A History Of Gambling In Monaco

Monaco may not have the incredible reputations of Las Vegas or Macau when it comes to gambling, but is still widely regarded as one of the finest locations in the world to go on a gambling spree. Known for its incredible levels of luxury, and the amazing delicacies widely available, there is little wonder as to why Monaco is often known as the rich person’s paradise.

But, few are aware of the story behind Monaco, and the truth as to why it developed into the amazing tourist attraction it is today. The story is, as it turns out, a rather fascinating tale that involves princes, cunning ideas, and very one very well executed plan. Let’s take a look at how Monaco became a gambling Mecca.

A Region In Crisis

Back in the 1800s Monaco was not the luxurious place it is today. It was, in fact, a region in crisis, with enormous debts, poor infrastructure, and an economy based largely around agriculture. The Prince of Monaco at the time, Charles the Third, wanted to turn Monaco around, and so hatched a rather ingenious plan. The plan was not his alone, however, as it is widely accepted that his wife, Princess Caroline, had a big part to play in helping him with the scheme.

The plan would, Charles promised, transform Monaco from a struggling farming region into a worldwide attraction, and quickly pay off the looming debt. Many, of course, thought he was being a bit overenthusiastic, but he went ahead with the plan anyway. It turned out to be one of the greatest casino success stories in history.

The Monaco Casino Revolution

At enormous cost, Charles and Caroline turned Monaco into a gambler’s paradise, constructing five incredibly luxurious casinos. The natural beauty of the area added to the attractiveness of the setup, offering not just gambling, but beautiful beaches and stunning scenery. The goal, carefully thought out by Charles and Caroline, was to attract wealthy English gamblers, who were known to constantly be on the lookout for new, secluded gambling locations.

The cunning plan was an overall success, achieved via precise marketing and promotional tactics, as well as the immense buzz that developed as the casinos went into construction. It was not long before all of the five casinos were full of wealthy English gamblers enjoying table games and so much more. Hence Monaco began to flourish.

Monaco Gambling Laws

Charles and Caroline were determined to see their casino scheme be of benefit to Monaco, and in no way negatively effect the local economy. It was possible, they knew, that the people of Monaco would frequent the casinos, and so took drastic steps to avoid this possibility.

Charles put into place a law that forbade the people of Monaco from entering into their own casinos. This, Charles reasoned, was the easiest way to make sure that money came into Monaco via the casinos, but did not leave it. It was, naturally, a law that many in Monaco were unhappy about, but a law that Charles stood firm on. It was not long, after all, until all of Monaco’s debts were paid off, and taxes were eventually abolished for the people of Monaco. An incredible achievement.

Bond, James Bond

Many say that Monaco truly began to take off thanks to the publicity generated by a very famous spy. Bond, James Bond. After all, what better way to attract the English, than to have one of the biggest British icons appear in your casinos? Three James Bond films were shot in Monaco based casinos, and the area was solidified as being the ultimate gambling destination for the British.

Formula 1

Another highly popular attraction bringing in the tourists is the Formula 1, held in Monaco on a regular basis. Using fast cars and loud engines, Formula 1 racing has been almost as successful as Bond himself in drawing in visitors. Some, of course, are none too happy about the incredible levels of noise, but Monaco and Formula 1 are almost synonymous, guarantying a regular influx of tourists.

Monaco Today

Today the Grimaldi Family still reigns over Monaco, the descendants of Charles and Caroline. The five established casinos are also still in full swing, and perhaps more popular than they have ever been. The enormous sum of money, still generated on an annual basis, is put straight back into Monaco, positioning it as one of the most luxurious and beautiful regions in the world.

There have been rumours about the effects of online gambling in the Monaco region, and how it would affect the economy. After all, Monaco citizens were forbidden from entering the casinos, in a bid to keep wealth in the region. If citizens were allowed to gamble online, it would be all but undermining the point of the law. Rumours were that online gambling would be outlawed, but no major developments have yet occurred concerning this situation and it doesn’t look likely that they ever will.