INDUSTRY FORUM

  • dayman

    So I originally put in a withdrawal request on the 28th of January. I then got an email from them on February 2nd that I needed to submit a W9 and that my withdrawal wouldn’t be processed until I did. I emailed them the W9 on the 5th (and received a 1099 in the mail from them two days ago).

    My withdrawal still hasn’t gone through. I emailed them on the 12th, and contacted them through the website yesterday, both with no response… Anyone else having issues with them?

    3/10/16 UPDATE: DraftKings strikes a deal to cover all unpaid FantasyHub balances and liabilities. Read more from David Purdum on ESPN!

    DraftKings Co-Founder Matt Kalish’s Statement: “This is not an acquisition deal or an asset purchase deal. This is a very simple deal, where we’re assigning two liabilities from [FantasyHub] over to DraftKings in an effort to do the right thing for their player base, which has a nearly 80 percent overlap with our own. We never want to see our player base go through an experience that’s negative like this. What happened here was reprehensible. It is a breach of trust for these players and we share a lot of these players with them. We just didn’t think it was the right thing to do to sit on the sideline and let that happen. We had the ability to step up and do something.”

  • Aalbanese102089

    Interesting..I’m glad I didn’t have much in there. I initiated a withdrawal a few days ago and nothing. They’ve logged on to RG so I’m sure they’ve saw this thread.. A reply would be nice..

  • gberg823

    any deposits made with credit cards should probably be disputed at this point.

  • ComicFx

    No response well over 24hrs and RG has reached out to them looks real bad and is concerning. Please get on here and address this Steven.

  • