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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.

  • Messiah717

    Does anyone think that it would be a good idea of DraftKings and Fanduel to get out ahead of this thing and assure their players. I play on DraftKings but incidents like this should have many people not trusting any of these companies right at the moment.

  • derekjetr02

    Hate to dig this up again, but….

    http://nypost.com/2015/08/13/how-do-we-know-daily-fantasy-sports-arent-a-scam/

  • theoddsmaker

    Aces had it in writing that they have segregated player funds. So now going forward that’s not even good enough it seems. I also have no faith that being an FSTA member or getting a state license that requires segregated funds means much now apparently. Seems like everything was half-ass regulated.

    I went to school for and am really good at math, especially when it comes to projecting players. My business acumen is a bit lacking though so I really had no idea that an LLC can techinally bounce at any time and leave the bill to everyone else. Didn’t find this out until Aces went dark.

    Unfortunately I have to pretty much withdrawal everything from any site I have a balance on indefinitely. Not sure I have the same passion for dfs as I did before since this whole situation has literally left me feeling nauseous.

  • ohiostate241

    • 2014 FAFC Finalist

    • 2015 FAWBC Finalist

    Agree, I am pulling all of my funds everywhere until this settles. I have very little confidence in any site at the moment, and will not be returning to FantasyDraft ever and do not suggest anyone else goes there. For them to get far enough along in the process of announcing that they were acquiring Fantasy Aces only to back out tells me they did no due diligence prior to the announcement.

    The FSTA has proven that it is a worthless institution. What is the value of it and where does the money go for the elaborate and expensive conferences that they hold every year. Requiring an external audit of funds would be a simple solution that would cost the FSTA essentially nothing, but they do not want to do that as their membership would surely decrease for those that would not pass an audit.

    We need some sort of institution to determine a sites actually telling the truth to us or not.

  • somethingfresh

    @thedude404 said...

    You are assuming the “big 2” are financially viable. Have either of them EVER released their financial reports? Not to my knowledge…..

    Please take a look at who owns/partners FD/DK. This is the exact basis for me saying they are the pros and others are bush league. The companies behind FD/DK, the integrity, power, and value of those companies has my trust to play there. I mean seriously look at who is behind those, and look at who is behind any of the other bush league sites. It’s night and day, and for someone to say the probability of shit like this happening on those sites is the same as these bush league ones is about the same probability of me intercepting a pass from Matt Ryan in Houston this weekend.

  • theoddsmaker

    @derekjetr02 said...

    Hate to dig this up again, but….

    http://nypost.com/2015/08/13/how-do-we-know-daily-fantasy-sports-arent-a-scam/

    What’s the point of that article? If you draft 6 golfers, have the 1st and 2nd place finisher doesn’t mean you SHOULD cash if it was in a gpp and your other 4 happened to miss the cut + one of them ended up having a Bowditch +30 first 2 rounds.

    Don’t see how that article is relevant besides a false positive correlation.

  • B_Edelman

    Best of luck to everyone effected by this. Hopefully someone with a good lawyer could fight for those assets they claim to have. Unfortunately, there is no reason to believe that this couldn’t happen on any other site. It is very likely, if not confirmed, that none of the dfs sites make any profit as operators. This means that unless they receive more investment from outside sources, they will eventually run out of cash. Eventually, this investment money will cease coming in and the sites will become insolvent. If this happens, the only thing protecting player funds is the ethics of the operator to cease operations before using player funds to fund operations and to pay off debts.

    There definitely needs to be more regulation on these companies and they should have to maintain certain financial requirements in order to legally operate.

  • somethingfresh

    I think I’ll trust MLB, Fox Sports, NBA, Madison Square Garden, etc etc etc to pay me out better than some dudes and their dad.

  • breedloveboxer

    Well, it’s been real DFS.

    I had my entire bankroll from this year (9.5k) on Aces, and received verification of this via e-mail. This hurts, and I am sure it does for all that have been adversely affected by this.

    With that being said, if anyone has any information regarding the next steps to take, that would be extremely helpful. I recognize that obtaining any of the funds that I earned this year is highly unlikely to occur, but, I would prefer to take action than sit here and feel butt-hurt.

    This has been my first “full-time” year playing DFS, and I primarily played on Aces. To any and all of you that I have played in H2H over this past year, it’s been fun. Also, I appreciate you all at RG, and the hard work you all put in, to allow this endeavor to be as fun, and as successful as possible. I had a great year last year, and was on the fence regarding continuing to pursue this, but, this does it for me.

