SBR Suspends Rating on 5Dimes, No Likelihood of Remaining in Business

From an A+ to an Incomplete in just a matter of days, Sportsbook Review last week suspended its rating for 5Dimes as complaints mount that the company will not be honoring pending future wagers upon shutting off to the US market on Monday September 21, 2020.

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Players have until September 25 to request payouts before remaining funds are turned over to a third party claims administrator, common online gambling lingo for "be prepared to collect just 5% of what is owed, if you're lucky" (i.e. BetOnSports).   

Since 5Dimes made the announcement of the US closure two weeks ago, Gambling911.com has encouraged all 5Dimes players, including those worldwide, to request payouts immediately.  SBR, upon removing the A+ rating last week, did the same.

SBR issued the following advisory:

Complaints Aired on Pending Bets

What has dominated the discussion board on SBR Forum is that 5Dimes will not settle pending wagers after September 25. This means that futures wagers that already have increased in value such as US Election props — will be cancelled.

As SBR reported last week, sportsbooks have honored wagers into the future when leaving markets in the past. The only alternative to doing so is settling these wagers at their current fair market value. Unfortunately, 5Dimes is sticking to their position that they will cancel bets not settled by September 25.

SBR has suspended 5Dimes’ A+ rating effectively immediately and will reevaluate 5Dimes following their US market exit.

Though the 5Dimes announcement seemingly came out of nowhere, there were signs.

The company's founder, Sean "Tony" Creighton, was kidnapped and killed just over a year prior.  Lines were often cloned from other books and Bitcoin payouts appeared to be processed slower, albeit still above the industry standard.

Since the announcement, payout delays appear to be mounting for some customers.

One SBR reader posted:

"Speaking of getting paid, i am 7 days into a withdrawal that was promised for 4-5 days then adjusted for 7-10 days. No sign of any money."

5Dimes cryptic announcement suggested an interest in entering the US legal sports betting market at a later date while continuing to service other world markets.

- Aaron Goldstein, Gambling911.com