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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.

  • KindGuy

    I just want people to keep the focus on Fantasy Aces. Yes this debacle is a reflection of larger issues in the industry but it’s not the norm.

    I already see people losing faith in Draftkings, Fanduel and Yahoo but I don’t think it’s warranted. These are billion dollar companies, the behemoths of the industry. They have ties to Professional Sports Leagues.

    Let’s just slow down a bit.

  • PeterYanidis

    This wasn’t as deceitful as the guys who ran Fantasy Up and Fantasy Hub, but it comes close. Rosters, Daily MVP and Score Streak were the best in giving the players their money when they went Bankrupt. Boom Fantasy is the only site that I’ve ever trusted.

  • stv1313

    • 950

      RG Overall Ranking

    @ohiostate241 said...

    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.

    Yes . . . if you can somehow prove fraud, you can litigate for damages. However, that won’t come via bankruptcy proceedings and will be far costlier to litigate.

    Taking out the lawyer fees that would come with such a “fraud” battle, we will all be paid pennies on the dollar if it went down that route.

  • KindGuy

    @Galante118 said...

    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.

    Yes, I also distinctly remember this. In the summer when the AG Schneiderman mess happened, DK and FD were compliant in suspending operations in NY state. On the other hand Fantasy Aces decided to fly under the radar since they weren’t named in the injunction/settlement/whatever you call it.

    That was the icing on the cake and I knew then FantasyAces just wasn’t legit.

  • KindGuy

    @PeterYanidis said...

    This wasn’t as deceitful as the guys who ran Fantasy Up and Fantasy Hub, but it comes close. Rosters, Daily MVP and Score Streak were the best in giving the players their money when they went Bankrupt. Boom Fantasy is the only site that I’ve ever trusted.

    Not sure how anyone ever trusted FantasyUp. I didn’t deposit a cent there. Rake free and offering contests to people in Australia/New Zealand? Dude…….

  • Billups22

    Can we dispute recent PayPal credit card deposits to fanaces?

  • Garrincha67

    @elementasrat said...

    I just want people to keep the focus on Fantasy Aces. Yes this debacle is a reflection of larger issues in the industry but it’s not the norm.

    I already see people losing faith in Draftkings, Fanduel and Yahoo but I don’t think it’s warranted. These are billion dollar companies, the behemoths of the industry. They have ties to Professional Sports Leagues.

    Let’s just slow down a bit.

    I would have no worries about Yahoo, they have established seasonal games offering that now includes daily. It is professionally run and intend to play a lot more volume there. I will be very wary of DK/FD and reading between the lines it will not surprise me if they have low cash reserves. The merger might help but if not approved I can see one of them going for good. The quote below is from a BBC report about Fan Duel when they launched their DFS platform in the U.K in June 2016. Go figure!

    “FanDuel “considers itself to be operating lawfully, is currently defending its position and therefore the directors have reasonable expectations that the group has adequate resources to continue for the foreseeable future.”

    The accounts say it is making contingency plans, including a cut in variable expenses, likely to include marketing, advertising and prize money ,as well as delaying some operating cost payments.

    The most recent accounts cover the 18 months to the end of June last year, before a blizzard of advertising and promotion last autumn brought attention to the scale of the business, and began the legal challenges.

    During that time, FanDuel had turnover of $87.7m (£61m), up from $12m (£8.3m) in the preceding 12 months.

    The number of active players rose from 253,000 during 2013 to 1.25m to the middle of 2015.

    Between January 2014 and June 2015, it paid out $102m (£71m) in “service fees”, and spent heavily on a fierce battle to build market share.
    There was an operating loss for the 18 months to last June of $77.7m (£54m), up from $10.3m (£7m) during 2013. It continued to raise substantial funds through issuing equity, and remains in discussions on further investor fund-raising.

    Facing the risk of being shut down by regulation and law, the company has cut its cash balances from approximately $274m (£190m) in the middle of last year to less than $48m, which it says should be adequate to keep it trading for a further 12 months – assuming it succeeds in its legal defence.”

  • deadphish

    does this site really expect to survive?

    fanDaction Customers,

    Do to the differences in the states regulating fantasy sports, we chose this time to suspend tournaments and update our software. fanDaction will resume tournaments April 1.

    Our software has always been in compliance with federal legislation. We need to update our software to do the same with every state that regulates fantasy sports.

    In addition to updating our software, April 1 we will:

    Introduce our New Game that will revolutionize DFS
    Roll out our kiosks in sports bars across the country so our customers can play live against one another…
    Upgrade our mobile and website…

    We will be ready for baseball with our Partner Pete Rose

  • maxeernst

    @Billups22 said...

    Can we dispute recent PayPal credit card deposits to fanaces?

    I certainly would.

  • crazypaul

    @Cal said...

    I want to vomit. They’ve owed us money for a while, which is not uncommon for big or small companies in this industry over the last year. Every time I’ve talked to them they were on the verge of some big deal, and now this. I had a lot of misplaced trust in these guys, especially Tom, and I should have drilled into their actual situation a lot more.

