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My initial feedback is that this sucks and reeks of fraud. The easiest and most honest way for 5D to make me whole is by transferring my balance and outstanding bets to sister book Betanysports. They were doing this in the initial hours of announcing their decision to leave the US, but the wait times were horrendous on live chat. So I sent them an email about this the next morning (yesterday) and suddenly upper management has reversed their decision???? This is very troublesome and leaves me with 2 expensive and slower options for withdrawal -BTC and checks. Since I'm not BTC exclusive, the check option is faster (usually 2-3 days). I'll request one today and report when (if) I get it.
P.S. Can SBR ask 5D to reconsider letting us transfer to Betanysports? It was the fairest option of all and they pulled it w/i hours of offering it. WHY?????Comment -
Sad
Times for many...
Really hoping 5D pays out fast (within 5 days)Comment -
I think a lot of people are overreacting. I would be very surprised if anyone got stiffed. I would bet everyone is getting their money.המוסד
המוסד למודיעין ולתפקידים מיוחדים
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I don't think they'll go down, they just copied what Cris did.
European bookies and poker sites do it all the time:
A country decides to ban Malta and Gibraltar license, bookie than pulls out of that market, only to apply for real license later. I've seen it in Sweden, Bulgaria, Romania...
I suppose Betanysports, Vietbet and Chinesebookie will serve as 5dimes' Bookmaker.eu, while you wait for your state to legalize online gambling.Comment -
I'm definitely going to be out hundreds of dollars in unnecessary withdrawal fees. I also doubt they'll settle my futures fairly. The red flag for me is that they have a sister book still serving US action--but won't (or can't) transfer funds to them. That would be the fairest way to handle their accounts.
I wish I shared your optimism, but actions speak louder than words. And their actions (or lack thereof) speak volumes.Comment -
I hear you and I respect what you are saying. We both have been here for many years and have seen bad things happen with books. Everyone is on the same side here. Nobody wants to see anyone screwed. I hope it all gets resolved and nobody gets screwed... Lets hope for the best here!המוסד
המוסד למודיעין ולתפקידים מיוחדים
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i hope im wrong but i think there are just taking everybody's money and running, i dont understand why all the sudden no sportsbook transfers when it would be easier and cheaper for them, rather then sending btc too everybody.Comment -
5dimes is freerolling us in NbA futures market. They said if bet loses between now and september 21st, it stays a loss. If its not settled by september 21st, its a refund. So they are 100% freerolling us. Am i understanding this right?? Im furiousComment -
Every single NbA Finals bet needs to be refunded now, otherwise they are straight stealing from us. The person Im talking to cannot understand this.Comment -
I have Raptors and Clippers. I cant win before September 21st, can only lose. I want my money back now for bothComment -
Absolutely shameful the way 5D is leaving the US market. Some of us have been with you for 20+ years only to get hit with significant fees to get our money and the added insult of getting free rolled on futures. Take a page from The Greek and Pinnacle's exit and show some friggin class.Comment -
5dimes is freerolling FUTURES
5dimes is closing to all US customers. They seem to want to do things the right way as they gave us a warning and said we can cash out. So the stance they are taking on Future tickets is a bit mind-boggling.
There are a ton of people that bet futures, particularly to WIN Championships like the NBA or NHL. 5dimes cut off date for wagers to be graded is 9/21. This is before the completion of the NBA/NHL finals. 5dimes current stance is if a wager that is pending cannot be graded on 9/21, then it is a cancelled bet. Sounds good in theory.
However, the NBA and NHL Finals will not be concluded by that date. Although the Finals will be underway. By their rule, all teams still alive will be refunded.
Here's the issue, they are grading all teams that lose, losers. So, Every team that was bet on besides the two that are in the finals, 5dimes is grading a LOSER. The teams remaining are cancelled. In booking, its very black and white. You can't have a loser without a winner. They are essentially grading all bets that give them money yet any risk of payout those bets are cancelled. I contacted CS as made this point and was told essentially penetrate off.
Here's my situation. (And alot of people's situation who bet on the NBA/NHL Finals)
I purchased Lightning to win the Cup at +650 for $500. This pays $3000+
I then purchased Stars to win the Cup at +735 for $445. This pays $3000+
Late in the Stars vs Avs series, I'd hedge my bet(and fading Vegas Knights) I took Avs to win the Cup for $450 at +650. So I had 3 of the remaining 4 teams given Vegas and Lightning were about to close or did close series. Avs lost the series, they took my $500. -$500 on my bets currently.
If (eh, let's be honest) WHEN the Lightning win the East, The Lightning to win the Cup maybe FAVORED. Yet, my +600 ticket will be deemed cancelled when the only price available maybe MINUS money. I'm getting no payout for being right series ago. It's both theoretical and possible we ahve a Stars vs Lightning Finals in which I'd be guaranteed almost $3000 in profit without doing anything as I'll have both Finals. Yet, I will finish my NHL future bets at -500 despite having both finals teams because they aren't paying winners but charging losers. And truly my Avs bet was a hedge.
(If you hate hockey, imagine having Lakers, Celtics and Clippers tickets at all plus money and knowing you can only lose money even if its LA vs Celtics in the finals)
There are two options.
- Either don't grade losers and you cancel the entire bet (again you can't have losers without winners)
- you payout winners past on the hedge odds. If Lightning is +600 on future ticket and in Finals their opponent is +100, I should be collecting HALF my TO Win and get back my to risk.
