5Dimes Licensed & Back in Business but Not in US for Now
- 5Dimes licensed to operate again internationally with the strict exclusion for the US
- The company is looking to reorganize & will appoint new management & operation officials
- Isle of Man licensing is looked upon as an important “first step” regaining 5Dimes foothold
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5Dimes announced this week that it launched its online sports betting and casino services in the Isle of Man regulated market. This month, the company was awarded a license from the Isle of Man Gambling Supervision Commission.
Historically, in 2001, the Isle of Man Government was one of the first jurisdictions in the world to introduce legislation specifically designed to benefit gambling and e-gaming firms and set laws to fully protect customers.
As a result of the Isle of Man, action 5Dimes can now re-engage itself as a complex international sportsbook operation and conduct legal and regulated gaming activities while fully complying with the necessary jurisdictions. In addition, the company also plans to establish a new management and operations team based in the Isle of Man. That new team will authorize all functions involving compliance, operations, and finance.
According to a press release, the licensing process in the Isle of Man was made possible with the support of the Wilton Group, an independent professional services firm with offices in London’s Mayfair, the Isle of Man, Dublin, Dubai, and Bristol.
The US Excluded
Launching the company in the Isle of Man was possible thanks to a highly publicized public settlement in the United States dated September 2020. As a result of the settlement, the company was allowed to expand, conduct legal, regulated gambling activities internationally and in the United States.
This license allows 5Dimes to establish a comprehensive international operation, excluding the United States, in the Isle of Man and conduct legal and regulated gaming activities in full compliance across multiple jurisdictions.
Commenting on their new license, Laura Varela, a member of 5Dimes Sportsbook’s Board of Directors said:
This licensure is an exciting milestone for the 5Dimes brand. 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.
Varela is the widow of 5Dimes founder, William Sean “Tony” Creighton, who was kidnapped in 2018 and later found murdered.
After Creighton’s death, Varela assumed control of the company. Under her guidance and leadership, the company began to take a more positive stance in the eye of the US government. Most recently a large $46.8 million settlement was concluded with the US Attorney’s Office for the Eastern District of Pennsylvania.
The First Step
Although many in the US sportsbook sector are breathing a sigh of relief knowing 5Dimes will not be entering the market now, they cannot potentially rule out their powerful force forever.
Any specific timeline is unclear but after settling with US authorities for this large amount, 5Dimes hinted it may next apply for a New Jersey license. No official application has been either submitted or rejected yet.
5Dimes built a large base of customers within the US-based on favorable lines, good client service, and reliable payouts according to sources. However, many long-established customers were left in limbo and taken by surprise by their market exit.
In terms of a customer base, in hypothetical terms, their US list would equal or surpass any of the largest legal sportsbook operators including DraftKings and FanDuel. Therefore, operating without US opportunity is a major sacrifice toward current revenue opportunity.
Ms. Varela added in response:
This undertaking in the Isle of Man is a first step towards relaunching the 5Dimes brand in all legalized jurisdictions around the world.
It would not be expected to see 5Dimes legally operating again in the US but looking upon this important first judicial step, we cannot set “odds” it would not be completely impossible to happen anytime in the future.
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Larry Gibbs is both a seasoned journalist and a respected online gaming industry consultant. His wry commentary & sharp analysis have appeared in numerous top gaming and sports wagering publications. He has also served as Vice President of US Gaming Services, a marketing research organization with 15 years of experience in US online wagering. He has spoken at noted gaming industry conferences including G2E, GiGSE, and NCLGS.
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