5Dimes Rogue Sports Book Seeks Online Gambling License From New Jersey
The New Jersey sportsbook market is about to get a new addition, as the offshore betting operator 5Dimes has applied for the state’s gambling license. The news comes from Laura Varela, the new owner, and the widow 5Dimes founder William Sean Creighton. Earlier this year, we spoke about what was happening to 5Dmes. Back then, we didn’t know if they were closing, just not paying their players or stopping taking bets from US players.
5Dimes Casino & Sportsbook Closing, Not Paying Out Players, Or Stopping Taking US Gamblers Bets
Creighton, a West Virginia native, was a controversial figure in the world of gambling. He made 5Dimes a betting giant, making use of the fact that sports gambling was federally illegal in the States until 2018 and that many bettors looked for other opportunities to place their bets. His company and several other offshore bookies, reportedly, handled billions worth of bets every year.
Is 5Dimes Rogue Sports Book Really Seeking An Online Gambling License From New Jersey?
However, at the time of his death, he was facing several federal charges of tax and payment fraud, illegal gambling, and money laundering and was, supposedly, close to a guilty plea. Creighton, nicknamed ” 5Dimes Tony” was murdered in 2018 in Costa Rica after a kidnapping attempt went wrong. Before the kidnappers broke off the communication, his wife already paid $1 million of the $5 million dollar ransom. The kidnappers were arrested in January 2019, a couple of months before Creighton’s remains were found and identified at an abandoned cemetery.
Does 5Dimes Pay $46 Million To Turn Into A Legitimate And Licensed US Betting Business?
As the first step in turning 5Dimes into a legitimate and licensed US betting business, Laura Varela has last month agreed to pay $46 million as a settlement for tax and money laundering charges against her late husband. As stated by the federal government, Mrs. Varela had no part in her husband’s shady dealings, so, as a new owner, she is eligible to run the business in the US market.
Now, with the help of gambling industry lawyers, she is trying to parley 5Dimes’ customer base of over a million bettors into a legitimate betting company. The plan is to register in New Jersey first, and then move on to other states. Currently, she is in search of a racetrack or casino to partner up with. During the registration process, 5Dimes has agreed to restrict access to its site from the US and stop taking bets from American customers. Meanwhile, they are running their business as usual with gamblers from other countries. Laura Varela stated that she plans to keep most of the company’s 270 employees.
If the registration process goes through, 5Dimes could become one of the major players in the US market and the news has caused some stir among the companies already operating in the States. The main point of contention is the 5Dimes’ customer base. The future competitors argue that those customers were acquired while breaking the US laws and that the base of that size provides an unfair advantage to the 5Dimes. It’s worth noting that the gamblers betting offshore invest several times more money on average than bettors placing their bets with regulated US sportsbooks.
Will This Open Doors To Other Offshore Sportsbook To Get US Approval & Regulated Gambling License?
If Mrs. Varela succeeds in her intentions, her case could set precedent and open doors to numerous other offshore bookies. Illegal betting business, mostly based in Costa Rica or Anguilla rake in way more money and handle more customers than their legal counterparts. The approval of a gambling license to 5Dimes could significantly change the US betting landscape.
