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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.

  • thedude404

    • 2015 FanDuel NBA Playboy Mansion Finalist

    This really sucks for everyone, including myself, that got screwed.

    For me personally, I was attempting to slowly build back up a bankroll, and although it was a very small amount, the amount I had on FantasyAces was 92% of my entire bankroll. So in that sense, it meant a lot to me. Hope, if nothing else. Oddly enough, last week I think it was on Tuesday January 24th I saw there were no PGA GPP’s being offered, so I requested my money. Looks like I was off by only a week or two from getting my money.

    For all intents and purposes this is the end of trying to play DFS for me in any serious manner. This was just the icing on the cake. I’m sure people have much worse stories than this, but I hope those thieving fuckheads from FantasyAces, who I assume are laughing their asses off at all this, read every one of the stories people post on here. I’m sure they have seriously screwed up some peoples lives.

    You made the decision to not segregate funds. It was a conscious decision, not a mistake, which makes this even more egregious. Hopefully, due to this factor, all your asses will find a jail cell in the very near future.

    I would encourage everyone who is out money from fantasyaces to post their own personal story here for fantasyaces to read.

  • ItzJamesFTW

    @madmanjayWV said...

    Have you checked their bottom line the last 5 years?
    Nothing to predict it?

    They haven’t been in operation for 5 years. There is a large line between ‘not profiting’ and ‘chapter 7’. Why the F does everyone want to argue with me. I’m losing money here, do you not think I’m already pissed?

  • JimKronlund

    Just a personal thought/suggestion. Maybe someone can set up a site where those that are willing can donate money that goes towards lawyers fees who would be working on all players behalf to secure what ever money they possibly can. At these times we need to stick together whether we are directly effected or not, because its possible that one day we will be effected. Call it a Class Action Lawsuit or what ever the proper legal term it is.
    It would be nice to know that there would be some sort of group support template set in place and we all are not just swinging solo in the wind. It would be much more complicated than just that, but the basic idea remains the same.
    First a group from those directly involved need to create a lead team to formulate and execute what ever plan is deemed priority. Which I presume is hiring lawyers. Maybe this is where FSTA could be useful?
    Again just my own personal opinion/suggestion.

  • dawgem

    http://www.legalsportsreport.com/12879/bankruptcy-fantasy-aces/

    looks like we are screwed

  • BloodGame

    Are there any laws on the books that would make this a criminal activity by them (not segregating player funds)? If there’s not, there needs to be. Unreal that they could collect player funds, spend it, then file bankruptcy and get away with it. It’s theft. This isn’t the same thing as losing investors’ money and should be viewed as such by the law and the courts (including bankruptcy court).

  • Messiah717

    Can’t say I didn’t say last night that this was exactly what was coming next. A bunch of absolute crooks pilfered the company and then were actually trying to sell it off to somebody. That’s absolute scum in action.

  • palavar

    @cashmmillion said...

    Players’ cash counts as an asset on these companies’ balance sheets. If they go bankrupt, creditors will seize their assets up until the creditors are made whole. Player cash could be part of that equation. It is very unlikely that players will be made whole in a bankruptcy situation.

    This is incorrect. For player deposited funds to appear as an asset on a financial statement the company would be required to record an offsetting liability in the form of debt owed, making the depositers creditors. Deposits would become debt even if the company commingled deposits and revenue in a single account. The problem isn’t prioritized debt, but rather debt/asset ratio. I wouldn’t imagine this particular company owns much, if anything. Though if fraud did indeed occur, then the corporate veil could be pierced, allowing creditors/depositers to make claim of the owners personal assets which might not make everyone whole, but would at least be satisfying.

  • mbaldauf

    Damn. Not exactly what I wanted to wake up to. Definitely not surprised.

    I work with about a dozen attorneys and will ask about this today. We have a few bankruptcy specialists in our office too. I’ll post back once I have a good strategy for everyone.

  • cashmmillion

    • 2016 DraftKings FBWC Finalist

    one problem is that it’s becoming obvious the FSTA doesn’t actually do anything with respect to monitoring or enforcing this, but their membership is perceived as a stamp of approval

  • cashmmillion

    • 2016 DraftKings FBWC Finalist

    Most of this is not correct. There could be various offsetting accounting entries for cash deposits – doesn’t necessarily need to be a credit / debt obligation. Also, the accounting treatment doesn’t dictate what creditors are owed – that’s hashed out in a separate agreement. That’s why players aren’t creditors in the sense you are saying.

