5Dimes ‘Withdrawal’ From US For Sports Betting Had Some Hiccups

Posted on September 10, 2020 - Last Updated on October 1, 2020

Offshore sportsbook 5Dimes announced this week it was closing its doors to US customers. But there were some hiccups with that move.

Multiple 5Dimes customers have since had their open futures bets and accounts transferred a more obscure offshore site called Betanysports.

The site layout, prices and bet options all look identical to 5Dimes. Review sites note betanysports is also based in Costa Rica and a “sister site” to 5Dimes.

As one Reddit user reported: “5D transferred my entire account over, and it went flawlessly. All account info, all pending bets, balance, etc…all transferred and looks exactly like 5d did.”

The simplicity of the migration suggests that 5Dimes and betanysports might run on the same platform. Migrations simply aren’t that easy otherwise.

Using the same platform doesn’t necessarily mean the companies are connected, but it does raise some questions.

Multiple Reddit and social media users also reported a straightforward switch and that betanysports was identical to 5Dimes.

What is going on behind the scenes at 5Dimes?

The company and customer service agents said there was no relationship between the two sites.

It’s also important to note not all customers were offered the chance to switch. Some bettors with massive +EV futures simply had them voided. Legal Sports Report also asked 5Dimes customer support for options for betting with the site closing off the US. No suggestion or offer to move was given. (The account also had no deposit history, for what it’s worth.)

There’s obviously a huge imbalance here in favor of the book. They’ve already collected on a lot of losing NHL and NBA futures. And now they can cancel the remaining live tickets.

That might explain why betanysports stopped accepting transfers on Tuesday, as some 2+2 users reported. 

Bettors were also told that the minimum withdrawal amount on account balances was $100, causing more issues for smaller players.

How did we get here?

Remember, 5Dimes is closing US customers because it wants to relauch its operations with a “fresh start”. The company hinted it could be looking at the regulated market.

However, it declined to provide any details on how such a relaunch would work. One option laid out by Eilers & Krejcik analyst Chris Krafcik could be the PokerStars route.

That is, some kind of settlement with the Department of Justice, then a sale of assets, like the brand and tech stack, to a third party.

That’s assuming the 5Dimes brand and tech has any value left, that is. Perhaps the most valuable asset is the database of US customers built over two decades.

Regardless of what’s really going on behind the scenes, the push for a 5Dimes rehabilitation and “fresh start,” hasn’t exactly started out promisingly.

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Brad Allen

Brad has been covering the online gambling industry in Europe and the US for more than four years, most recently as the news editor at EGR Global.

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