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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.

  • Yeoman

    @ohiostate241 said...

    Fantasy Aces should have had a super bowl commercial then filed for bankruptcy before having to pay just go for broke

    Happy winner takes his million dollar check to the bank.

    First he drives through the ATM…but of course his six-foot check won’t fit in the slot.

    So he walks into the bank and presents it to the teller…who laughs in his face and tears the check in two.

    Cut to company logo and a voiceover: “FOR A LIMITED TIME, DEPOSIT ANY AMOUNT AND WE’LL MATCH IT 1000%. JUST ENTER PROMO CODEDONATION’.”

  • mmarseil

    • 2015 FAWBC Finalist

    Well this FantasyAces debacle has definitely changed the way I play on DFS sites. I wrongly felt that my money was safe and you guys can tell me all that you want how financially stable Fanduel, Draftkings and Yahoo are, but with no regulations in place to protect the players from a company doing something as immoral as this, I will no longer keep significant balances on any site. I will now keep only what I need to play for that day’s games on any site. It is sad that this industry has relegated itself to such low standards, but I refuse to let the actions of some greedy and cocky people, steal my money in the future. There is a lesson to be learned from everything and I have definitely learned to not trust this industry as they definitely do not have the players’ interests in mind. That said, I will continue to play DFS as I love the game, love the challenge, love the comradery and love the vacation money I can earn for my family. I will just not be handing that money off to people with no interest in honoring my trust. So enjoy the rake, DFS sites, as you are supposed to, but keep your hands off my well-earned money!!!

  • theoddsmaker

    Anyone get a 1099 from either FantasyFeud or Aces yet? Not like tax season was tough enough for us DFS players…have 0 clue how much exactly I made on there.

    Can’t wait to pay taxes on a good chunk of money I never even got.

  • Yeoman

    @mmarseil said...

    Well this FantasyAces debacle has definitely changed the way I play on DFS sites. I wrongly felt that my money was safe and you guys can tell me all that you want how financially stable Fanduel, Draftkings and Yahoo are, but with no regulations in place to protect the players from a company doing something as immoral as this, I will no longer keep significant balances on any site. I will now keep only what I need to play for that day’s games on any site. It is sad that this industry has relegated itself to such low standards, but I refuse to let the actions of some greedy and cocky people, steal my money in the future. There is a lesson to be learned from everything and I have definitely learned to not trust this industry as they definitely do not have the players’ interests in mind. That said, I will continue to play DFS as I love the game, love the challenge, love the comradery and love the vacation money I can earn for my family. I will just not be handing that money off to people with no interest in honoring my trust. So enjoy the rake, DFS sites, as you are supposed to, but keep your hands off my well-earned money!!!

    That’s prudent; I also think it’s worth pointing out that Yahoo’s a different animal. At the standalone sites the cash held in player accounts is a substantial fraction of their assets; at Fantasy Aces it dwarfed the rest of the current assets. Yahoo has a billion and a half in cash on hand and their DFS operation is a tiny drop in the corporate bucket. If the whole company went belly up, those accounts wouldn’t make much difference, certainly not enough to make raiding them worth the legal risk.

    I hope that’s the DFS future. I’d be a lot happier if these companies were under some larger corporate umbrella (I’ve always imagined one or two of the casino corps would eventually get involved once the regulatory battle was over).

  • Yeoman

    @theoddsmaker said...

    Can’t wait to pay taxes on a good chunk of money I never even got.

    Is it income if you never receive it? I would get some tax advice; I’m no attorney but my suspicion is that you only have to pay tax on whatever you actually collect in the aftermath of this mess.

  • ohiostate241

    • 2014 FAFC Finalist

    • 2015 FAWBC Finalist

    @Yeoman said...

    Is it income if you never receive it? I would get some tax advice; I’m no attorney but my suspicion is that you only have to pay tax on whatever you actually collect in the aftermath of this mess.

    The problem is going to be the tax years if they file 1099’s. Who knows if you’ll even get a 1099 as their CFO resigned a few weeks ago

  • Messiah717

    These are things you should be speaking with a CPA about and if necessary a tax attorney. I don’t see how you would be expecting FantasyAces to start issuing people 1099s for money they never paid out. That would be like you going to a casino, hitting a 10K jackpot on a slot machine, the casino refusing to pay out but at the same time issuing you a 1099 for the 10K win. It doesn’t make sense so clearly you’re not going to be paying taxes on money or winnings you never received.

  • stv1313

    It’s important to remember that 1099’s are not based on money that you withdraw. They are based exclusively on money you “earned” – whether you withdrew it or not.

    The difficult part of this situation is that 1099’s from 2016 will not contemplate that the company went bankrupt in 2017. As such, if/when you receive a 2016 1099 for a certain dollar amount from Fantasy Aces, you should probably report that income on your tax return. Otherwise, it will raise a red flag for the government. The government frowns when they get a 1099 from a supplier that is not reported on someone’s tax return. In fact, you are begging for an audit if you simply ignore a Fantasy Aces 1099 with the rationale that “I never got the money, so I’m not reporting anything.”

    Since the bankruptcy is occurring in 2017, this is the year that, in a normal situation, you would recognize the “loss” of that money. Unfortunately, that gets difficult if you are simply reporting your DFS income as a hobby. For those people that report DFS as a 2nd job, the bankruptcy losses can be booked as a “cost of doing business.” However, that probably shouldn’t be done until 2017 – or the year that the bankruptcy actually occurred.

    Sigh. It’s messy. This is why we have CPA’s in this world. I was a CPA in a former life. Now I’m just a lowly accountant (Controller) for a privately owned company.

  • Heterodox

    @LSRDustin said...