    Not sure if you have looked at FA’s financials, but they have a liability called “customer liability”. I’m guessing that is what we’re talking about. FA’s accounting treatment has little specific impact on players’ legal rights to recourse.

  • skeeter1114

    • Blogger of the Month

    As someone who played on Aces a bit after StarStreet was closed out, this sucks. But, what is many times worse is the players like jjwd, oddsmaker, gneiffer, RadThad, etc… who had big balances on there and who were always names you wanted to beat. I loved their scoring and roster setup for baseball, football, and golf. I’m out a little, but no where near as much as those guys that played here often.

    Not that I expect anyone from Aces to ever read this, but your actions just cost a lot of people their hard earned money. Some will have their lives changed from it. Maybe a lesson for all of us: remember who is affected by your actions.

  • monds6

    • 124

      RG Overall Ranking

    • Ranked #94

      RG Tiered Ranking

    • x2

      2015 DraftKings FCFWC Finalist

    • 2013 DraftStreet DSFC Finalist

    Sorry to everyone impacted by this

  • virgosci

    @cashmmillion said...

    one problem is that it’s becoming obvious the FSTA doesn’t actually do anything with respect to monitoring or enforcing this, but their membership is perceived as a stamp of approval

    This. Any publicity that RG provides for FSTA is a stain on credibility at this point. They blew it with FantasyHub (frauding charity of all things), and now this. What is the point of touting them for anything? The FSTA is a joke, and anything RG attempts to use from them for validation comes off as a circle jerk.

    Cal said this situation makes him vomit. Well, the 184k they owe you was for marketing, basically you pasting their graphics on some of your pages and updating an incentives field. More vomit inducing is the theft of the time and money we spent on a fraudulent site you promoted. Smarten up, and get vigilant about the legitimacy of what you use to attract customers.

  • dangerb407

    @cashmmillion said...

    one problem is that it’s becoming obvious the FSTA doesn’t actually do anything with respect to monitoring or enforcing this, but their membership is perceived as a stamp of approval

    +1000

    I can’t believe that the industry didn’t proactively form a self regulatory organization (SRO) that monitors/confirms things like segregation of funds, employees not playing on sites, limited access on a need to know basis to lineup information, etc. The template is there in the securities industry (FINRA). Now, instead of dealing with a periodic exam from a single SRO they will be dealing with periodic exams from every state that they are operating in

  • wolfpack8181

    I am a low volume player and enjoy Fantasy Draft. However with this news I am very nervous about playing on Fantasy draft since they are a smaller site. I have nothing against them as they have been always around if I had any questions. It seams Aces was a similar size company and nobody was aware of how they operated.
    How would an average player like myself know of who is doing well or in trouble? I check these forums but since nobody knew anything here it is quite frightening. I have always promoted DFS but I am starting to be a little scared of the future.
    I am sorry to hear about everyone who lost money on aces!

  • blimes

    @cashmmillion said...

    one problem is that it’s becoming obvious the FSTA doesn’t actually do anything with respect to monitoring or enforcing this, but their membership is perceived as a stamp of approval

    Couldn’t have said it better. What do they actually do for the player looks like nothing.

  • swedishchef

    The FantasyAces acquisition of FantasyFeud is really raising a lot more questions for me. Legal sports report stated that the purchase price was 454,000 total, 25,000 in cash and the rest in stock so not a huge cash outflow. Given that the player balances from Fantasy Feud should have migrated over, where did all of these balances go in 4 months? Did most users withdraw? Or did Aces have next to 0 in player balances for their own players at this point and just needed the Feud player balances to cover operations for a few months. I feel like the owners of FantasyFeud must have either really wanted to get out of the business or were duped into believing Aces had long term potential since they were ok receiving over 425K in stock.

  • thedude404

    • 2015 FanDuel NBA Playboy Mansion Finalist

    @virgosci said...

