The offshore sports betting platform, 5Dimes, has announced the closure of its services to US customers. Citing a desire to “reimagine” its wagering offerings, the company will cease US operations starting September 21st. However, many speculate that this move is a strategic maneuver to enter the legal US sports betting arena, with 5Dimes even referring to it as a “fresh business venture.”
Users have until September 25th to withdraw their funds, after which a separate entity will manage the remaining balances.
Although 5Dimes has not disclosed specifics about their transition plan, it’s highly probable that they will require licensing in every state where they intend to operate. Industry analyst Brendan Bussmann highlights the key unknowns: who 5Dimes will collaborate with in the US and how they will navigate the regulatory complexities of each state.
Government oversight bodies retain a keen memory of previous violations within the internet gaming industry. Entities or persons engaged in illicit operations during that era may encounter extended delays in obtaining permits and authorizations.
Founded in 1996 and headquartered in San Jose, 5Dimes provided a diverse selection of digital wagering services to a worldwide customer base, encompassing sports wagering, casino entertainment, bingo, and poker.