    Sad news all around, but I hope we are able to extract some semblance of hope and meaning from this, as all difficult times provide this opportunity.

    Much love to you all.

  • mbaldauf

    No one is to blame but Fantasy Aces guys. The worst part is WE ALL MISSED the fact that their financial information was publicly released at the end of November. It was right there and we kept playing. Unless I missed it, no one pointed out the financials until yesterday. Instead of blaming RG and/or trying to take credit for saying things were this or that, let’s figure out a way to get something back from Aces. So here we go:

    We’re going to have to file a proof of claim with the bankruptcy court (http://www.uscourts.gov/sites/default/files/form_b_410_16.pdf). If anyone is interested I can see what I can do to get the form filled out with enough default information as possible. The idea being the former players could just fill in their information and submit. I’m trying to figure out how we can substantiate our account balance without the website being up though. No promise that we get anything but this is our best chance.

  • Messiah717

    @theoddsmaker said...

    What’s the point of that article? If you draft 6 golfers, have the 1st and 2nd place finisher doesn’t mean you SHOULD cash if it was in a gpp and your other 4 happened to miss the cut + one of them ended up having a Bowditch +30 first 2 rounds.

    Don’t see how that article is relevant besides a false positive correlation.

    The point of the article is not one cherry picked portion about the golf event. I remember that article when it was written actually. When you take in the entire thing it pretty much is asking how do you know these sites are viable and that people are going to get paid out. In light of this FantasyAces disaster should there be any questions?

  • bowens1984

    • 2014 StarStreet MLB Playboy Mansion Finalist

    • RG Season Champion: NBA

    There is no way blame should be placed on RG at all, they were fooled just like the rest of us. The blame should be directed completely at the people in charge of Fantasy Aces who knew they were using player money for their operations.

  • Galante118

    • Blogger of the Month

    @theoddsmaker said...

    Aces had it in writing that they have segregated player funds. So now going forward that’s not even good enough it seems. I also have no faith that being an FSTA member or getting a state license that requires segregated funds means much now apparently. Seems like everything was half-ass regulated.

    I went to school for and am really good at math, especially when it comes to projecting players. My business acumen is a bit lacking though so I really had no idea that an LLC can techinally bounce at any time and leave the bill to everyone else. Didn’t find this out until Aces went dark.

    Unfortunately I have to pretty much withdrawal everything from any site I have a balance on indefinitely. Not sure I have the same passion for dfs as I did before since this whole situation has literally left me feeling nauseous.

    I don’t believe Aces had any state license that required segregation of player funds. So I don’t think writing off sites with state licenses is necessarily warranted. I understand you’ve just been burned but retiring doesn’t seem like a must. Just stick to the main 2 and you’ll be ok.

  • wolfjb1

    @Galante118 said...

    I don’t believe Aces had any state license that required segregation of player funds. So I don’t think writing off sites with state licenses is necessarily warranted. I understand you’ve just been burned but retiring doesn’t seem like a must. Just stick to the main 2 and you’ll be ok.

    Yes, they did. From Legal Sports Report:

    Fantasy Aces is under the regulatory schemes that are coming online in several states. As such, players in those states should contact those regulators to see what recourse, if any, might be available:
    New York: 518-388-3300; info@gaming.ny.gov
    Mississippi: info@mgc.state.ms.us
    Tennessee: 615-253-6658; fantasy.sports@tn.gov
    Maryland: 410-260-4055; aklase@comp.state.md.us.
    Massachusetts: http://www.mass.gov/ago/contact-us.html

  • oldschoolways

    @stv1313 said...

    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?

    I actually got $10.75 out of them on January 22nd.

    Yes I withdrew $10.75, I had nothing in my Paypal balance and wanted to pay my Spotify subscription for the month.

  • oldschoolways

    This definitely highlights that the FSTA is strictly an industry lobbying group, not any kind of meaningful protection for players. Serious regulation is needed, hopefully the states get their systems up and running very soon.

  • theoddsmaker

    @Galante118 said...

    I don’t believe Aces had any state license that required segregation of player funds. So I don’t think writing off sites with state licenses is necessarily warranted. I understand you’ve just been burned but retiring doesn’t seem like a must. Just stick to the main 2 and you’ll be ok.

    Thanks. I already play pretty heavily on the main 2. A lot of my point is this personally has killed a lot of the passion I have for DFS though. Sucks but it’s true.

  • MikeMineo

    @oldschoolways said...

    This definitely highlights that the FSTA is strictly an industry lobbying group, not any kind of meaningful protection for players.

