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  • appguy

    Hey guys,

    New here. Does anyone have any experience with FantasyAces and their withdrawal times? I requested a $600 payout to PayPal 7 days ago and still have not received it. Their website says 24-48 hours.

    I would assume these smaller sites would have a heavier focus on customer service, which is why I chose FantasyAces (along with the smaller GPP games). Apparently not?

    MOD NOTE: FANTASYDRAFT PULLS OUT OF ACES DEAL, 1/30: In an official statement from FantasyDraft, the company has said “Unfortunately, because of issues identified during our due diligence, we are unable to purchase the assets of Fantasy Aces. We will continue to provide the best possible daily fantasy experience for our users, and are committed as always to putting our Players First.” We’ll post any additional news as it’s confirmed.

    MOD NOTE (Feb 1, 1:53 AM EST): FANTASY ACES HAS FILED FOR BANKRUPTCY Initially reported here.

    MOD NOTE (Feb 13, 8:40 PM EST): HUGE NEWS VIA FANTASY DRAFT, REIMBURSING FANTASY ACES PLAYERS Initially reported here.

  • BKLionKing

    @somethingfresh said...

    And yes every failed site was paying out smoothly up until…. they didn’t anymor

    This is a beyond terrible take. You could say the same thing about DK and FD then. They pay out smoothly…..until the day they don’t.

    Get out of here with nonsense like that.

  • ohiostate241

    • 2014 FAFC Finalist

    • 2015 FAWBC Finalist

    @thedude404 said...

    All those players ready to contact the state’s AG, the DOJ, the fbi, the cia and whoever else——you’re shooting yourself in the foot. Why attract unwanted attention to the DFS industry? Sure it sucks not having access to your money (I’m included in this group) but give it at least 48 hours to see what happens.

    I agree on waiting an additional 48 hours, but if we don’t hear anything back at some point contacting those people is the right move.

    If we just allow sites to go unpunished for ignoring regulations of keeping players funds separate than all we are doing is enabling future sites to continue this type of behavior. For a company to say over and over that the funds are segregated and then if we find out they are not, all this would do is encourage this type of behavior in the future if the owners can get by without paying players. There is a reason the regulations are setup in the first place and the companies that do not follow these need to be accountable.

  • Galante118

    • Blogger of the Month

    I really don’t think the funds were segregated like they were supposed to be. They can’t cover payouts, and the silence is to find a potential buyer. Just how it seems to me and for everyone’s sake and the future of DFS I hope A) Im Wrong or B) Someone steps up and buys up the mess

  • somethingfresh

    I am saying just because you haven’t had problems withdrawing doesn’t mean you should assume they’re doing good and will keep paying. I make my assumption of DK and FD doing good and continuing to honor my withdrawals on so many other better reasons than “they’ve never stiffed me”.

    You either misunderstood or are not smart.

  • dude_abides7

    @thedude404 said...

    Why attract unwanted attention to the DFS industry?

    Because clearly it needs it.

    How many times do we need to watch this movie before we realize it’s always going to end the same way?

    The “DFS industry” has proven over and over again that it is is not capable (or flagrantly unwilling) to police itself appropriately. The die has been cast man.

  • Galante118

    • Blogger of the Month

    @dude_abides7 said...

    Because clearly it needs it.

    How many times do we need to watch this movie before we realize it’s always going to end the same way?

    The “DFS industry” has proven over and over again that it is is not capable (or flagrantly unwilling) to police itself appropriately. The die has been cast man.

    So nobody should play is your solution or we should all enjoy 17% rake to cover for the licenses states want. Great take bro.

  • sethayates

    I don’t want to give anyone here false hope but I do think there is a chance FantasyAces will make things right.

    On January 13, 2017 Fantasy Aces filed a statement of early warning. Thomas Frishina (the founders dad) gave the company $167K (Canadian) in exchange for convertible debentures.

    https://twitter.com/SethayatesDFS/status/826529691863498754

    In my opinion this was obviously a bailout in order to keep the company solvent while they looked for a buyer.

    It is possible that another bailout could happen. Now, before everyone gets their pitchfork out, the linked document was filed with the SEC. I’m not outing anyone’s personal information. Also, if you are owed money it would be an incredibly bad idea to attack Trent, Bryan or their dad Thomas. Especially Thomas who already tried to bail the company out once. There’s a small chance he might be willing to provide more money, at least enough to pay off players and close the site.

  • boomanfoo

    I think everyone would calm down if Fantasy Aces said something the silence allows too much speculation.

  • dude_abides7

    @Galante118 said...

    So nobody should play is your solution or we should all enjoy 17% rake to cover for the licenses states want. Great take bro.

    These sites (the industry) should be held accountable for their actions. That is my take…..bro.

    If 17% rake guarantees that sites aren’t stealing people’s money and institute transparent policies that everyone can understand…..then yes, that indeed is and will be a possible solution.

  • yanksfan1

    Have they sent pertinent tax papers for 2016?

  • Gopackgo30

    @killab2482 said...

    I want to make a post on this Fantasy Aces situation. I did have a personal call with Trent on Thursday morning. He really did think FantasyDraft was buying Aces. Now that we know the sale is not going through I think we legitimately have to give them some time to reopen their website. With all that said, restricting players from their balances for over 6 days(4 biz days) is unacceptable. I don’t think we can just put 100% blame on FA. They thought FD was purchasing their company and they obviously did not do enough background research on FA before committing to buy them. This is ridiculous in my eyes. I think blame can be spread 60/40 on this whole situation. I know the guys behind Fantasy Aces enough to say they will do what is right here with 100% confidence. I personally have over 10k in my account, but I’m still not ready to smear FA’s name through mud until I get more info.

    ^^^This.

