5dimes Taxes

Today marks a sad day for US bettors across America as 5Dimes has announced they are closing their doors to U.S customers officially starting September 21st, 2020. However, not all is bad, as this is just temporary while they attempt to make a transition to legal U.S betting once new laws and regulations are passed, which is looking increasingly likely.

5Dimes has been operating since the early 2000’s and has been the home to many American bettors for equally as long. Sports Betting in US has been illegal and unregulated forever until recently last year the federal government has eased up on sports betting and is now allowing states to regulate, and offer it if they chose to.

Some of the early movers taking advantage of this, are New Jersey and Colorado. The lawmakers in Colorado seem to be privy to new markets as just like the marijuana industry, they know this can bring in a tremendous amount of tax revenue when sports betting is offered legally.

When you first lay eyes on the 5Dimes website, there’s nothing that tells you that, in my opinion, this is the best offshore online sportsbook there is.The 5Dimes design is at least 15 years old. The news of a settlement between 5Dimes and United States Department of Justice was surprising to some in the online sports betting and gambling industry. The 5Dimes brand became a popular site for.

While there are only 2 states that are legal currently for Americans to place bets (outside of Vegas), it seems 5Dimes is trying to get a head start on their U.S operations, and to do that, they must stop offering Americans in all 50 states illegal access to betting, even though they have been doing so for over 15 years now. It is unknown how U.S regulators will see 5Dimes efforts to become legal, after operating illegally for so long, but time will tell.

5dimes Taxes California

U.S bettors currently playing on 5Dimes will two options on how to move forward. They can select to get a refund on their current account balance and pending wagers, or elect to have their bets transferred to another entity called ‘Betanysports.eu‘.

Players have until September 25th to decide how they would like to proceed either taking a refund or transferring their bets. If no option is selected and you miss the deadline, 5Dimes will be transferring balances and funds to a 3rd party claims administer who will then attempt to get your money back to you. Anyone that doesn’t claim the funds or make an effort to claim them will be forfeited by September 30th, 2021.

This marks an end of an era for 5Dimes, being a staple in the industry and providing players with access to some of the best odds, least amount of juice and most betting options of most books out there. They had very small, niche markets which you couldn’t find elsewhere. With that said, we are excited to see the new U.S legal betting they offer, if they are allowed to.

5Dimes USA Player FAQ

• Q. If I am an existing customer with a balance, can I continue playing even though you no longer accept U.S. customers?
  • A. We are only suspending service to customers located in the United States. If you are located in the United States and have not withdrawn your balance before September 25th, your funds will be transferred to a claims administrator who will attempt to return your balance to you. If you are located outside the United States, we will continue to offer our services.
• Q. If I continue to play and win, is there a time limit to withdraw my funds?
  • A. Yes, you must withdraw your funds before September 25th or your balance will be transferred to a claims administrator.
• Q. What will happen to my funds if I do not withdraw them in the specified period?
  • A. The remaining balance will be transferred to the claims administrator who will exercise its best efforts to return your money to you.
• Q. Will you allow higher limits on withdrawals for customers with large account balances?
  • A. Payouts with higher limits and frequency are allowed, only subject to each payment method’s limits and restrictions.
• Q. If I am a U.S. citizen living outside of the U.S., can I continue playing with 5Dimes?
  • A. Yes, as long as you are in a jurisdiction where online betting is legal and offered by 5Dimes.
• Q. Is 5Dimes closing permanently for U.S. players? If not, are there plans to come back to the U.S. market and when approximately?
  • A. No, we will be back, better than ever and hopefully very soon!
• Q. Why are you leaving the market?
  • A. We are relaunching the company into a better one for our customers, and to do it properly, we need to suspend service to U.S. customers, but it is only temporary.
• Q. I have an open bet that will not be settled until after September 25th, is it possible to get a refund on that wager?
  • A. Yes, refunds will be available.

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