    @Cal, I have a specific question I wonder if you would be willing to answer.

    I dont think it’s fair to place any real blame on you or RG for FA’s mismanagement, but I noticed about a month ago, maybe more, that most if not all advertising for Fantasy Aces was removed from the site. I just assumed that for whatever business reasons 1 party or the other was no longer interested in this partnership. However, now I wonder, if there was enough of an issue to pull their advertising & sponsorships, shouldnt the users you asked to join their site have been notified so they could make their own decision to stay at that site? Maybe I am slightly confussed on the timeline, but I am pretty sure I noticed their logos gone from your site in early to mid December.

  • Pitch120

    I laugh at the people stunned by this. Fantasy sports has been doing this for years. Remember Phenoms? Remember WCOFF?

    And no one got their funds back.

  • dawgem

    Here’s the response from gaming.ny.gov…

    Thank you for your email.

    We are currently actively investigating this matter.

  • joephoto

    I was on FantasyUp when this happened.
    I was on FantasyHub when this happened ( I still hate Steve Plappert ).

    Thankfully they got bailed out about 6 weeks later ( by ITeam and Draftkings) and we got our balances reimbursed.
    Luckily I avoided FantasyAces.

    I’m now keeping my FantasyDraft balance manageable (under $300) and crossing my fingers.
    They’ve been really great so far.

  • g_nagy

    @Garrincha67 said...

    I would have no worries about Yahoo, they have established seasonal games offering that now includes daily. It is professionally run and intend to play a lot more volume there. I will be very wary of DK/FD and reading between the lines it will not surprise me if they have low cash reserves. The merger might help but if not approved I can see one of them going for good. The quote below is from a BBC report about Fan Duel when they launched their DFS platform in the U.K in June 2016. Go figure!

    “FanDuel “considers itself to be operating lawfully, is currently defending its position and therefore the directors have reasonable expectations that the group has adequate resources to continue for the foreseeable future.”

    The accounts say it is making contingency plans, including a cut in variable expenses, likely to include marketing, advertising and prize money ,as well as delaying some operating cost payments.

    The most recent accounts cover the 18 months to the end of June last year, before a blizzard of advertising and promotion last autumn brought attention to the scale of the business, and began the legal challenges.

    During that time, FanDuel had turnover of $87.7m (£61m), up from $12m (£8.3m) in the preceding 12 months.

    The number of active players rose from 253,000 during 2013 to 1.25m to the middle of 2015.

    Between January 2014 and June 2015, it paid out $102m (£71m) in “service fees”, and spent heavily on a fierce battle to build market share.
    There was an operating loss for the 18 months to last June of $77.7m (£54m), up from $10.3m (£7m) during 2013. It continued to raise substantial funds through issuing equity, and remains in discussions on further investor fund-raising.

    Facing the risk of being shut down by regulation and law, the company has cut its cash balances from approximately $274m (£190m) in the middle of last year to less than $48m, which it says should be adequate to keep it trading for a further 12 months – assuming it succeeds in its legal defence.”

    Yahoo is the only one I do trust. They make their $ from other methods rather than relying on DFS alone, so I think moving forward I’ll keep all of my volume on there.

  • B_Edelman

    @g_nagy said...

    They make their $ from other methods rather than relying on DFS alone

    To be fair, Yahoo has actually lost money the last two years.

  • kellykip

    @deadphish said...

    does this site really expect to survive?

    fanDaction Customers,

    Do to the differences in the states regulating fantasy sports, we chose this time to suspend tournaments and update our software. fanDaction will resume tournaments April 1.

    Our software has always been in compliance with federal legislation. We need to update our software to do the same with every state that regulates fantasy sports.

    In addition to updating our software, April 1 we will:

    Introduce our New Game that will revolutionize DFS
    Roll out our kiosks in sports bars across the country so our customers can play live against one another…
    Upgrade our mobile and website…

    We will be ready for baseball with our Partner Pete Rose

    It might sound like nitpicking, but I have a very hard time trusting a company that issues a statement like this where they did not even bother catching the mistake in the use of ‘Do’ vs ‘Due’. Seems like when a statement is going to be released which will impact your entire existence, you might want to take the 10 seconds of time it would cost to double check it. I mean it’s the first word of their release ffs.

  • Garrincha67

    @B_Edelman said...

    To be fair, Yahoo has actually lost money the last two years.

    Yes, they might have but it is multi-national company that is overall profitable from all its other ventures. They consider their two year losses in setting up daily fantasy platform as an expenditure that is worth it in the long-term. I will playing most of my volume there and very impressed by their professional approach.

  • dude_abides7

    @ItzJamesFTW said...

    Except I didn’t. I said wait for an announcement before speculating. That wasn’t an over-the-line suggestion.

    But it doesn’t matter. This is so much bigger than some spat between us. Ton of unanswered questions that will likely never be answered.

