5Dimes Is Closing Down Its European Sportsbook

Sportsbook operator 5Dimes is closing down its European sportsbook. The Costa Rica-based firm announced the move on Monday after already informing the Isle of Man regulator of its intentions. Users will still get to place bets up until 11:59pm EST on May 29 and can withdraw funds from their accounts for a 12-month period.

5Dimes confirmed it is leaving the European market to focus on other regions. In particular, the operator said it will focus its “attention in the Americas regulated market jurisdictions we wish to target in the future.”

5Dimes acted as an unregulated sportsbook targeting US bettors

For many years, 5Dimes acted as an unregulated sportsbook targeting US bettors, eventually leading to legal action by the US Department of Justice. This cost the operator a $46.8m settlement in 2020 for offering illegal sports betting, as well as committing wire fraud and money laundering.

5Dimes exited the unregulated US market in 2020 and looked to go on the straight and narrow. This included applying for licenses in New Jersey and Ontario. However, sources in February suggested that the owner Laura Varela was on the “verge of a nervous breakdown” and ready to shut up shop.