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.

  • love2lyns

    @bt831 said...

    I’m curious about the incentives being switched over as well. I know it isn’t as important as everyone having access to their money, but I signed up for Aces a few weeks ago through the RG link to have access to the NBA incentives. I really hope those incentives are transferred over to FantasyDraft.

    Can anyone confirm this will happen?

    bt381
    If RG plays it like the FantasyFeud to FantasyAces acquisition your incentives will NOT transfer. I posted the same question as you during that time and RG never responded and my indefinite FF incentives didn’t transfer to Aces.

    So much for indefinite…

  • Ross
    @bt831 said...

    I’m curious about the incentives being switched over as well. I know it isn’t as important as everyone having access to their money, but I signed up for Aces a few weeks ago through the RG link to have access to the NBA incentives. I really hope those incentives are transferred over to FantasyDraft.

    Hi
    All promotional offers and premium content included is specific to the site joined through the promotion. We do not yet know all of the details of this acquisition, but if we can get the referral tracking transferred we can also transfer Incentives.

    I will send you over a pm with more details.

  • Cal

    RG CoFounder & Admin

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    @love2lyns said...

    So much for indefinite…

    Indefinite means “lasting for an unknown or unstated length of time”

    We did that because, as the industry changes, we can’t guarantee lifetime access. One of the reasons we switched to defined periods is that we realized some people thought indefinite meant “lifetime.”

  • Cal

    RG CoFounder & Admin

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    @SEAHAWK03 said...

    I agree, but if you look at my past posts , I am obviously high on fantasydraft, mainly because they paid every quarter ( entries and winners , 300K +) of their software foul up when they first started. Has anyone considered the fact that FantasyAces player funds were not segregated ? This would explain a lot about the slow ( if at all ) pay outs. It very well could be a cause of the hold up on many fronts. Fantasydraft.com has had its problems , but I dont think money is one of them.

    I’m seeing some FantasyDraft negativity in this thread, which is surprising. I don’t want to believe that Aces would not pay players in the end, but FantasyDraft could very well be the White Knight here, like DraftKings was in the FantasyHub deal.

  • cullycat

    It kind of insults my intelligence that “I am going to be happy too” to see that one of the only two remaining companies using an “11 to win 9” pricing strategy be bought by one that is using 5 to win 4…. I was an early adopter in this biz…turned the free 5 into 900 at snapdraft waaay back, was 2nd in wins when Daily Joust sold out and was top 20 at fantasy aces….the idea of grinding out a living playing cash games is officially dead with this acquisition…the dead money has largely become smarter or left the environment and now, but for draft day with has zero player acquisition strategy, the days of 9% vig are over. Good luck to those of you who are going to continue to grind it out. I will see you in retirement down the road…

    dc

  • love2lyns

    Cal
    I understand your position. No one never responded to my question 4 months ago about this and your response doesn’t answer bt831’s question.

  • Alstaire

    For those debating whether “legal action” is warranted or not, and/or subscribe to the theory that “nothing can be done” about certain behavior perpetuated by the DFS industry, it is worth mentioning that if you reside in a state that has enacted legislative measures to “regulate” DFS, there is a grievance board or commission in place to hear complaints regarding possible consumer protection infractions.

    For instance, here is Virginia’s:
    http://www.vdacs.virginia.gov/pdf/fccomplaint.pdf

    Indiana:
    http://www.in.gov/igc/2807.htm

    Tennessee:
    http://sos.tn.gov/fantasysports

    New York:
    https://gaming.ny.gov/ifs/
    Email: OIG@gaming.ny.gov

    For those who reside in states that have not enacted specific DFS regulations, their respective state’s Attorney General’s Office should have a consumer protection division that nonetheless oversees complaints related to the fantasy sports industry.

    For example, this is California’s:
    http://www.dca.ca.gov/online_services/complaints/consumer_complaint.shtml

    Minnesota:
    http://www.ag.state.mn.us/Office/Complaint.asp

    Massachusetts:
    https://www.eform.ago.state.ma.us/ago_eforms/forms/piac_ecomplaint.action

    All states should have the equivalent to these.

    The companies are obligated to respond to any and all complaints made against their business practices and are at risk of civil liability and/or license forfeiture for failing to do so. Hence, if there are those who feel as though they have been aggrieved by this situation — and there definitely is merit to being less than happy in regards to how FA/FD went about doing this — and would like answers without going so far as to actually retain legal counsel, this would be the most convenient means of doing so. Consumer protections were put into place for a reason, after all.

  • Alstaire

    For those who are interested in the topic of segregated vs. operational funds, this is how the newly enacted and final regulations governing DFS in the state of Massachusetts defines a “Segregated Account”:

    “A financial account that segregates funds that are owned by DFS Consumers and that, by its terms, is restricted to funds owned by DFS players in the United States, such that the DFSO’s operational funds may not be commingled.”

    (SEE http://www.mass.gov/ago/consumer-resources/consumer-information/dfs/)

    Interpret that as you see fit.

  • flip4flop

    Wonder what happens to small amount of stock I had in Aces?

  • Cal

    RG CoFounder & Admin

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    @love2lyns said...

    Cal
    I understand your position. No one never responded to my question 4 months ago about this and your response doesn’t answer bt831’s question.

    Ross answered his question right above my post. It depends on the terms of the deals.

  • rainbowtroutman

    @Cameron said...