    If Aces returns, I’ll continue to play there. I’ve never had an issue WD before, as others here have said. I’m a fairly low volume player with not more than $500 typically in my BR at once, but I like the site and do honestly think that time is needed for them to get rolling again after all the confusion. I do wish they would make a statement, and think they need to very soon.

  • theoddsmaker

    Thanks for the info Seth. I need any glimmer of hope I can get. Having said that if we all remember the Fantasy Hub disaster they were somehow bailed out which is pretty telling. Hoping we don’t go another day in the dark on this though.

  • dude_abides7

    @yanksfan1 said...

    Have they sent pertinent tax papers for 2016?

    I don’t think it’s high on their to-do list at the moment.

    That said, I do know 1099’s typically need to be postmarked by today if they are being sent by mail. I’m not an accountant, but I don’t think you’ll need to claim winnings that were sequestered from you. Admittedly, that would get messy regardless.

  • cashmmillion

    • 2016 DraftKings FBWC Finalist

    “For the nine months ended September 30, 2016 the Corporation incurred consulting and director fees of $419,000”

    smh…

  • bradizpro

    • 2016 FABC Finalist

    What was the point in purchasing FantasyFued?

  • dude_abides7

    @sethayates said...

    On January 13, 2017 Fantasy Aces filed a statement of early warning. Thomas Frishina (the founders dad) gave the company $167K (Canadian) in exchange for convertible debentures.

    https://twitter.com/SethayatesDFS/status/826529691863498754

    In my opinion this was obviously a bailout in order to keep the company solvent while they looked for a buyer.

    It is possible that another bailout could happen.

    Another bailout did happen…..apparently using your player funds.

    The only other explanation (the one I hope for everyone’s sake is true) is that FD and DK is now looking to scoop them up before they topple the ship. If an active buyout is still being negotiated that would be another legitimate reason for the silence. No one talks when a deal is getting done.

    The other explanation they are being advised by council to clam up because this is about to get a whole lot worse.

  • BKLionKing

    @somethingfresh said...

    I am saying just because you haven’t had problems withdrawing doesn’t mean you should assume they’re doing good and will keep paying. I make my assumption of DK and FD doing good and continuing to honor my withdrawals on so many other better reasons than “they’ve never stiffed me”.

    You either misunderstood or are not smart.

    That post, in itself, says nothing more than what I quoted. If you meant it to be a broader point of something different you probably should have simply edited another post.

    That said, the post I quoted is asinine. Using that as any sense of rationale is ignorant. If that wasn’t your point then why would you even put it down? You wouldn’t.

  • Messiah717

    @bradizpro said...

    What was the point in purchasing FantasyFued?

    They were hopeful it would equal more players and more profits.

  • mbaldauf

    The biggest concern I have after looking at their 9/30/16 financial statements is they clearly do not have our account balance (or customer liability on the F/S) covered with their current cash on hand ($445k cash and $1,456k customer liability). It’s been a few years since I’ve audited so maybe I’m missing something but I would expect to see more cash than customer liability (cash for operations plus cash to collateralize our accounts) – especially if our account funds were in separate accounts.

    If customer liability is actually the value of all our accounts and everyone wants a withdrawal I cannot see how they would pay for it. Their other assets have no real value.

  • skeeter1114

    • Blogger of the Month

    @yanksfan1 said...

    Have they sent pertinent tax papers for 2016?

    When I withdrew last week, I had to fill out tax paperwork

  • ohiostate241

    • 2014 FAFC Finalist

    • 2015 FAWBC Finalist

    @sethayates said...

    I don’t want to give anyone here false hope but I do think there is a chance FantasyAces will make things right.

    On January 13, 2017 Fantasy Aces filed a statement of early warning. Thomas Frishina (the founders dad) gave the company $167K (Canadian) in exchange for convertible debentures.

    https://twitter.com/SethayatesDFS/status/826529691863498754

    In my opinion this was obviously a bailout in order to keep the company solvent while they looked for a buyer.

    It is possible that another bailout could happen. Now, before everyone gets their pitchfork out, the linked document was filed with the SEC. I’m not outing anyone’s personal information. Also, if you are owed money it would be an incredibly bad idea to attack Trent, Bryan or their dad Thomas. Especially Thomas who already tried to bail the company out once. There’s a small chance he might be willing to provide more money, at least enough to pay off players and close the site.

    Tom is the CEO of the company so it is not as if he is bailing out his sons here he is as responsible as anyone if they are insolvent. This is a company that had $2.66M in SG&A expenses in the first 9 months of the year which seems high for a company with 5-7 employees. This seems very high for a small company that had largely stopped marketing and cut back on expenses which likely means they were pulling in nice salaries.

  • gavlam

    looks like im done with fantasy draft too…will we go after these guys just like fantasy hub?

  • dude_abides7

    @gavlam said...

    looks like im done with fantasy draft too…will we go after these guys just like fantasy hub?

    Why? They pulled out of the deal because it was sour. How is that their fault? This is all on Aces now.

  • kmh24

    I just had a smaller site close down today or as they say making improvements for next season. Whether or not they come back they were very professional and sent an email explaining the changes and requiring players to cash out balances. Too bad the same couldn’t be said for those running Fantasy Aces.

  • sochoice

    • 2017 DraftKings FBWC Finalist

    • 2017 FanDuel WFFC Champion

    Given FantasyDraft walked away after initially being very interested in buying the company is clearly a terrible, terrible sign. Something very bad is likely going on there. If that is indeed the case, the only way anyone buys them is to pay out players and avoid a huge black mark on the industry at a bad time. Only people who can do that are FanDuel and DK. What do you think the odds of that is as they deal with their own merger and the complexities involved there? Pretty small, but hopefully the industry will be surprised and players won’t permanently lose their funds at Aces.

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