5Dimes Suspends Services for the United States
One of the biggest gambling firms operating on the United States from beyond the mainland, 5Dimes, has announced its intention to withdraw from the market while it’s negotiating a re-entry into the regulated markets on a state-by-state basis.
While 5Dimes hasn’t confirmed its intentions to apply for licenses in individual states, this is what most observers agree must be the most likely motivation of the company.
With a gigantic base of players, 5Dimes wants to capitalize on the legal gambling market in the United States, poised to be the 2nd in the world behind only China. Enacting these measures, 5Dimes will no longer accept bets from the United States effective September 21.
Players must withdraw their funds by September 25 and any funds that haven’t been claimed by September 30 would be deemed abandoned. While 5Dimes is yet to give an official confirmation that it is making this shift to enter the regulated market, there have been some signs to suggest that.
For starters, most sports betting and casino gaming states do not want to work with offshore operators. For a brand to enter New Jersey, after previously operating an offshore product, for example, the company would need to wait around five years before it can apply for a license.
In a statement to customers, 5Dimes had this to say:
“5Dimes is excited to announce that it is embarking on 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 to our many US 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.”
While restructuring in the US market may be afoot, 5Dimes will naturally continue to service other regions outside of North America, which are essential to the platform’s revenues.