller and Skrill are also widely accepted while prepaid options like Entropay are as well. The use of bank wire transfers is a popular method too.