    Agreed, suggesting a few deep breaths was not outrageous. That is a fair point, but understand for many of us that have been here for a while….this is not our first rodeo and we are fed up AF. Honestly, we are on the same side here mate. Like I said, we are all in this together now and we should have each other’s back as players. We really do want the same thing. My apologies if you read what I wrote to mean otherwise.

  • lmorrison745

    I don’t believe that we should be blaming the FSTA, they don’t generate nearly enough funds from their 200 or so (@$600) member companies to audit everyones books, and on top of that most of the member companies are not in the DFS space. Which means there are other areas where the money is spent. Now if you want to talk about a % of each DFS players rake going to the FSTA to regulate the books of these member companies, then that might be a way for the industry to provide some guardianship.

    Additionally many of these FSTA member companies, like RG, lost a lot of money that went beyond advertising. These DFS companies in many instances provide a discount so members can receive premium content for a deposit that is less than they would pay for the premium content. See below this page, for several of these discount programs. So RG, like many other industry companies, are negotiating a discount for it’s members, and in return they are expecting the DFS provider to send them a check to make them whole for their premium content. In cases like this, they are now SOL.

    Unfortunately this is a lose-lose situation for the industry companies and the consumers.

  • UtesfanSLC

    I am a corporate finance and restructuring attorney and I have extensive experience in chapter 11 and chapter 7 bankruptcies. The bankruptcy filing is a very bad result. A chapter 7 trustee will be appointed who will oversee the liquidation of any assets held by fantasyaces. The $1.8 million value of its player base is a number that they pulled out of thin air. They clearly were not segregating account balances based on the fact that they held a total of $3,539.46 in their bank accounts as of the petition date. This is a black mark for DFS. Also, anyone who received a check from aces within the 90 day period prior to the January 31 petition date could be sued by the chapter 7 trustee for receiving a preference. Even if the chapter 7 trustee is able to sell the aces player base and IP to another site, it will take months if not years to administer the estate, resolve preference issues, and put money into our pockets and there is no chance that we will be made whole.

  • KindGuy

    Sooooo how do we go about seizing the property of the owners? I’d like 1 Aventador Pirelli if that’s not too much to ask…..

  • stv1313

    • 950

      RG Overall Ranking

    @UtesfanSLC said...

    Also, anyone who received a check from aces within the 90 day period prior to the January 31 petition date could be sued by the chapter 7 trustee for receiving a preference.

    I’d like to amend my previous post where I said that I received a withdrawal of $1,200 on November 14th. I think that it was actually September 14th. :-)

  • johnnyj580

    @Garrincha67 said...

    I would have no worries about Yahoo, they have established seasonal games offering that now includes daily. It is professionally run and intend to play a lot more volume there. I will be very wary of DK/FD and reading between the lines it will not surprise me if they have low cash reserves. The merger might help but if not approved I can see one of them going for good. The quote below is from a BBC report about Fan Duel when they launched their DFS platform in the U.K in June 2016. Go figure!

    “FanDuel “considers itself to be operating lawfully, is currently defending its position and therefore the directors have reasonable expectations that the group has adequate resources to continue for the foreseeable future.”

    The accounts say it is making contingency plans, including a cut in variable expenses, likely to include marketing, advertising and prize money ,as well as delaying some operating cost payments.

    The most recent accounts cover the 18 months to the end of June last year, before a blizzard of advertising and promotion last autumn brought attention to the scale of the business, and began the legal challenges.

    During that time, FanDuel had turnover of $87.7m (£61m), up from $12m (£8.3m) in the preceding 12 months.

    The number of active players rose from 253,000 during 2013 to 1.25m to the middle of 2015.

    Between January 2014 and June 2015, it paid out $102m (£71m) in “service fees”, and spent heavily on a fierce battle to build market share.
    There was an operating loss for the 18 months to last June of $77.7m (£54m), up from $10.3m (£7m) during 2013. It continued to raise substantial funds through issuing equity, and remains in discussions on further investor fund-raising.

    Facing the risk of being shut down by regulation and law, the company has cut its cash balances from approximately $274m (£190m) in the middle of last year to less than $48m, which it says should be adequate to keep it trading for a further 12 months – assuming it succeeds in its legal defence.”

    “I want to keep the focus on Fantasy Aces”.

    Immediately begins talking about Yahoo …

  • Jvanspro

    It’s becoming more apparent that the DFS Industry are a bunch of Con Artists. I’m pulling all of my money off every site and playing through a paypal account only. I’ll gladly pay the charges to save my money. Just think of it as an increase in rake I guess.

  • Pitch120

    @Jvanspro said...

    It’s becoming more apparent that the DFS Industry are a bunch of Con Artists. I’m pulling all of my money off every site and playing through a paypal account only. I’ll gladly pay the charges to save my money. Just think of it as an increase in rake I guess.

    You don’t get charges on Paypal if you pay or withdraw

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