You simply cannot fairly/ethically/justifiably collect ALL losing tickets, 30 teams of losing tickets, then cancel the 2 teams that can possibly win.
If you're still not outraged. 5dimes is STILL taking bets on NBA and NHL futures knowing you can only LOSE or Cancel bet.Comment - Either don't grade losers and you cancel the entire bet (again you can't have losers without winners)
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Yup. Ive discussed this today already. They are freerolling us. If you have an NBA championship bet, you cant win but you can lose between now and September 21st. Pretty sickeningComment -
Is sbr gonna help us out? If help was ever needed, this is most definately the time. ThannsComment -
I'm hoping SBR in the next 0-24 hours has an extensive article about this whole situation in general. At this juncture, I don't care about 5 Dimes plans for the future, I want to know about the present, the month of September and some reassurance that this will hopefully end favorably for all of us who have money tied up there.Comment -
I’m a 5dimes customer from central NY, now with this news I’ll have to make a switch.
What is wrong with the casinos in the state, or New Jersey? I only bet MMA and wouldn’t like too many wager limits. Is there something I’m supposed to be waiting on that will make things better than the books at the casinos and NJ?Comment -
So I can still transfer to heritage or can't do that either? What about nitrogen? Any minimum?Comment -
this...
Its the clasic its all good til its not in the offshore world
If you are looking to make sense of the news that 5Dimes is closing to the US market (under the guise of entering the regulated market no less....there's a better chance of that astroid hitting Earth), Venom OG at SBRForum as a plausible theory.
Long established 5Dimes announced out of the blue Sunday that they will be closing to the US market in two weeks. The news comes almost two years after that company's founder, Sean "Tony" Creighton went missing and, nearly a year later, turned up dead.
Yes there are rumors floating across the industry that Creighton is alive and kicking and pulling all the shots. In other words, he faked his own death.
Tuesday night, Gambling911.com learned that Creighton's wife - she's been sort of in charge these last two years - made the sudden call to pull out of the US market and none of the employees seemed to be aware.
So let's check out the latest theory below...
The timing of this announcement, the way 5Dimes is handling futures, and their recent behavior tells the real story IMO.
They picked September 25 as the last day to withdraw funds -- literally two days before all winning MLB win total futures would have been graded, and no more than a week before NBA Finals futures would have been settled. This way they don't have to pay out any winning bets but they can collect on losers. All the potential winning futures surely amount to no small sum that they are basically going to be able to get away with.
On top of that, they make the announcement at a time when tons of people are depositing to place NFL bets and futures, and forcing them to complete a 1x rollover. If you were a book and you wanted to pick a set of dates to maximize the amount of money you could steal, without outright confiscating customer accounts, you could hardly pick better ones than making the announcement September 7 and ending transactions with U.S. customers on September 25.
The fact that this happened right after a period where no one was betting for over four months is no coincidence IMO. Like a lot of businesses, 5Dimes likely was operating very close to the margins, i.e. they had a lot of debt that they would have been able to pay back on time except in the case of a huge crisis. Then when the crisis hits, they hit insolvency.
The fact that they have been showing a pop-up of casino gaming options after every log-in for the last month or so, has been an annoyance that seemed a fishy to me from the start, and for me it's another piece of the puzzle. It seemed out of character for them, and reeked of them being desperate for money. I have seen several businesses that I've patronized for years go out of business and right before they did, they invariably started to do things out of character for them, things that reeked of desperation.
As for the argument that leaving the U.S. market in order to come back at a later date makes any kind of sense -- it doesn't at all. There is no deal with the DOJ. The DOJ can't touch 5Dimes, if they could they would have done so long ago. I've seen some people say that the climate changed when legal competition came into the fold. Full Tilt Poker got busted by the DOJ at a time when there was no legal competition at all, and there was no deal made either. Nothing changed legally that would have affected 5Dimes' operations -- at all.
To me, all this adds up to the fact that by far the most likely scenario is that 5Dimes is going out of business and they came up with some story that they thought of when they were high or something, in order to reduce panic. If they had any plans on coming back to the U.S. market, this is not the way they would be handling this, because in the end what they are doing amounts to thievery, and no one is ever going to trust them again.
I've personally used 5Dimes as my primary book for the past nine years, and I know there are people here who've been with them much longer. Yesterday was a sad day for sure, as 5Dimes was a super solid book IMO, even if customer service when it came to getting paid was not always the best. Like everyone else, I am crossing my fingers that all of our accounts are settled in a somewhat fair manner, and that we can move on to another book and keep it pushing. Best of luck to everyone in that regard.
- Jagajeet Chiba, Gambling911.comLast edited by littlekona; 09-09-20, 09:13 AM.Comment -
There is basically zero chance that 5Dimes is closing down. I read once that they have a few BILLION in accounts outside the US. They are just leaving the US and they have never been the most reputable so they may try to pull some fast ones. Just have to keep the heat on.Comment -
here's a possible compromise on the futures bets
wait until the current rounds are done (the 4 nba series and 2 nhl series)... then cancel anything that still has life and grade everything else... that sucks for many (including me) but at least provides a cutoff point
otherwise there are going to be series mid-stream on the 21st/25th and when would all the bets be cancelled? probably not in enough time to make a withdrawal before funds going to the "administrator"
payouts would be nice too, if you're gonna pay everyone then there is no reason to keep people waiting 4 days for a bitcoin emailComment
