5Dimes Offshore Sportsbook 2020
5Dimes Sportsbook has been present in the industry since 1996. Ever since its establishment, the sportsbook offers cashback rewards, free play rewards, significantly reduced juice bets and even more to its registered players. Moreover, registered customers at 5Dimes can also use a variety of deposit and withdrawal methods which answer players’ questions on how to fund 5Dimes and enjoy decently fast payouts.
Even though there are some great gaming perks offered here, 5Dimes.eu serving customers from the United States, which is a massive grey area, definitely stirs some controversy. Just like with every other grey market area, there is a lot of things to consider before registering at any sportsbook of this kind.
In this 5Dimes review, we take a deeper look at what this sportsbook offers, its legality in the United States and other important info which suggests one thing, this sportsbook should be avoided if you want the best betting odds, and more importantly the safest online gaming experience.
Is playing at 5Dimes legal?
As already mentioned in this 5Dimes Sportsbook review, there are some great things about this sportsbetting service such as 5Dimes promotions, hundreds of different sports offered, hundreds of wagering options, a great customer support department and more, but the main question is can you use 5Dimes in the US safely. Put differently, is 5Dimes Sportsbook legit or not.
In order to understand this issue better, we have to take a look at the United States federal laws which currently address the iGaming industry including sportsbetting for real money. At the moment, there are three federal laws in the country which address wagering on all sports including football, NFL and other, the Federal Wire Act from 1961, and the Unlawful Gambling Enforcement Act from 2006.
Two of these are active up to this day. In short, they made it illegal for United States-based companies to process transactions for any kind of illegal gambling sites while legal sportsbetting operations are excluded by the law including sportsbook and legal online casino and poker websites operating in New Jersey and other states where these activities are legal.
Put differently, the Unlawful Internet Gambling Enforcement Act revised in 2006 does not prohibit all sorts of online gambling activities, but it does strictly prohibits making payments to any kind of unauthorized websites. When it comes to 5Dimes.eu Sportsbook, the operator is licensed by the jurisdiction of Costa Rica, but it failed to obtain its license to offer its service in the United States.
The main question is 5Dimes safe to register and invest your real money remains. Since 5Dimes betting site does not have its US-issued license to operate within the state’s borders, players who register here have almost no protection when it comes to their funds, and their private sensitive data as offshore operators such as 5Dimes cannot guarantee players’ protection without a valid operating license.
Moreover, without almost any protection offered, your 5Dimes account can be closed at any time with your winning lost. Without any immediate care offered to customers, your 5Dimes Sportsbook bonus, and your funds invested here are not safe.
That’s why you shouldn’t bet at this operator
The question is 5Dimes legit was answered in the previous section, while in this section, we explain why it is not such a good idea to engage in 5Dimes gambling for a variety of reasons. While the 5Dimes betting limits may sound good, while the 5Dimes first deposit bonus may promise generous payouts, and while the 5Dimes prop bets match the industry’s standards, it is still not a good idea to engage in mobile or online gaming here.
First of all, US citizens are always advised to place real money bets at only fully state-licensed and regulated operators and 5Dimes does not hold such a license. Registering at offshore operators without necessary licenses means exposing your money to all sorts of risky business, simply because such operators cannot guarantee financial safety of any kind especially when dealing with 5Dimes Bitcoin which is a fully decentralized, non-government managed currency.
What is even more, using 5Dimes app including 5Dimes iPhone app for transferring your fund here means that your bank account is at risk of being closed suddenly as it is not legal to transfer your funds to offshore operators of any kind. Even though this sportsbook does offer some great gaming perks, those the most important ones are missing such as a guarantee of safe, fair play which such offshore operators cannot guarantee without a necessary state-issued license.
Gaming at such offshore operators does not only mean exposing your financial and personal data to third-party software which may use it later on for fraudulent activities, but it also means supporting tax evasion simply because you cannot pay taxes on your 5Dimes winnings. The bottom line is that it is not worth risking your money here for these aforementioned reasons.
5Dimes Check: All you need to know
Further in this 5Dimes Sportsbook review, we take a look at what this sportsbook offers in terms of its 5Dimes bonus, 5Dimes free play, 5Dimes mobile service and other relevant information. Keep in mind that even we do not recommend registering here, we still want to briefly preset what the operator offers to its customers.
Sports & Live Betting: Loads of Live Sports Action
When it comes to the 5Dimes Sportsbook sports and live betting offering, registered customers can access all sorts of sports including the most popular sports and sports leagues such as the NFL, loads of football leagues, basketball, hockey, boxing, baseball, motorsports and even eSports.
There is also the popular 5Dimes live lines service which just recently emerged on the scene. Nonetheless, customers still complain that some of the most-watched games have not been available which is surely a huge minus.