    You should get piece of mind for any site registered in New York: http://www.legalsportsreport.com/12961/ny-proof-of-dfs-funds/

    Well, the horses are gone, I guess we might as well close the barn doors now

  • RangerC

    @theoddsmaker said...

    Anyone get a 1099 from either FantasyFeud or Aces yet? Not like tax season was tough enough for us DFS players…have 0 clue how much exactly I made on there.

    Can’t wait to pay taxes on a good chunk of money I never even got.

    Fantasy Feud doesn’t (well, didn’t) issue 1099s because of their Canadian home base.

  • theoddsmaker

    @RangerC said...

    Fantasy Feud doesn’t (well, didn’t) issue 1099s because of their Canadian home base.

    How the ____ can I report income there? Pull a number out of my ass?

    Think I remember DL’ing my history in excel to calc that but that really isn’t an option anymore….

  • lizardoftexas

    http://observer.com/2017/02/wet-seal-fantasy-aces-bankruptcy/

    This article makes it sound like we’re sol…

  • Messiah717

    Simply put players should no longer be leaving significant balances on any DFS site.

  • kame222

    WOOOW you really ARE the Messiah. Thanks! What about the ones that didn’t have a big balance but finished in the money in the last tournament and maybe would have cashed 7 or 8 grand? Is that the players fault too?

  • johnnyj580

    Honestly, this thread is only 30 pages deep, in a scenario where we’ve all lost our balances on the site.

    When FantasyHub went belly-up, that thread was what, 70 pages?

    If that’s not a terrible sign for the industry, that we’ve all become somewhat decensitized to this, I’m sure what is.

  • KindGuy

    @johnnyj580 said...

    Honestly, this thread is only 30 pages deep, in a scenario where we’ve all lost our balances on the site.

    When FantasyHub went belly-up, that thread was what, 70 pages?

    If that’s not a terrible sign for the industry, that we’ve all become somewhat decensitized to this, I’m sure what is.

    Dude 30 pages is still a heck of a lot.

  • Jcb890

    I’m sorry to hear about this and feel bad for the people who lost or are losing money due to this. I had some funds on Fantasy Aces also, though it was not too much and certainly nowhere near the $50k Daut claims to be out. This is clearly a criminal act and fraudulent behavior on the part of Fantasy Aces and those involved. What makes things worse is it looks to be pretty obvious the people in charge gave themselves quite a bit of money when they saw this all coming to an end.

    All I’m going to say is that eventually one of these people (in the end, these are people or small groups of people doing this, not big corporations) is going to fuck with the wrong person or steal money from the wrong person and it is going to end badly.

  • SelfCharmer

    @johnnyj580 said...

    Honestly, this thread is only 30 pages deep, in a scenario where we’ve all lost our balances on the site.

    When FantasyHub went belly-up, that thread was what, 70 pages?

    If that’s not a terrible sign for the industry, that we’ve all become somewhat decensitized to this, I’m sure what is.

    Maybe people just had their eyes more open and didn’t keep large money on DFS sites, or they stopped playing on the riskier smaller sites altogether.

    Personally I wouldn’t leave any more than necessary on any site other than Yahoo, they are not going to mess about with player funds to jeopardize their entire brand and shareholdings…

  • TheRyanFlaherty

    Getting caught up on this news now, this is about as bad as it gets…sorry to all those effected.

    On this one, I’m lucky to be living in Virginia. I wanted to give this site a try but I wasn’t allowed since they refused to pay the regulation fees for the state.
    It does seem to confirm my assumption though…when others were upset about FH pulling out…I figured that if a site wasn’t willing to pay the modest fee to operate legally in Va than I’m probably better off not having my money on that site…
    It could be a false correlation, but looking at who is operating in VA may actually prove to be a good measure of a sites profitibility/long term chances, etc.

  • joephoto

    @johnnyj580 said...

    When FantasyHub went belly-up, that thread was what, 70 pages?

    Steve Plappert of FantasyHub was still promoting massive deposit bonuses til the end.

    He was also apparently using brand new (1 + 2 day old) RG account alias posts defending his “entrepreneurship”.
    He was egging us on and p***ing us off.
    I still hate him.

  • KindGuy

    @joephoto said...

    Steve Plappert of FantasyHub was still promoting massive deposit bonuses til the end.

    He was also apparently using brand new (1 + 2 day old) RG account alias posts defending his “entrepreneurship”.
    He was egging us on and p***ing us off.
    I still hate him.

    This is him: https://www.linkedin.com/in/steven-plappert-59477b3b ?

  • kame222

    Did fantasyhub rip people off like aces?

  • oldschoolways

    @elementasrat said...

    This is him: https://www.linkedin.com/in/steven-plappert-59477b3b ?

    Sure looks like him alright. Can’t believe he still has FantasyHub on there as a present-day thing, you’d think he’d want to bury that.

  • oldschoolways

    @kame222 said...

    Did fantasyhub rip people off like aces?

    They did but DraftKings stepped up to “assume the liability” (made the players whole basically). I totally get why FD/DK aren’t doing that this time, it’s a real moral hazard situation where bailing out these companies just encourages more to sprout up. FantasyHub was especially egregious because they had the donate to charity angle (which of course they weren’t actually doing), that drew a lot of extra media attention. FantasyAces is a little more DFS-specific, and after these other sites have gone bust I guess it feels like old news.

  • joephoto

    @kame222 said...

    Did fantasyhub rip people off like aces?

    Steve Plappert and FantasyHub were worse. They also ripped off charities.

    After about 5 weeks Draft Kings bailed them out, and moved our balances over. We were lucky.

    Thank you again DraftKings.

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