The History of Gambling in Monaco
Gambling in Monaco was promoted during the late 1800’s, it was born out of a fiscal crisis. Conceived by Charles the third, the then prince of Monaco, it was the answer to a major financial problem. Charles III studied economics and hatched a cunning plan to attract the English upper class into gambling. It worked well as money poured into Monaco it was not long before all debts were paid off and they were able to abolish taxes. Princess Caroline, the wife of Charles III is often credited with the casino idea.