I apologize in advance for this lengthy post. My goal is to provide a warning for anyone who plays on Fanpicks. Here is my story:
As the year progressed, I found a fair share of success on FanPicks. Since only a fraction (10%) of voucher winnings are converted into “real” cash, it took quite a while to build a real bankroll of any substantive value. To be honest, the site’s interface was weak, customer service was poor, but since I was playing with a free $25, I didn’t have much to complain about.
Eventually, I initiated my first $500 withdrawal in November 2016. It took a while to go thru the system but – again – since I never deposited a penny on the site, it was hard to complain about any delays. The money was eventually deposited directly into my checking account. In December, I initiated another withdrawal for $600 and received the money. So, there were no real issues or complaints from me. When the year ended, I received a 1099 from Fanpicks confirming my profits.
During the first four months of 2017, I found more success. However, at the same time, I found that my withdrawal requests were taking longer and longer to process. Eventually, I learned that other users were having the same problem. I also learned that the site was growing frustrated at the limited number of good players that were withdrawing profits without ever having to make corresponding deposits. Admittedly, I fell right into that category.
Side note: I’ve been playing DFS for quite some time and have seen a lot of sites fall by the wayside during that time, and slow withdrawals are one of the first (and most obvious) signs that a site is in trouble. It’s also a sign that the site probably isn’t segregating player funds.
As much as anything, the purpose of this lengthy post (thanks for reading if you made it this far!) is to alert the DFS community about this site. At this point, I believe that Fanpicks is operating on a bare bones budget, is not segregating funds, and could go under at any moment. If I still had any money on this site, I would try to withdraw it immediately. If I were contemplating playing on this site, I would avoid it. If you do elect to play on the site, please make a modest deposit – even if you’re playing with bonus money. Otherwise, you may find yourself playing with Monopoly money.