5dimes Taxes
5Dimes, the popular sports betting and gaming platform was awarded a license from the Isle of Man Gambling Supervision Commission today. Varela, a member of the board of directors at 5Dimes.
5Dimes Sportsbook easily ranks as one of our best sports betting sites, for a variety of different reasons. This is a sports betting site that has been around for more than two decades, so it's stood the test of time, and within that time, has grown into one of the largest and most successful sportsbooks in the industry. 5Dimes has their central location in Costa Rica, with one of the focal points of the betting site being players from the United States, so there is plenty of action available for those who are ready to go at it.
And when bettors win at 5Dimes, they receive payouts. The withdrawal portion of 5Dimes is very good, and gives players an easy process to navigate in order to get their winnings from the sportsbook account into their hands in as little time as possible, with as little fees as possible. Exactly what that entails is the main target of this page here, because SportsbookPayout.com wants to give our readers the best information on everything relating to the withdrawal process as a specific sportsbook.
How Long Do 5Dimes Payouts Take?
This depends on the nature of the withdrawal and the specific method that is selected. Each available payout at 5Dimes will have the steps to take from making the request to get a payout, to the cashier on site sending it, too it then reaching the bettor. 5Dimes has payout options that take just a few days, but then there are some that can be up to a couple weeks. All in all though, no matter what the method is, 5Dimes is very competitive with respect to time, and when it comes to different options, they might have one of the best available of any sportsbook.
We think that you'll find 5Dimes payouts to be more than accommodating and that you would find at least one of the options to meet the needs that you are looking for. The types of payouts that are found can be seen below; beginning with one that might be our favorite of any sportsbook that we review.
- 5Dimes customer service is there for any player that has a problem during the payout process. As one of the best online sportsbooks, 5Dimes has an impeccable track record of paying players out with no.
- 5Dimes suddenly stopped taking bets from US customers at the beginning of September 2020. This turned out to be related to the settlement the company paid to the Pennsylvania authorities. In return for admitting to the company’s misdeeds and paying the fine, Varela received immunity from further prosecution — for herself and the company.
Debit Card Funds Application - The DCFA is a payout option that lets money get paid out on your Visa or MasterCard debit card. It takes just 3-4 business days for the transaction to be complete. There is a minimum $100 payout that needs to be sufficed, with the maximum going up to $2,500 per transaction.
Courier Check - The check through a courier takes about seven business days to get to the bettor. There is a $1,000 minimum withdrawal amount for USA residents, up to $2,450 for each check that is sent to the player. There are different fees that go up as the check amount goes up, anywhere from $40 upwards of $80.
Money Order - Money orders can be sent out to players, with 5Dimes saying that it will take 24-48 hours after the request is made to get the money order on its way. The money order must be for at least $1,000, but can go all the way up to $9,500 which makes it a very high maximum amount and good for big players looking to make a big withdrawal.
Prepaid Cards - A prepaid card payout from 5Dimes takes 3 to 5 business days to be received by the account holder. There is a flat $25 fee that comes along with this particular payout, because it is only offered in one amount. Bettors must withdraw $2,500 in order to receive a payout through a prepaid card. However, 5Dimes offers one free withdrawal every 30 days from a user’s account. That means if bettors make one withdrawal utilizing the prepaid card service provided by 5Dimes they will not have to pay the $25 fee.
1500 Club - This type of payout works as a debit card capable of receiving payouts from 5Dimes' accounts. To use this option, enrollment in the 1500 Club is required. Users of the card are able to get up to $1500 in payments two times per week ($3,000 total). 1500 Club is a way to deposit and withdraw back and forth from 5Dimes as well. This is a safe and convenient way for 5Dimes users to receive payouts straight into their banking account which can then be used to directly pay for goods + services.
5Dimes Payout Fees
There are fees that come along with each of the payout methods found at 5Dimes' sports betting website. All of these fees will depend on how much that is being paid out. This is what's known as an escalator fee, with the amount raising the more money that is being sent the direction of the player. This is pretty standard practice though and not something that should be used as caution when looking at 5Dimes. The fact of the matter is that fees are a part of the sports betting withdrawal process. What makes 5Dimes nice though are the different choices afforded to the player, specifically the DCFA.
5Dimes is probably the sportsbook that from a betting odds perspective is the No.1 ranked betting site that we review. This is the part of the page where other parts of 5Dimes are discussed, and you can bet that the odds found on the site are going to be a part of that, in addition to several more.
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How To Join - The 5Dimes Sign Up Process
5Dimes has a signup page that requires every player no matter what country they are from to fill it out. Players will need to fill out the information on the page, and then the account can be created right away so that the next step in the process of depositing can then take place, which puts them right into the betting action. In total, expect it to take less than two minutes to finish.
Are U.S.A. Players Allowed To Bet At 5Dimes?