    That, and a convenient method for industry members to scratch each others’ backs and add something fancy-looking to their sparse resumes. I hope they realize that the strong majority of DFS players could care less about their existence.

  • stinger88

    • 2015 DraftKings FBWC Finalist

    This is awful news for the DFS industry but I personally feel safe having a balance on FanDuel, DraftKings, and Boom Fantasy at least. My experience with FantasyDraft makes me think they are safe also, although it would have been nice if they did better due diligence prior to the acquisition announcement.

  • eaglezzz

    Fantasy Draft and every other small site may as well close their doors now. The only safe DFS sites going forward are FanDuel and DraftKings and even then I will be hoarding all my money in PayPal and depositing here and there to play daily. It is time for us DFS players to be safe and look out for each other.

  • blackdirkdiggler

    Feel bad for everyone who lost money on that site. Can’t wait to hear Dan Back’s podcast today. He does a good job of giving a eulogy for dfs companies that go belly up. Not his first, and unfortunately, probably won’t be his last.

  • kame222

    The bottom line here is that instead of trying to save the business by robbing Petter to pay Paul, the owners should have sold the company when they realized they needed to use player money to keep the site going. They HAD to know that this would go sour. They would have had no problems selling if they were at even or close, as opposed to owing who knows how much. I often wondered how those guaranteed tournaments almost always filled…Made me think that they had people they knew putting in teams at the last minute and now it kind of validates that opinion. It is a coincidence that their biggest tournament of the year was the same day it all went up in flames? I think not! I never kept a large balance for this exact reason. If I had more than 1k I’d be physically ill, much less some people that he 10s of thousands. If I did, I might be in jail after driving to their house. I’m not saying that I would blame some of you if you did that. I was about to make a big deposit one week ago today and something told me not to. Call it luck or Devine intervention or fate but whatever it was I’m so glad I didn’t cause I could have set the money on fire and at it would have been more useful. This is a huge black EYE for the industry, make no mistake about it. It also makes me think that the 5 or 6 states that don’t allow daily, know something that the others don’t. Well, it’s been real DFS and it’s been fun…but it hasn’t been real fun. No one in this industry will EVER get one cent of my money. I have a feeling that I’m not alone. OUT!

  • stv1313

    @B_Edelman said...

    Hopefully someone with a good lawyer could fight for those assets they claim to have.

    Just so that we’re all clear on this, there are no real “assets” of this corporation. Per the filed bankruptcy documents, the $1.8 Million of assets is the estimated value of the “user base, including all accompanying site data for said users; platform and source codes”. This number, per the documents, was based on a “comparable sale.”

    At this point, there is NO WAY that anyone is going to pay anything close to $1.8 Million for the rights to the user database and platform of Fantasy Aces.

    As such, other than a smattering of small bank account balances, there are no real assets that can be liquidated to pay creditors.

    So . . . if any of you are holding out hope there there will be a mass liquidation of the assets of Fantasy Aces and those proceeds will help pay us all off, keep dreaming.

    Sigh.

  • Galante118

    • Blogger of the Month

    @wolfjb1 said...

    Yes, they did. From Legal Sports Report:

    Fantasy Aces is under the regulatory schemes that are coming online in several states. As such, players in those states should contact those regulators to see what recourse, if any, might be available:
    New York: 518-388-3300; info@gaming.ny.gov
    Mississippi: info@mgc.state.ms.us
    Tennessee: 615-253-6658; fantasy.sports@tn.gov
    Maryland: 410-260-4055; aklase@comp.state.md.us.
    Massachusetts: http://www.mass.gov/ago/contact-us.html

    I saw that too, but I specifically recall them not filing. In theory, they are under the regulation, but without a license who’s to know..I’m gonna try to look into it.

  • ohiostate241

    • 2014 FAFC Finalist

    • 2015 FAWBC Finalist

    @stv1313 said...

    Just so that we’re all clear on this, there are no real “assets” of this corporation. Per the filed bankruptcy documents, the $1.8 Million of assets is the estimated value of the “user base, including all accompanying site data for said users; platform and source codes”. This number, per the documents, was based on a “comparable sale.”

    As such, other than a smattering of small bank account balances, there are no real assets that can be liquidated to pay creditors.

    At this point, there is NO WAY that anyone is going to pay anything close to $1.8 Million for the rights to the user database of Fantasy Aces.

    So . . . if any of you are holding out hope there there will be a mass liquidation of the assets of Fantasy Aces and those proceeds will help pay us all off, keep dreaming.

    Sigh.

    This is not true, if you can prove fraud, the owners of the company can be held personally liable. This is where we need to come together and take action.

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