Offshore sportsbook 5Dimes will suspend US operations from midnight on 21 September to focus on improving its betting services.
The Costa Rica-based company has hinted at plans to transition and relaunch in the regulated US sports betting market, in what 5Dimes is calling a new business venture.
“With the evolving legal landscape in the United States, we want to take advantage of the opportunity to offer an improved online sports betting experience,” said 5Dimes in an email notice sent to customers. “In order to do this, we need to suspend temporarily our service of the US market so that we can launch our new operations with a fresh start.”
5Dimes has given customers until 25 September to claim balances, after which funds will be transferred to a third-party administrator who will then try and return them to account holders. If the funds remain unclaimed, they will be considered abandoned by 30 September 2021.
While the betting company didn’t specify how it plans to transition from the offshore market, any move to legal operations in US jurisdictions will depend on 5Dimes getting licensed, which would be decided on a state-by-state basis.
“While the intent of this is good, this brings to light additional questions of who will be their US partner and how they will pass suitability [in each state],” Global Market Advisors consultant Brendan Bussmann said.
“For those that have operated online or fantasy sports illegal in the past, some regulators have a long memory and it may take some time before they will even be able to be licensed or operate.”
Founded in San Jose in 1996, 5Dimes offers online sports betting, casino, bingo, poker and other services globally.