Another well-known sports betting brand has expressed its interest in the lucrative iGaming market of Ontario.
Looks like 5Dimes will make a move into regulated sports betting markets, starting with Ontario. pic.twitter.com/92HjnegGp1
— Brandon DuBreuil (@CoversBDB) May 30, 2023
5Dimes, an operator based in Costa Rica, has recently announced that it has submitted an application to obtain a license in Canada’s most populous province, Ontario. As a result of this application, the company has temporarily suspended its offerings in Europe, where it operates multiple offshore betting sites.
In April of last year, Ontario became the first jurisdiction in Canada to launch a regulated online gambling market for third-party operators in the industry. The Alcohol and Gaming Commission of Ontario and its subsidiary, iGaming Ontario, oversee this market. It is important to note that this market is separate from the online gambling business of the Ontario Lottery and Gaming Corporation.
5Dimes has now expressed its desire to become a licensed operator in Ontario. In an email, the company stated that once it establishes an online presence in the province, it will celebrate the launch by offering exciting bonuses and promotions to its customers. The operator is dedicated to delivering an exceptional gaming experience as it embarks on its venture in Ontario.
The company’s interest in the Canadian iGaming private market comes after it suspended its operations in the United States in September 2020. This decision followed a settlement of over US$46.8 million with the U.S. Attorney’s Office of the Eastern District of Pennsylvania. The settlement was a result of an investigation into 5Dimes’ sports betting activities in Costa Rica, which allegedly allowed illegal wagering by U.S. bettors between 2011 and 2018. Furthermore, the company’s withdrawal from the European market occurred after the passing of William Creighton, the husband of owner Laura Varela and the founder of 5Dimes, in 2018.
By entering the Ontario market, 5Dimes aims to capitalize on the substantial volume of wagering in the province. During the first year of operation, the province reported handling CA$35.6 billion in wagers, generating CA$1.4 billion in revenue. According to the regulator, active player accounts spent an average of CA$70 per month during that period.