    I definitely get this sentiment right now, but am not overly concerned long-term. – I think this was to somewhat be expected after the regulations we saw enacted over the past year or so, and that this will be a low-point of sorts (site offering wise). I believe the sites that are remaining, are here to stay, and that we’ll see new sites emerge in the future, that head into the start of their ventures, equipped & prepared for the new, regulated environment.

    I disagree—-DFS is dying

  • dude_abides7

    @Cal said...

    I’m seeing some FantasyDraft negativity in this thread, which is surprising. I don’t want to believe that Aces would not pay players in the end, but FantasyDraft could very well be the White Knight here, like DraftKings was in the FantasyHub deal.

    We’re tired of needing white knights.

  • MrFantasy

    @dude_abides7 said...

    We’re tired of needing white knights.

    Too many investors backing out of their deals, leaving these small sites in very bad shape. The industry was growing at record pace and is slowing down drastically. It’s a false image being portrayed that DFS is continuing to grow. More players are leaving, small sites are struggling to hold on and if the Big2 merger goes through it’ll be unbeatable rake just to keep DFS going. The future isn’t bright if sites like Aces can’t make it on their own and legislation/legal costs are making the price of playing unbeatable.

  • Messiah717

    As soon as DK and FD announced they were merging seeing this happen with other sites shouldn’t come a shock to anybody. Also, what investors are going to throw their money into new sites given the current environment and what they would be up against? I don’t see DFS going away completely since a lot of people like fantasy sports, like gambling and enjoy the action regardless of the odds they might be facing. There’s always people who will want to go up against the sharks or try to beat the odds in huge GPPs.

    The bottom line as many have mentioned before is that the companies just got too greedy and didn’t let themselves grow organically. I guess the amount of investor dollars tied up in their operations had something to do with this. People can look back at two instances which were the tipping points to where we are today IMO. One was the ridiculous commercial saturation and the other was an site employee’s release of ownership percentages. There’s nothing that can be done about it at this point and frankly while it did damage the overall health of DFS. It also pulled back the curtain and gave the average player or somebody thinking about playing a good picture of just what they’re up again.

  • rainbowtroutman

    @Messiah717 said...

    One was the ridiculous commercial saturation and the other was an site employee’s release of ownership percentage

    Ethan Haskell will go down in history as one of worst tweets ever—-opened all this up

  • dude_abides7

    @Messiah717 said...

    The bottom line as many have mentioned before is that the companies just got too greedy and didn’t let themselves grow organically.

    That and the fact that these companies were run (and continue to be run) by inept, ‘bro man’ frat boys that have no concept for better business practice or long term growth and sustainability.

    I firming believe that the #1 problem facing DFS are the people running DFS.

  • KlairVoyant

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    Have we heard anything from the FantasyDraft rep about FD having segregated accounts for players funds?

  • FantasyDraft_Rep

    • FantasyDraft Representative

    @KlairVoyant said...

    Have we heard anything from the FantasyDraft rep about FD having segregated accounts for players funds?

    We of course segregate our players fund and always have. We are licensed and or registered with every state that has passed legislation including Virginia where we paid the $50,000 registration fee. You can go on the NY gaming site and see our temporary license. We also are required to submit audited financials now and have already done so for 2015 and will be doing so for 2016 prior to April. We follow the laws.

  • FantasyDraft_Rep

    • FantasyDraft Representative

    Also, you have every right to ask that question and you should. It’s our job to act responsibly and follows the law and we will always do so. That for us is the only option.
    Steve
    CEO & Co-Founder

  • Cal

    RG CoFounder & Admin

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    @FantasyDraft_Rep said...

    We of course segregate our players fund and always have. We are licensed and or registered with every state that has passed legislation including Virginia where we paid the $50,000 registration fee. You can go on the NY gaming site and see our temporary license. We also are required to submit audited financials now and have already done so for 2015 and will be doing so for 2016 prior to April. We follow the laws.

    Thanks for this response Steve.

    The new era of DFS we are entering is going to be much different than the old. While there are things we will all miss about the old era (like lots of options), this new era is necessary and will be more above board. We’ll be able to see who is paying for license fees in which states and what those states require for licensing. There will be fewer DFS sites, but those that exist will be more trustworthy. You guys are doing everything the right way and I’m looking forward to working with you more going forward.

  • KlairVoyant

    • 619

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    Thank you for providing that clarification. I wish you guys the best of luck!

    Thank you Steve!

    KV

  • kame222

    Has anyone mentioned how much longer they will be holding our funds hostage?

  • Cal

    RG CoFounder & Admin

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    @kame222 said...

    Has anyone mentioned how much longer they will be holding our funds hostage?

    Considering FantasyAces suspended withdrawals, they may not have the funds to hold hostage. If you’re directing this at FantasyDraft I think you are misplacing your frustration.

  • dude_abides7

    @Cal said...

    Considering FantasyAces suspended withdrawals, they may not have the funds to hold hostage. If you’re directing this at FantasyDraft I think you are misplacing your frustration.

    Is this to mean you are surmising that FantasyAces did not segregate funds? If it is not what you mean, please clarify.

    I get FantasyDraft is stepping in to make things right and that is great. But this does not tackle the issue that started this whole thing: Why FA withheld funds that should not have been part of any sale and why said funds were transferred to another party without the owner’s consent?

  • kame222

    It has nothing to do with frustration. We want answers and facts, not vague statements that leaves a lot of guessing by all involved.

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