INDUSTRY FORUM

  • 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.

  • cashmmillion

    • 2016 DraftKings FBWC Finalist

    Question for the RG guys – it sounds like FA owed you guys quite a bit of money and was either very late or delinquent on payment. Did nobody in your Accounts Receivable department think to look at their publicly available financials to see their cash / credit position? This is a very common business practice and I would’ve thought sharp people like you would do the same. If you didn’t, I definitely recommend doing that going forward for any long-dated AR.

  • Logan7777

    @Pitch120 said...

    All of the poker sites were advertising pretty nicely too….

    Yep, just like Ultimate Bet poker site. Close the doors and take your money.

  • EadesScience

    Shame on you for having your britches down!

    The only person to blame if you lost money on this deal is yourself. If you followed common sense you would have been wise enough to only play on sites that implement PayPal as a money exchange. You deposit as you wish and withdraw as you wish. By this I mean that at end of the contest your account is empty. You deposit back the next day ever how much play you are going to need. The deposits are immediate and the withdrawals happen within a few hours on DK.

    It is silly to blame this fiasco on anyone except yourself as you failed to do due diligence and research who exactly runs the DFS industry and from that knowledge be very proactive. If you had done this then you would have come to the realization that a great percentage of DFS, including RG, is run by gamblers (ex poker industry folks). Historically speaking, these folks do not have the most upright of reputations. Just look at the poker industry and what happened. The very next bandwagon these guys jumped on was DFS. Draw your own conclusions here.

    On another note, the only person looking after you is yourself in this environment. Do not trust anyone except yourself. You just cant afford it in my opinion. I still love the game even given I know what I am playing against. It is still fun! I use proactive safeguards so I know that I will not have to sell the farm so to speak.

    Keep the faith my friends….This is just a bump in the road. Keep your friends close and your enemies closer.

    Ricky

  • golferdude31

    • 2016 King of Summer Champion

    Anyone have a % chance that players get at least partially reimbursed for this shit show now that they’ve filed for bankruptcy protection?

  • btwice80

    @EadesScience said...

    If you followed common sense you would have been wise enough to only play on sites that implement PayPal as a money exchange.

    If you had some common DFS sense you would know that Fantasy Aces used Paypal. In fact, it was the only method I ever used with them.

  • petey28

    Pay us you son of bitches. Shame on you too fantasy draft.

    The following sites need to be sued by all of us

    Draftster

    Draft Ops

    Fantasy Aces

  • jojo491048

    Sorry to hitch on this thread, but I’m guessing it’s safe to assume that DraftPot is also out of business, even though no formal announcement has been made?

    No contests for several months it seems, nothing updated on their website, not responding to my emails for at least a month or more, no active twitter account, etc.

    Thank goodness I have like no $ left on that website.

    Would have been nice to have heard some closure from them though. RIP.

  • StlCyclone

    @golferdude31 said...

    Anyone have a % chance that players get at least partially reimbursed for this shit show now that they’ve filed for bankruptcy protection?

    $3500 in their bank account according to the filing. I’d say the chances are a tick or two above zero.

  • B_Edelman

    @golferdude31 said...

    Anyone have a % chance that players get at least partially reimbursed for this shit show now that they’ve filed for bankruptcy protection?

    There is a chance that there is some sort of government or third party intervention where players get some money. There is a history of this happening.

  • golferdude31

    • 2016 King of Summer Champion

    @StlCyclone said...

    $3500 in their bank account according to the filing. I’d say the chances are a tick or two above zero.

    I would like to know how it is possible to get down to that low of a number in their bank account with over $1 million in deposits. If the execs within the company are walking out of there with big pay days, they should all be sued.

  • onepinrodney

    @golferdude31 said...

    Anyone have a % chance that players get at least partially reimbursed for this shit show now that they’ve filed for bankruptcy protection?

    Zero.

    Chapter 7 doesn’t even require them to submit a ‘plan of repayment’ to creditors. The only action will be for the trustee to liquidate what assets the company has and use it to pay creditors. There’s not likely anything in there about player funds. It’s now apparent they were in trouble for quite awhile, and we know they are shady so I’m sure they hid a lot of $$, giving themselves raises, bonuses, etc.

  • golferdude31

    • 2016 King of Summer Champion

    @EadesScience said...

    The only person to blame if you lost money on this deal is yourself. If you followed common sense you would have been wise enough to only play on sites that implement PayPal as a money exchange

    This is just a stupid comment. It should be EXPECTED that companies don’t operate against their own publicly stated policies of keeping player funds separate from operating funds. It is not a casual DFS player’s responsibility to conduct financial due diligence on every company they are playing. Generally speaking, since FA had been around for a few years and had a fairly close relationship with RG, there should have been no reason that this would happen other than complete negligence and carelessness by the company. As previously stated in another post, once they had to start dipping into player funds to cover other expenses should have been the time to get out. PERIOD.

  • StlCyclone

    @KlairVoyant said...

    Is it just me or does it look like they had less than 200 active players with deposits in their accounts as of Jan 31?

    Where do you see that?

  • golferdude31

    • 2016 King of Summer Champion

    Does anyone know if any players (or anyone) were given a “heads up” on this? I’ve only seen one or two RG contributors that have posted in this forum about losing money.

