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  • Mountain_Cobra

    Is anyone else having trouble getting paid out by Fantasy Up? I submitted a withdrawal request for some of my funds over a month ago but I still haven’t been paid, despite the fact that I have exchanged many emails with them They keep promising that funds will be paid out shortly but then they go radio silent until I email them again.

    Does anyone have any recommendations about what I should do if they continue to fail to pay? I would prefer not to take legal action because of the cost and inconvenience (and because up until now they’ve provided a good service) but at this stage I don’t know what other options I have.

    Admin Note: This situation was eventually resolved when FantasyUp player accounts were purchased by the iTeam Network. Gabe Hunterton’s post is copied below. You can also read it on page 30 of this thread:

    iTeamGabe’s (Gabe Hunterton, CEO) post:

    I’m happy to be the bearer of good news. As Dustin from LSR reported yesterday, iTEAM Network has executed an agreement with FantasyUp. When we heard about the situation a couple weeks ago, we decided to do something about it.
    We announced today an agreement with the former owners of FantasyUp to acquire the www.fantasyup.com domain and customer data. Paying back FantasyUp players was the key component in this deal. No one affiliated with the original FantasyUp has any involvement whatsoever moving forward.
    After you activate your account, your funds will be immediately available for withdrawal, although we do hope you give us a chance to earn your trust and loyalty by playing in our contests. We think you will appreciate our first class customer support and our unwavering commitment to game integrity. To welcome you to the new FantasyUp.com, we’re putting on a series of overlay contests exclusively for FantasyUp players, beginning with the “FantasyUp – Fresh Start” contest; that features a $1,000 Guaranteed Prize Pool, with a Maximum of 1,100 entries and a buy in of just ONE CENT!
    While you’re playing, take a look at our unique software features like our patented “Sweat List” which shows you not only who you are rooting for, but just as importantly, who you are rooting against. Since launching five months ago, we’ve made significant investments and built our software development team to over 40 full time employees. You can expect major product development and innovation from us throughout 2016.
    Getting the site up-and-running and paying back players is a complex challenge involving technical, practical and regulatory hurdles affecting thousands of player accounts. We ask for your continued patience as we work together through this process, particularly if you reside in one of the banned jurisdictions.
    We have just begun the process of sending an email to all users who have an existing account balance.
    For further information about our agreement with FantasyUp and how it affects you, we are regularly updating the FAQ page at www.fantasyup.info. In addition, you can email us anytime at support@fantasyup.com.

  • joeactuary

    Just echoeing earlier comments. I also have some experience in M&A and led some due dilligence groups in preperation in such, albeit only in the insurance sector. I’ve never heard of segregated accounts having to be held in escrow. It would be absurd to tell a claimant that he couldn’t collect on an insurance payment till after the company was bought out or that a widow couldn’t collect on a life insurance policy. Maybe the DFS industry is different, but if that’s the case, it points to how DFS needs to be regulated. (ie, this would never fly in the insurance world!)

  • FantasyUpSupport

    To clarify several points:

    1. This is not just a “financing deal.” A new entity is being funded. Without getting into details, the securities behind the deal are more complex. There are multiple companies, assets, IP, and investors.

    2. We moved a substantial amount of money to Paypal to cover this situation prior to the deal beginning. We were told this would be done much more quickly. Obviously that is not the case and we take responsibility for this. We are taking care of smaller non-regular customers as we can.

    3. Our vendors/partners are aware of the situation and have been told the same of our situation.

    To date we have paid out millions of dollars and will be sure to fix this operational error as soon as possible. Thank you for everyone’s input.

    Kind Regards,
    FantasyUp Support

  • hendry

    @FantasyUpSupport said...

    To date we have paid out millions of dollars

    really?

  • madmanjayWV

    U-G-L-Y, it’s UGLY!

  • Kcannon

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  • billsfan777

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    It’s incidents like these that scare me off all the new, non-established sites. Hopefully everyone involved gets their money.

  • sethayates

    @billsfan777 said...

    It’s incidents like these that scare me off all the new, non-established sites. Hopefully everyone involved gets their money.

    I hate to pile on them when they are down. Their business model never made any sense though. They offered rake free games for over six months. They also had amazing deposit bonuses. Who’s money have they been giving away? If they have segregated accounts they are hemorrhageing money. I haven’t seen them publicly raise enough capital to sustain what they are promising. This is only my opinion. At this point they are either getting the exclusive deal above or they are going under.