Odds: Decent Betting Odds
While 5Dimes customers cannot expect to find the best industry’s odds, the platform still offers some decent odds. In fact, the betting odds offered stand at standard -110 price. Moreover, registered customers can also enjoy some reduced juice odds which stand among the highest offered in the industry. However, the operator tends to take away these special offers when players make some profit which is another huge disadvantage.
Bonus & Promotions: Fruitful Bonuses
When it comes to the 5Dimes deposit bonus, punter can scoop a 50% of free play bonus worth up to USD 520 eligible for the operator’s sportsbook service. Even though this sounds like a great offer, many registered customers complain that the sportsbook’s bonuses and promotions department is generally complex to understand, hence they often times turn to the 5Dimes contact center for some clearance.
Besides this deposit bonus, the sportsbook also offers a variety of other bonuses including cashback offers, free play bonuses and more, but these also come a bit confusing. All in all, state-regulated operators always have their bonuses and promotions-related terms and conditions fully displayed without anything staying hidden or unclarified.
Payment Methods: Loads of Cashout Options
When it comes to the 5Dimes payout service, players can use a variety of banking options once their 5Dimes login session is completed. Those who wonder how to fund 5Dimes account can find all relevant info at the operator’s website. All in all, there is a good selection of deposit and withdrawal options including:
- Visa, MasterCard, American Express
- Ria Money Transfer
- Bank Wire Transfer
- Person-to-Person Transfer
Event through the operator offers a great variety of banking options, wagering pending times are longer than expected. What is even more, some of withdrawal options offered can be used only on certain days which does not add to the operator’s credibility. Lastly, some cashout options include rather big transactional fees which is not ideal.
User Interface / Usability: Simple for Easy Navigation
Those wondering how to close 5Dimes account can find related info in the FAQs section. What truly bothers us when it comes to the website’s design and user interface is its extremely simplistic, almost archaic look which is not visually appealing in any way.
Customer Service: Contact Support Through E-mail, Phone or Live Chat
Registered customers at 5Dimes can use three different methods for getting in touch with the operator’s customer support agents. The first option is using the 5Dimes live chat. The second and third option include using its e-mail and phone support.
Even though 5Dimes help section seems reliable, there is definitely a lot of room for improvement as many customers complain that they wait much longer than expected to receive answers to their inquiries.
The Future of Offshore Betting Sites
In this section, we briefly explain what does the future hold for 5Dimes and other similar offshore sportsbooks which offer their service to US residents. In the world of online gambling including sports bettting and similar services, things are changing very quickly with new regulations coming onto the scene, and with new laws managing the industry. The newly crafted regulations and laws affect many different areas of the industry including sportsbooks, racebooks, casinos, poker rooms and everything else.
When it comes to the industry in the United States, one thing is for sure, legalized sports betting activities in the states will doubtlessly disincentivize players from engaging in sports betting activities at offshore operators. On the other hand, the majority of states has yet to legalize sports betting and the process is long and complex.
For this reason, offshore sportsbooks will definitely remain extremely attractive to US residents due to large varieties of sports offered, great selection of betting types offered and other perks. However, it is never advised to engage in gaming activities at such online venues due to already mentioned reasons.
Disclaimer: Don't play here
FAQ5Dimes scam site or not?
This is a massive grey area just like the entire US sportsbetting market at the moment. While this is always a possibility, it seems that players are not getting prosecuted for playing at offshore operators, at least not yet. However, we suggest staying well away from offshore sites and remaining on the safe side.
While the majority of offshore operators accept Bitcoin payments including 5Dimes, using digital currencies comes with its disadvantages in terms of safety. In other words, using Bitcoin is not the safest banking method to choose and players should steer clear of it since better options are available.
In some cases, players can enjoy better deals with playing at offshore operators, but this is far away from being a rule. Either way, it is better to receive even a worse deal at a reputable operator, than a more generous bonus at an offshore operator.
Everything that applies to using Bitcoin as your banking method, applies to using other digital currencies. While some players enjoy greater anonymity and other perks of cryptocurrencies, using them is far away from being the safest option out there and cryptos are generally not a stable or safe way to make payments.
Yes, you have to pay taxes on your winnings regardless of your chosen sportsbook and its legal status. If you win money at an online betting site, you should always report those winnings and pay your taxes at the end of the year, which will help you avoid any potential tax fraud related problems.
With twenty-seven states which have done nothing yet to prepare for legalizing sports betting within their borders, there is no wonder why offshore sportsbooks remain popular among US residents. Even though these operators may offer great bonuses, great promotions including free play and reduce juice and other, it is too risky to engage in these activities.
Those interested who want to protect their funds and their personal info and who want to get the best value for their money and still enjoy great sports betting activities are advised to check our comprehensive list of fully regulated and licensed sports betting operators which check all the most important marks that speak greatly of reputability, trustworthiness and reliability.