5Dimes to Make Bid to Offer Sports Gambling in U.S.?
February 16, 2021
For more than two decades, 5Dimes was one of the very few offshore bookmakers to allow U.S. sports bettors to have access to its betting markets. While the debate raged on regarding the legality of offshore sports betting for U.S. citizens, 5Dimes quietly went about its business of being a reliable offshore bookmaker.
All of that came to an abrupt end about 6 months ago when a combination of factors sent 5Dimes to the sports betting sidelines. At issue was legal competition from licensed U.S. bookmakers and continuing problems with the U.S. Department of Justice.
After literally years battling supposed illegal betting and questionable financial transaction charges, 5Dimes management, under Laura Varela, a Member of 5Dimes Sportsbook’s Board of Directors, decided to forfeit $46.8 million to the DOJ. In exchange for the cash, the DOJ agreed to drop any criminal investigations that started before September 30, 2020.
It turns out that the cash forfeiture might have been part of a bigger plan to someday enter the fray as a legitimate licensed U.S. bookmaker. The first step along that path was made recently when 5Dimes secured an online gambling license from the Isle of Man. This is noteworthy because of the Isle of Man's standing as one of the top gambling regulatory bodies in the world.
According to Varela in a press release, "The Isle of Man is a Tier-1 jurisdiction, known for its advanced approach to gambling and e-gaming legislation and its exceptional reputation in the international gaming community. The Isle of Man sets high standards for its gaming operators and players, and we look forward to upholding the same level of principles and innovation with the launch of 5Dimes.”
This bodes very well for 5Dimes and sets the table for them to legally become actively involved in the international online gambling market. By reestablishing the business and moving forward to become a reputable bookmaker, 5Dimes has improved its future chances of entering the U.S. online gambling market. It's worth noting that 5Dimes is a U.S. corporation operating out of Delaware under the name 5D Americas LLC.
It's just a guess that 5Dimes would make the move to secure a license to offer bookmaking services in the U.S. However, it makes sense to make a move now as at least 19 starts are currently allowing licensed bookmakers to accept bets with more to soon follow. 5Dimes already has the benefit of a reputation and a long association with online gambling in the U.S.