  • AQUAFTM45

    Exclusive deal or not they just sunk their ship. If they receive capital, it will never make up for the loss they will receive in bad PR. Hence, someone will realize its not worth the investment. Goodbye Fantasyup. This whole thing is a crock of shit.

  • AQUAFTM45

    @FantasyUpSupport said...

    To clarify several points:

    1. This is not just a “financing deal.” A new entity is being funded. Without getting into details, the securities behind the deal are more complex. There are multiple companies, assets, IP, and investors.

    2. We moved a substantial amount of money to Paypal to cover this situation prior to the deal beginning. We were told this would be done much more quickly. Obviously that is not the case and we take responsibility for this. We are taking care of smaller non-regular customers as we can.

    3. Our vendors/partners are aware of the situation and have been told the same of our situation.

    To date we have paid out millions of dollars and will be sure to fix this operational error as soon as possible. Thank you for everyone’s input.

    Kind Regards,
    FantasyUp Support

    Do you realize that this does not sound particularly plausible? Just tell us the % people can expect in your bankruptcy filing.

  • Syko

    I’m sorry to everyone losing money on this but I can’t help but laugh that FantasyUpSupport is making it sound like everything is frozen here because they’re making a deal with the CIA or something.

  • depalma13

    Seems like a classic Ponzi.

    1) Offer some outstanding return for investing (playing).

    2) When someone asks for their money, make them a better offer if they leave it in, or better yet, invest more.

    3) When the money eventually runs out, give a reason why the funds aren’t available, use legal mumbo jumbo/ blame government. String them along for more time.

    1) No Rake!

    2) Great New Promotions! Deposit more to take advantage!

    3) Money is tied up in Big Deal. It’s behind schedule, but it will close soon, just need a few weeks. It will be awesome for you when it’s done!

  • 8MileAllstars

    Here’s what’s on their site as of this morning:

    FantasyUp processes many transactions each day. Your payments are 100% guaranteed and are kept in FDIC insured accounts. FantasyUp operates 100% legally in the US and we abide by all state and federal laws. FantasyUp is fortunate to work with one of the best processors in the world. In fact, they require all customers to pay for additional SSL security to ensure safe depositing, while saving none of your credit card information. FantasyUp uses 128-bit SSL encryption to protect sensitive information online, and also does everything possible to protect user-information off-line. Our Login processes are designed to impede brute force attacks on players.

    (Well that’s just not true, they just admitted they put all of depositor’s money on paypal.)

    Next:

    HOW LONG DOES A CHECK WITHDRAWAL TAKE?
    Although most withdrawals are made instantly, please allow up to 24 hours to process the withdrawal. Once the withdrawal is cleared and the check is mailed, please allow up to 14 days to receive the check.

    HOW LONG DOES A PayPal WITHDRAWAL TAKE?
    Although most withdrawals are made instantly, please allow up to 24 hours to process the withdrawal. Once the withdrawal is cleared and submitted, your funds should immediately appear in your PayPal account.

    (Well they just admitted none of that is true.)

    They are either in the “zone of insolvency” and should stop taking new deposits and running games or they’re committing what looks like outright fraud.

  • y2mulder

    @FantasyUpSupport said...

    To clarify several points:

    1. This is not just a “financing deal.” A new entity is being funded. Without getting into details, the securities behind the deal are more complex. There are multiple companies, assets, IP, and investors.

    2. We moved a substantial amount of money to Paypal to cover this situation prior to the deal beginning. We were told this would be done much more quickly. Obviously that is not the case and we take responsibility for this. We are taking care of smaller non-regular customers as we can.

    3. Our vendors/partners are aware of the situation and have been told the same of our situation.

    To date we have paid out millions of dollars and will be sure to fix this operational error as soon as possible. Thank you for everyone’s input.

    Kind Regards,
    FantasyUp Support

    Apple or Amazon puts that garbage in a press release, their stock drops 85% in a day. You won’t assure anybody with fluff life that.

  • Myprimetime

    I just don’t like the sound of this one bit. Hopefully they are telling the truth and everyone will get laid back. I worry that if they have been losing money operating (on bonus, overlay, loyalty rewards etc) and their cash is restricted I don’t know how they have been covering the segregated account to make sure it has enough to cover their customers.

