5dimes Taxes

Fish and Game Code - FGC Food and Agricultural Code - FAC Government Code - GOV. URL List.txt - Free ebook download as Text File (.txt), PDF File (.pdf) or read book online for free. 5Dimes, a leading global online gaming brand, today announced the launch of its online sports betting and casino products in the Isle of Man market, a prime jurisdiction for online gaming.

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Today marks a sad day for US bettors across America as 5Dimes has announced they are closing their doors to U.S customers officially starting September 21st, 2020. However, not all is bad, as this is just temporary while they attempt to make a transition to legal U.S betting once new laws and regulations are passed, which is looking increasingly likely.

5Dimes has been operating since the early 2000’s and has been the home to many American bettors for equally as long. Sports Betting in US has been illegal and unregulated forever until recently last year the federal government has eased up on sports betting and is now allowing states to regulate, and offer it if they chose to.

Some of the early movers taking advantage of this, are New Jersey and Colorado. The lawmakers in Colorado seem to be privy to new markets as just like the marijuana industry, they know this can bring in a tremendous amount of tax revenue when sports betting is offered legally.

Taxes

While there are only 2 states that are legal currently for Americans to place bets (outside of Vegas), it seems 5Dimes is trying to get a head start on their U.S operations, and to do that, they must stop offering Americans in all 50 states illegal access to betting, even though they have been doing so for over 15 years now. It is unknown how U.S regulators will see 5Dimes efforts to become legal, after operating illegally for so long, but time will tell.

5dimes Taxes Illinois

U.S bettors currently playing on 5Dimes will two options on how to move forward. They can select to get a refund on their current account balance and pending wagers, or elect to have their bets transferred to another entity called ‘Betanysports.eu‘.

Players have until September 25th to decide how they would like to proceed either taking a refund or transferring their bets. If no option is selected and you miss the deadline, 5Dimes will be transferring balances and funds to a 3rd party claims administer who will then attempt to get your money back to you. Anyone that doesn’t claim the funds or make an effort to claim them will be forfeited by September 30th, 2021.

This marks an end of an era for 5Dimes, being a staple in the industry and providing players with access to some of the best odds, least amount of juice and most betting options of most books out there. They had very small, niche markets which you couldn’t find elsewhere. With that said, we are excited to see the new U.S legal betting they offer, if they are allowed to.

5Dimes USA Player FAQ

  • Q. If I am an existing customer with a balance, can I continue playing even though you no longer accept U.S. customers?
    • A. We are only suspending service to customers located in the United States. If you are located in the United States and have not withdrawn your balance before September 25th, your funds will be transferred to a claims administrator who will attempt to return your balance to you. If you are located outside the United States, we will continue to offer our services.
  • Q. If I continue to play and win, is there a time limit to withdraw my funds?
    • A. Yes, you must withdraw your funds before September 25th or your balance will be transferred to a claims administrator.
  • Q. What will happen to my funds if I do not withdraw them in the specified period?
    • A. The remaining balance will be transferred to the claims administrator who will exercise its best efforts to return your money to you.
  • Q. Will you allow higher limits on withdrawals for customers with large account balances?
    • A. Payouts with higher limits and frequency are allowed, only subject to each payment method’s limits and restrictions.
  • Q. If I am a U.S. citizen living outside of the U.S., can I continue playing with 5Dimes?
    • A. Yes, as long as you are in a jurisdiction where online betting is legal and offered by 5Dimes.
  • Q. Is 5Dimes closing permanently for U.S. players? If not, are there plans to come back to the U.S. market and when approximately?
    • A. No, we will be back, better than ever and hopefully very soon!
  • Q. Why are you leaving the market?
    • A. We are relaunching the company into a better one for our customers, and to do it properly, we need to suspend service to U.S. customers, but it is only temporary.
  • Q. I have an open bet that will not be settled until after September 25th, is it possible to get a refund on that wager?
    • A. Yes, refunds will be available.
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  1. What is this action about?

    5Dimes has reached an agreement with the U.S. Department of Justice and stopped serving the U.S. market until able to do a legal re-entry of it. Pursuant to the agreement, 5Dimes will return all U.S. customer funds. To serve this purpose, the Government has authorized 5Dimes to contract with a third-party claims administrator, to transfer the unclaimed funds to that administrator, and for the administrator to attempt to return those unclaimed funds to the customers. Any unclaimed funds remaining as of September 30, 2021 will be deemed forfeited to the U.S. Government.

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  2. Why did I receive a notice?

    If you received the Notice, 5Dimes was not able to pay your account balance by the time they suspended their processing. Monies not refunded by the company were transferred to the 5Dimes Refund Administrator to continue the refunding efforts.

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  3. Will you report my information to U.S. law enforcement?

    The U.S. Department of Justice did not request nor requires individual information reporting as a condition for authorizing the third-party administrator, 5Dimes Refund Administrator, to enter into and fulfill the contract of administering the return of 5Dimes U.S. customer unclaimed funds.

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  4. Who is eligible to receive a refund?

    To qualify for a payment from the fund, you must satisfy the following eligibility criteria:

    1. You must have deposited funds into an account with 5Dimes; and
    2. Your account with 5Dimes must reflect a last known account balance of greater than $0.00.

    You are excluded from participation in the account refund process if you are:

    • a past or present employee of 5Dimes or any of its past or present affiliates;
    • a past or present shareholder of 5Dimes;
    • a past or present officer or director of 5Dimes or any of their past or present affiliates;
    • a defendant in any civil action or a claimant in any forfeiture action brought by the Department of Justice related to the violations alleged in this action, or any related action (or any of his or her affiliates, assigns, heirs, distributees, spouses, parents, children, or controlled entities);
    • a person who, has been the subject of criminal charges related to the violations alleged in this action, or any related action (or any of his or her affiliates, assigns, heirs, distributees, spouses, parents, children, or controlled entities); or
    • a person who was flagged by 5Dimes as having engaged in improper conduct.
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  5. I did not receive a postcard notice or an email notice, but I believe I am eligible for a 5Dimes account refund.

    Please call or write to the 5Dimes Refund Administrator with your 5Dimes Customer ID, name, email, address, and phone number.

    5Dimes Refund Administrator
    P.O. Box 3186
    Portland, OR 97208-3186
    1-888-490-0114 (Toll-free)

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  6. What happens if I do nothing at all?

    Any funds remaining unclaimed as of September 30, 2021 will be deemed forfeited to the U.S. Government.

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  7. How do I submit a refund request?

    Beginning November 16, 2020, you may file a refund request online using this website. To submit an online refund request, you will need provide the Unique ID and PIN provided on your Email or Postcard Notice. You will then have the opportunity to choose from the following payment options:

    • PayPal
    • Venmo
    • Digital Mastercard.
    • Physical Check

    For payments $20,000.00 or more, physical check is the only payment option available. PayPal, Venmo, and Digital MasterCard are not available for payments over $19,999.99.

    To start your refund request, please click here.

    Refund requests can only be submitted online through this website. They will not be accepted via phone or mail.

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  8. How will I be paid?

    All payments will be made in U.S. dollars.

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  9. Will taxes be deducted from any refund paid to me?

    No, any tax liability is the responsibility of the individual receiving the payment. We do not offer any opinion or advice on whether a particular payment is taxable income. If you have any questions in this regard, you should consult with your tax advisor.

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  10. How do I contact the 5Dimes Refund Administrator?

    You may contact the 5Dimes Refund Administrator at:

    5Dimes Refund Administrator
    P.O. Box 3186
    Portland, OR 97208-3186
    1-888-490-0114 (Toll-free)

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