Players from the U.S. will be able to create an account at 5Dimes. This spans all 50 states. However, residents Washington, Maryland, and New York will be limited on their deposit methods, which will not be the Visa credit card option. Aside from that, USA players need to be at least 18 years old to legally bet on site.
5Dimes Deposit Methods - How To get Money Into Your Account
5Dimes doesn't exactly have the most deposit methods that you will come across, even for sportsbooks accepting USA players. But the one main deposit option that they have is a Visa card, which caters to a wide demographic of American residents with Visa being so popular. This means that Visa is the No.1 sportsbook deposit method on site, and that is true.
For those who don't have Visa, a money order is an accepted method for players from the U.S. Money orders are deposited into the sportsbook account of the player immediately after it is received by the cashier at 5Dimes.
5Dimes Sports Betting Bonuses & Requirements - Deposit + Reload Bonuses
The bonus program at 5Dimes allows for players to get up to $520 on their first deposit into the sportsbook. It's broken up into two parts though, with different amounts earning different percentages on a match.
This is a new player bonus in which the first deposit up to $400 will receive a 50 percent match, so a $200 bonus can be achieved. From there, the remaining amount on a deposit up to $2,000 will receive a 20 percent bonus, which would total an extra $320 for a grand total of $520. To qualify for the bonus, a minimum of $100 must be transferred the first time the user makes a deposit into 5Dimes.
What Does 5Dimes Offer To Bet On?
The expression that 'nothing's off limits' almost hold true when talking about betting odds at 5Dimes. You won't find a sportsbook that will offer more. This extends from game lines, through props, and on into futures wagers. The sheer number and volume of betting odds and the unique lines are enough to want to sign up at 5Dimes alone, even without the other top-rated services.
In terms of wager types, it's pretty standard as far as different bets like parlays, straight bets, and things of that nature. But the difference lies within the betting odds themselves and what payouts are formulated for different matchups.
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5Dimes Sportsbook Support - How To Contact
There is a help center at 5Dimes Sportsbook that is there to answer many of the commonly asked questions regarding the sportsbook. But for those questions that might not be on there, 5Dimes also offers an email at info@5dimes.eu, or a live chat section that is right on your screen which will connect you to the next available customer service representative.
When talking about payout, 5Dimes has the option that we like the best, which is the Debit Card Funds application putting money right on the Visa and MasterCard debit card. Getting funds issued directly to your bank card doesn't get any better for a player from the United States - this method of payment makes using 5Dimes' online sportsbook very appealing.
Adding to that are the betting odds that are rated extremely high. All of the lines that are offered can be viewed without an account, so be sure to stop by and visit.
5dimes Taxes Online
Offshore sportsbook 5Dimes announced this week it was closing its doors to US customers. But there were some hiccups with that move.
Multiple 5Dimes customers have since had their open futures bets and accounts transferred a more obscure offshore site called Betanysports.
The site layout, prices and bet options all look identical to 5Dimes. Review sites note betanysports is also based in Costa Rica and a “sister site” to 5Dimes.
As one Reddit user reported: “5D transferred my entire account over, and it went flawlessly. All account info, all pending bets, balance, etc…all transferred and looks exactly like 5d did.”
The simplicity of the migration suggests that 5Dimes and betanysports might run on the same platform. Migrations simply aren’t that easy otherwise.
Using the same platform doesn’t necessarily mean the companies are connected, but it does raise some questions.
Multiple Reddit and social media users also reported a straightforward switch and that betanysports was identical to 5Dimes.
What is going on behind the scenes at 5Dimes?
The company and customer service agents said there was no relationship between the two sites.
It’s also important to note not all customers were offered the chance to switch. Some bettors with massive +EV futures simply had them voided.Legal Sports Report also asked 5Dimes customer support for options for betting with the site closing off the US. No suggestion or offer to move was given. (The account also had no deposit history, for what it’s worth.)
There’s obviously a huge imbalance here in favor of the book. They’ve already collected on a lot of losing NHL and NBA futures. And now they can cancel the remaining live tickets.
That might explain why betanysports stopped accepting transfers on Tuesday, as some 2+2 users reported.
Bettors were also told that the minimum withdrawal amount on account balances was $100, causing more issues for smaller players.
How did we get here?
Remember, 5Dimes is closing US customers because it wants to relauchits operations with a “fresh start”. The company hinted it could be looking at the regulated market.
However, it declined to provide any details on how such a relaunch would work. One option laid out by Eilers & Krejcik analyst Chris Krafcikcould be the PokerStars route.
That is, some kind of settlement with the Department of Justice, then a sale of assets, like the brand and tech stack, to a third party.
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That’s assuming the 5Dimes brand and tech has any value left, that is. Perhaps the most valuable asset is the database of US customers built over two decades.
5dimes Taxes Texas
Regardless of what’s really going on behind the scenes, the push for a 5Dimes rehabilitation and “fresh start,” hasn’t exactly started out promisingly.