  • Cal

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    FantasyUp, you really need to suspend deposits during this mess.

    We’re all rooting for this to be true, for your deal to close, and for everyone to get paid out. For now don’t make matters worse by continuing to take in deposits.

    I would also update any text saying “Withdrawals processed quickly” with something explaining the actual situation.

  • WhiskeyTavon4

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    Why would you take care of non regular customers by paying them out first as the fantasy up rep stated instead of paying out people first who have actually been good, long term customers. I thought the guy Danwahoo from fanduel fame started this site. Is that incorrect.

  • stlcardinals84

    Leading RG Expert & Contributor

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    @FantasyUpSupport said...

    We are taking care of smaller non-regular customers as we can.

    This one simple statement has so many things wrong with it.

  • Cal

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    @WhiskeyTavon4 said...

    Why would you take care of non regular customers by paying them out first as the fantasy up rep stated instead of paying out people first who have actually been good, long term customers. I thought the guy Danwahoo from fanduel fame started this site. Is that incorrect.

    Dan Ziernicki, danwahoo on Fanduel, was the founder and main contact. I think that’s still the case, but when I emailed him with questions I got a response from FantasyUpSupport.

  • emac

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    @WhiskeyTavon4 said...

    Why would you take care of non regular customers by paying them out first

    Unfortunately those users may be asking for small enough amounts that there is enough “free cashflow” to pay them out and lessen the number of angry voices (at least this is a strategy I experienced in my previous life as a bookkeeper back in my college days).

    It is most definitely not a positive sign…sadly.

  • sethayates

    @Cal said...

    Dan Ziernicki, danwahoo on Fanduel, was the founder and main contact. I think that’s still the case, but when I emailed him with questions I got a response from FantasyUpSupport.

    If Darren Heitner’s article from last December can be trusted the goal of FantasyUp was always to sell.

    http://www.forbes.com/sites/darrenheitner/2014/12/12/will-espn-yahoo-or-cbs-buy-this-fantasy-sports-startup/

    I wish them best of luck in their pending deal. I just hope the terms are favorable for the players who have money invested in the site. It doesn’t make a lot of sense that players funds are being held in escrow.

  • depalma13

    @WhiskeyTavon4 said...

    Why would you take care of non regular customers by paying them out first as the fantasy up rep stated instead of paying out people first who have actually been good, long term customers.

    You are going to be far more acceptable and make less noise if you are owed a lot of money. Because you will hold out hope that you will eventually get the money. Meanwhile, the people that are owed a little are the ones that will get extremely vocal.

  • AQUAFTM45

    @sethayates said...

    If Darren Heitner’s article from last December can be trusted the goal of FantasyUp was always to sell.

    http://www.forbes.com/sites/darrenheitner/2014/12/12/will-espn-yahoo-or-cbs-buy-this-fantasy-sports-startup/

    Interesting article. Either this reporter is really bad at reporting facts or this Ziernicki dude is a really bad liar, or both. In December 2014 Ziernicki thought it would be 3-5 years before Yahoo went into Fantasy? Did this guy participate in the 2 milly live event for FanDuel or not? Stating 15 and 20% overall rakes for FD and DK? Four servers that will do the work of 400? Someone is delusional here.

  • djjoeyg

    The only M/A I have seen where customer accounts were frozen was last month when Bank of America sold local branches to Ameris Bank. They stated there would be 3 day time period where customers would not have access to funds during the switch over. Well that turned into more like 7 days. A local man was arrested for threatening to blow up the branch if they didnt give him his money. Both locations were shut down and scanned for bombs and he went to jail.

    “Playing with my money is like playing with my emotions” – Big Worm

  • FSG22

    PHONY-YOU’RE A BIG PHONEYYYYYYYY… all kidding aside, I’m extremely glad I’ve held all of my business to Victiv as they are actually really good at payouts. I know FD and DK are as well but damn, I remember hearing that FantasyUp was going to go with No Rake for April for MLB and still doing it? I would just count this as a loss if you’re on this site because it’s clearly going to turn out bad. I’m not even a doctor and can tell this wound is fatal.

  • kaetorade

    • 2013 DraftStreet DSBBC Finalist

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    Very disappointed to read about FantasyUp’s apparent demise. I only briefly played there, but I always had positive experiences with their CS. I hope everything gets resolved in an ideal manner, but obviously, it doesn’t look good.

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