  • ohiostate241

    • 2014 FAFC Finalist

    • 2015 FAWBC Finalist

    @golferdude31 said...

    Does anyone know if any players (or anyone) were given a “heads up” on this? I’ve only seen one or two RG contributors that have posted in this forum about losing money.

    I suspect that no one was given a heads up on this. Three of the biggest players on FantasyAces have already commented in this thread, so if they didn’t know no one did

  • Ryazan

    • x3

      2015 FanDuel WFFC Finalist

    • x2

      2015 FanDuel WFBC Finalist

    @jojo491048 said...

    Sorry to hitch on this thread, but I’m guessing it’s safe to assume that DraftPot is also out of business, even though no formal announcement has been made?

    No contests for several months it seems, nothing updated on their website, not responding to my emails for at least a month or more, no active twitter account, etc.

    Thank goodness I have like no $ left on that website.

    Would have been nice to have heard some closure from them though. RIP.

    So this Draftpot place just vanished without a word and player funds are frozen there too? Why is no one talking about it?

  • petey28

    They offered any contests in the past 6 months.

  • DoubleTime

    • 2016 King of Summer: August

    Wish I knew more about the law and whatever the corporate veil is and all of that. But if they clearly advertised that customer deposits are safe and held in a separate account, and then it turns out they actually lied and used that money to pay their salaries, is there anything wrong with that from a legal standpoint? I understand investors and creditors get screwed when companies go under, but aren’t those different than customer balances? Seems like they tricked people into giving them money. Seems illegal. I’m sure they are probably protected, but they should have to give up their personal assets.

  • bradizpro

    • 2016 FABC Finalist

    www.youtube.com/watch?v=WU6Jlb-hxoY explosive to broke…….smh

  • Zieg30

    • 465

      RG Overall Ranking

    • Ranked #96

      RG Tiered Ranking

    • 2018 DraftKings FGWC Finalist

    @DoubleTime said...

    I’m sure they are probably protected, but they should have to give up their personal assets.

    As others have noted previously, their personal assets are not necessarily protected. It seems pretty clear that they perpetrated a fraud here.

    Also, another member gave great advice earlier that seems to have been ignored. If you received a withdrawal from FA within the 90 days prior to the bankruptcy, you should wait until the bankruptcy process plays out before assuming that you’ll get to keep it. Just tread carefully.

  • jbmilson

    Sorry for all you folks that had some money still on that site. That sucks. I played FantasyAces once last year for MLB. It was an all day Sunday slate with early 1:00pm early lock. That blew my mind and never went back to that site.

  • KindGuy

    @jbmilson said...

    Sorry for all you folks that had some money still on that site. That sucks. I played FantasyAces once last year for MLB. It was an all day Sunday slate with early 1:00pm early lock. That blew my mind and never went back to that site.

    Um… have you never played on Fanduel?

  • madmanjayWV

    @bradizpro said...

    www.youtube.com/watch?v=WU6Jlb-hxoY

    Never trust families who refuse to wear ties for interviews — at the very least a Bruce Bowen bow tie

    I can’t even make it through all of that video. It makes me want to throw up.

    Done in the Bahamas with the CEO who is bragging about how the shareholders will be top of the mountain GIDDY soon enuff with all the riches soon-to-be coming in WOW! The key is communication he says……

    I got a “degree” in that ^^^ Fantasy Aces communicated its (theft and rob) or (stupid and dumb blew it all) website and screwed Lord only knows how many PPL.

    Of my poor peeps I know, one bloke is out a couple C-Notes+, me about 74 cents, and only other heavier guy I knew pulled out finished up right after NFL regular season.

    How many times does this need to continue to HAPPEN or can it happen, b4 someone in “charge” does something??????

    P.S. — IN first 2 mins of VIDEO

    he says “THE INDUSTRY” will pay out “this year, our industry will pay our TOURNAMENT PLAYERS 5 BILLION DOLLARS” ==
    that would’ve been for the 2016 (just ended) DFS season

    Anyone have a clue how much FD/DK etc, may have paid out in PRIZES in 2016? REALLY LIKE to know what YAHOO PRIZES (won by someone) — for DFS were issued (in dolalrs) into user accounts for 2016 calendar year.

    Wonder where he’s getting (or got) his numbers.

    PS2. — Great job when he mentioned UIGEA (prior to 4 min mark) —
    P.P.S. — That video should probably have more than 62 VIEWS.
    P.P.P.S — TOM — “always have to be careful with projections”

    Lastly, out of everything in this thread. I think one guy admitted (or he was being facetious) I dunno..he invested, bought $2K stock in Fantasy Aces…. ARE THE INVESTORS protected…they are not, correct?? Just shameful….

  • KindGuy

    @Zieg30 said...

    As others have noted previously, their personal assets are not necessarily protected.

  • gridironguru99

    Had several conference calls with the owners’ sons in the summer of 2016 – as I work at a large PR firm in SoCal. Wanted to help them on comms during the while DK/FD and NYS issues and they seem like nice guys but clueless.

    Thankfully we never worked together.

    I know where these jokers live and hang out. They are not slumming it . My small account balance is gone but I’d gladly take part in a suit to make sure jail time happens and we purge their personal assets.

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