Five Dimes Betting
5Dimes and the U.S. Department of Justice reached a $46.8 million settlement of an investigation into illegal US sports betting operations, as well as money laundering and wire fraud.
The company announced an intent to enter the US sports betting market following the deal, although state regulators likely will balk at the long list of criminal activity detailed in the settlement.
5D Holdings and owner Laura Varela will forfeit the illegally obtained gambling proceeds as part of a settlement with the US Attorney’s OfficeEastern District of Pennsylvania into the criminal investigation of 5Dimes’ offshore operations in Costa Rica.
The 5Dimes design is at least 15 years old, with a betting interface that resembles Excel and complete with an animated logo for crying out loud. The 5Dimes bonuses are stingy compared to the bigger. One of the earliest sports betting and gaming firms, 5Dimes, has announced that it is officially suspending service for the US market effective on Friday, September 25. The move is seen as a part of a broader push for entering the legal sports betting, gaming and poker markets, which have been actively legalized on a state-by-state basis since. The online sportsbook at 5Dimes is a safe and legal sports betting option for USA players to use as long as they are of age. The reason that 5Dimes is legal is because they are located offshore and no part of their business is ran in the United States. Founded in San Jose, Costa Rica in 1996, 5Dimes offers online sports betting, casino, bingo, poker, and other services. The company is known for its wide range of gambling opportunities, betting markets, “reduced juice,” and also for the demise of “5Dimes Tony.”. Offshore gambling operator 5Dimes announced late on Monday that it would soon be ceasing US operations. In a post on its website, it informed players that it would no longer take bets from US customers starting on September 21 at noon, ET. Although 5Dimes’s primary product is its sportsbook, it offers a full suite of gambling products.
“Beginning in at least 2011, 5Dimes accepted wagers from and made payouts to U.S. bettors, and transferred more than $46.8 million in proceeds earned from its illegal gambling activities in such a manner as to attempt to hide the nature, location, source, and control of the funds.”
5Dimes already incorporated 5D Americas LLC in Delaware. The agreement allows Varela the “use of her assets or the assets of the 5Dimes brand to explore future options, including, but not limited to, re-constituting the 5Dimes brand to be licensed to conduct legal, regulated gaming activities in the U.S. and internationally.”
Why is 5Dimes settling?
Varela is the widow of Sean “Tony” Creighton, who was found dead in Costa Rica after he was kidnapped and murdered in Sept. 2018. She’s a Costa Rican citizen.
The $46.8 million was traceable to transactions that violated multiple sections of Title 18 of the United States Code. The settlement agreement includes the fact that 5Dimes “acknowledged that those funds are the proceeds of various unlawful gambling-related offenses.”
Those include:
- Wire fraud
- Money laundering
- Illegal transmission of gambling information
Not all cash
That $46.8 million seized wasn’t totally liquid as Creighton attempted to launder the funds multiple ways, according to the settlement.
The Department of Homeland Security Investigations seized $3.4 million in cash and other assets like a 1948 George Mikan rookie card he bought for more than $400,000 and $715,000 in rare coins.
In total, the assets forfeited were worth more than $26 million. Varela also agreed to forfeit $2 million seized by Costa Rican authorities and pay an additional $15 million.
Offshore betting seen as illegal by feds
The settlement and preceding investigation strike a blow to those sympathetic to the legality of the offshore industry within the United States. The federal government began investigating 5Dimes’ illegal acceptance of US-based bets years ago and imposed a massive fine for the company to avoid charges.
While the company paints the settlement as its pass to seek state-level licensure, the underlying agreement submarines the opinion of many who paint offshore operations as legal under US law.
5dimes Betting
The admission of ongoing violations of US law dating back at least a decade will make for a heavy discussion topic for state regulators.
What’s next for 5Dimes?
The next step will be trying to get 5Dimes licensed in New Jersey, Varela’s attorney Jeff Ifrah told the Wall Street Journal.
Varela will also have the support of the US Attorney’s Office throughout the process. It will “answer inquiries made by gaming regulators, potential investors, and/or financial institutions regarding her cooperation in EDPA’s investigation and lack of involvement in the operations of 5Dimes,” according to the settlement agreement.
That means whether Varela gives it a go with the brand or decides to sell, she’ll get the help of the authorities she aided throughout the investigation.
How gambling regulators will treat 5Dimes will be an interesting case study. Literally days ago it was still taking wagers from Americans illegally. And we know that the site has been sending at least some bettors to a site that runs with the same backend and lines.
Step into the delectable world of professional sports betting and international sports, with 5 Dimes Casino, a unique sports betting casino that is in a league of its own.About The Sports
All the major league sports and more, are waiting for you at 5 Dimes Casino. On the plate is Major League Baseball, the National Football League, the National Basketball Association, professional Hockey, soccer and an array of popular international sports. Going even further, 5 Dimes Casino avails its members with numerous ways to place their bets. In addition to betting on your favorite team, you can place advanced bets as well as placing in game, live wagers. To help its members place the best possible bets, 5 Dimes Casino offers a bet slip which calculates real time odds, probable scenarios and points spreads to aid you in making the most informed bets. The sports bets here is broken down in three formats. The typical bet is the straight up bet, where you simply choose a team and take your chances. The second bet format, is known as totals. The totals format incurs members to place bets on the total points, to determine your success on whether it is overall lower or higher than the real, actual score. The third format is called the parlay. The parlay format allows you to make wagers as a group of straight up bets or in a group of spreads and totals. It is important to note that parlays will only be paid on the condition that all the elements in the group are winners. 5 Dimes Casino also features a robust race book section. The race book is full of exciting and lucrative daily and weekly racing venues. Members here get the inside scoop to all the daily racing activities. In addition to sports betting, 5 Dimes Casino is also full of fan favorite poker games, as well as table games and slot games. Select table games also qualify for a live dealer for those who need to test their metal with other players.
Five Dimes Betting
About The Promotions
Newcomers at 5 Dimes Casino are automatically put into the rewards juice program. Stepping away from traditional promotions, the rewards juice program actually rewards its members by giving them more, for placing smaller bets. For those who wager on horse races, are in store for a book rebate up to 9%. There are email promotions as well as cash back bonuses.About The Banking
5dimes
5 Dimes Casino accepts major credit cards to make your deposits, as well as Bitcoin.