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5Dimes Secures Isle of Man License to Operate Internationally

  • Isle of Man Gambling Supervision Commission issued a license to 5Dimes this month
  • The island's authorities have a good reputation for upholding high standards for licensees
  • Company owner Laura Varela is also looking at expansion into the regulated US market
  • 5Dimes illegally targeted US residents before reaching a $46.8m settlement with the DOJ last year
  • It is now free to pursue a legal route after ending its illegal US operations in September 2020
Andrew O’Malley

businesspeople's hands hold up letters that spell growth
5Dimes launched its new online casino and sportsbook in the regulated Isle of Man jurisdiction on Wednesday, enabling it to operate in multiple global markets. [Image: Shutterstock.com]

A legal expansion plan

Online gambling operator 5Dimes has announced the launch of its online casino and sports betting platforms in the regulated Isle of Man market.

a global operation with a base on the island

The company said on Wednesday that it received a license from the Isle of Man Gambling Supervision Commission. Through this license, 5Dimes is now able to run a global operation with a base on the island. It aims to be fully compliant in numerous international gaming jurisdictions, always operating in a legal manner. The Isle of Man license does not cover expansion into the US regulated market.

5Dimes is also striving to be one of the major online gambling operators in the world. It will set up an operations and management team in the Isle of Man to help with running the business, financial aspects, and compliance obligations.

Complying with a high set of standards

The Isle of Man government was a trailblazing jurisdiction when it introduced legislation in 2001 to specifically cater to gambling operators, as well as to provide protection for online gamblers. It still has a good reputation worldwide for enacting high standards on licensees and ensuring that all operators are properly compliant.

5Dimes owner Laura Varela deems the new launch to be an “exciting milestone” for the brand. She said: “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.”

seeking a license to initially operate in the state of New Jersey

The gambling operator has also been looking at potential opportunities to move into the regulated US market. Varela spoke last October about seeking a license to initially operate in the state of New Jersey.

Moving beyond illegal activities

The 5Dimes brand has been offering online gambling products for over two decades. However, it was operating as an offshore platform during these years, largely targeting US gamblers from its base in Costa Rica.

The operator announced in September 2020 that it was no longer accepting wagers from US-based gamblers, exiting the US market for good. A month later, 5Dimes agreed to pay a federal settlement worth $46.8m, following a lengthy investigation by US authorities into the company’s potential money laundering practices. Since its agreement with the US Department of Justice, the operator has been looking to go down the legal gambling route.

The founder of 5Dimes was Laura Varela’s husband William Sean ‘Tony’ Creighton. In September 2018, when the federal investigation was already underway, fake policemen kidnapped him in Costa Rica while he was driving his Porsche. They demanded a $5m ransom in bitcoin; Creighton’s wife paid $1m of the sum. The kidnappers then stopped all forms of contact. Creighton’s lifeless body was discovered almost a year later.

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