Costa Rica-based offshore sportsbook operator 5Dimes has announced the launch of its online sports betting and casino products in the Isle of Man market, widely acknowledged as a prime jurisdiction for online gaming.
The move allows 5Dimes to establish a comprehensive international operation in the Isle of Man and conduct legal and regulated gaming activities in full compliance across multiple jurisdictions, but not in the US where last year it withdrew from the market.
Gaining Isle of Man accreditation, which was made possible by its US withdrawal, will be viewed as the latest step in the firm’s ambition to reestablish a foothold in the newly legalized American sports betting market.
The Isle of Man Gambling Supervision Commission has an international reputation for enforcing high standards to ensure operators are in full compliance with all rules and regulations.
The Isle of Man is included on the Organization for Economic Co-operation and Development White List, for jurisdictions committed to improving transparency and establishing effective exchange of information in tax matters, and is a member of the World Trade Organization.
“This licensure is an exciting milestone for the 5Dimes brand,” said Laura Varela, Member of 5Dimes Sportsbook’s Board of Directors. “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.”
Hinting at the firm’s US aspirations, she added: “This undertaking in the Isle of Man is a first step towards relaunching the 5Dimes brand in all legalized jurisdictions around the world. We are excited to welcome back many of our loyal customers to our top-of-the-line gaming experience while keeping our eyes set on future expansion opportunities in additional legal and regulated markets in the near future.”
Having ceased taking bets from US customers last October, the firm entered into a settlement agreement with the US Attorney for the Eastern District of Pennsylvania, securing eligibility to apply to enter the business on a legitimate footing.
As reported by SBC Americas at the time, it was to do so under a new corporate structure, free and clear of any restrictions on the use or transfer of its assets and in full compliance with US law. A new corporate entity, 5D Americas LLC was incorporated in the state of Delaware.
5Dimes formerly operated for many years under the full and exclusive control of its founder, William Sean “Tony” Creighton. Prior to his kidnapping and murder in 2018, both 5Dimes and Creighton were under federal investigation by the US Department of Justice, specifically the EDPA. After Creighton’s death, his widow Varela assumed responsibility for the firm’s assets, although she did not exercise day-to-day authority over the operations.