    This. Any publicity that RG provides for FSTA is a stain on credibility at this point. They blew it with FantasyHub (frauding charity of all things), and now this. What is the point of touting them for anything? The FSTA is a joke, and anything RG attempts to use from them for validation comes off as a circle jerk.

    Cal said this situation makes him vomit. Well, the 184k they owe you was for marketing, basically you pasting their graphics on some of your pages and updating an incentives field. More vomit inducing is the theft of the time and money we spent on a fraudulent site you promoted. Smarten up, and get vigilant about the legitimacy of what you use to attract customers.

    Please inform us all about how Rotogrinders advertising something is “more vomit inducing” than what FantasyAces did. Now you’re going to make those running Fantasy Aces ads responsible? Get real.

    Now I will agree with you that FSTA is a joke and now we all know they are an absolute meaningless organization.

  • thedude404

    • 2015 FanDuel NBA Playboy Mansion Finalist

    @wolfpack8181 said...

    I am a low volume player and enjoy Fantasy Draft. However with this news I am very nervous about playing on Fantasy draft since they are a smaller site. I have nothing against them as they have been always around if I had any questions. It seams Aces was a similar size company and nobody was aware of how they operated.
    How would an average player like myself know of who is doing well or in trouble? I check these forums but since nobody knew anything here it is quite frightening. I have always promoted DFS but I am starting to be a little scared of the future.
    I am sorry to hear about everyone who lost money on aces!

    I know nothing about Fantasy Draft. Lesson learned, though, that if the company is publicly traded (which i did not know Fantasy Aces is) one can always look into the companies financials (which never crossed my mind regarding fantasy aces).

    You can always ask to see Fantasy Drafts financials or attempt to do research about the company online. However, if they are privately held, I dont think they have to release any financial info to the public.

    Without knowing Fantasyaces financials, I thought they would be in a great position once the fd/dk merger occurred. Little did I know……..

  • virgosci

    @thedude404 said...

    Please inform us all about how Rotogrinders advertising something is “more vomit inducing” than what FantasyAces did. Now you’re going to make those running ads responsible? Get real.

    What? Re-read my second paragraph. I said the waste/theft of our resources was worse than RG’s hit in this. Obviously this is 99.9% on Aces, but I only knew of them because of RG. Ditto FantasyHub. Rotogrinders should be fully responsible for who they choose to affiliate with and promote, so they are certainly in that 0.1%.

  • tmirrione

    I would have thought that a publicly traded company like Aces would have had a tougher time hiding this kind of fraud. This is just really upsetting, both for the money that I’m out (relatively insignificant compared to others in this thread), but more importantly what this is going to lead to for the industry.

    I also wonder what the states that are collecting their fees from these companies are doing with the money to protect their constituents, like they were righteously talking about.

  • stv1313

    So . . . can we determine the last time that Fantasy Aces actually honored a withdrawal request? Unfortunately, my last successful withdrawal ($1,200) dates all the way back to November 14th.

    In particular, I’m wondering if anyone was able to get any money out of this site in 2017. Who is the lucky person who claimed the last bit of cash available?

  • jhorst52

    • 59

      RG Overall Ranking

    • Ranked #46

      RG Tiered Ranking

    • x3

      2016 DraftKings FFWC Finalist

    • x2

      2016 FanDuel WFFC Finalist

    They were trying to lure me in to a large deposit a month before they discontinued withdraws. What scumbags.

    Now we can’t even login to check the balance on our account? Any lawyers in here?

  • dude_abides7

    @ItzJamesFTW said...

    Unreal.

    Aces played RG, they played their userbase, they played the FSTA, they played sharps, they played us all.

    I was always a big Aces fan as were 95% of people in this thread. And yes, because some people feel the need to keep bringing it up, I was a big defender of them in the past, but again, that’s based off of my own personal experiences with them. No one KNEW that this would be the outcome and there was nothing to predict this. (And because someone will be like “I knew it would happen!” you didn’t, just shut up)

    So fuck you FantasyAces.

    And now you see the light. This may be harder for you than anyone.

    I am not being snarky, you honestly felt these guys were not scum and came on here to defend them only to be stabbed in the back. Now you know the truth and I unfortunately welcome you to our commiseration society.

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