Topic 5568520
They are allowed to gamble.
They are allowed to bet on other sports that are not football.
Only sports are they not allowed to bet.
It is gambling for casinos but bet for sports.

The reason they are not allowed to bet on football is because of manipulation I guess. If players are allowed to bet, people will think that can use the privilege to do some manipulations.

But the FIFA code of ethics says a totally different thing, they are not entirely allowed to bet on any game, directly or indirectly, as long as it has a connection to football, even to give out money to others to place bet is against their rules, but what I didn't find is that those retired are also subjected to the same rules.

Quote
Those bound by the FIFA Code of Ethics, namely all officials, referees, players as well as match agents and intermediaries, are subject to the Code as follows:

They are forbidden from participating in, either directly or indirectly, betting, gambling, lotteries or similar events or transactions related to football matches or competitions and/or any related football activities;
They shall not have any direct or indirect financial interest (through or in conjunction with third parties) in activities, such as betting, gambling, lotteries or similar events or transactions connected with football matches and competitions;
“Interests” include gaining any possible advantage for the persons bound by the Code themselves and/or related parties.

According to art. 27 of the FIFA Code of Ethics, the following conduct can be subject to an integrity investigation, which can lead to a fine of at least CHF 100,000 and a ban on taking part in any football related activity for a maximum of three years:
Betting in Football