5Dimes, Prepping for Legal Launch, Gets Gaming License in Isle of Man
Posted on: February 11, 2021, 09:33h.
Last updated on: February 11, 2021, 10:05h.
5Dimes has taken another step toward legitimacy, announcing it has been licensed in the Isle of Man. The move comes four months after reaching a deal with the US Department of Justice to stop servicing American clients as an illegal offshore sportsbook.
The self-governing British Crown dependency approved the Costa Rican-based online gaming company earlier this month. A 5Dimes press release said the move enables it to develop “a comprehensive international operation” that does not include the US.
Being licensed and located in the Isle of Man means it will be able to offer legal gaming activities in numerous jurisdictions.
The company will establish a management team and an administrative office on the island, located between Scotland and Ireland.
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,” said Laura Varela, a 5Dimes board member, in a release.
Varela is the widow of 5Dimes founder William Sean “Tony” Creighton. She is also the CEO of the Varela Group, which oversees four other companies and 5Dimes. Between the companies, the Varela Group employs more than 300 workers.
Legal US Sportsbook Still in Plans
While the Isle of Man development won’t help 5Dimes in the US, the company is reportedly working to get in the States legally.
In the settlement, 5Dimes and Varela agreed to relinquish property and money totaling more than $46.8 million to settle a four-year federal investigation. The deal means federal authorities will not seek charges on wire fraud, money laundering, or transmission of gambling data. However, it is possible the company could still face charges on tax violations.
Varela, the company said, took the initiative to contact federal authorities and identified the criminal assets within the company.
After the settlement, the company revealed its plans to become a legitimate sportsbook in the US. That included filing articles of incorporation in Delaware.
As a result, 5Dimes also agreed to stop accepting wagers from US bettors until it was licensed by a state. That took place about a week prior to the DOJ agreement becoming public. Bettors who did not request to cash out their balances by Sept. 25, 2020, now must go to PlayerRefund.com, a third-party site, to get their funds by Sept. 30, 2021.
5Dimes Eager to See ‘Loyal Customers’ Return
The company said it plans to offer an e-gaming product that caters to both the small wager casual bettor and those who play on a larger scale.
“We are excited to welcome back many of our loyal customers to our top-of-the-line gaming experience while keeping our eyes set on future expansion opportunities in additional legal and regulated markets in the near future,” Varela said.
That might not necessarily happen, as many customers were upset with how the US shutdown and payout process was handled.
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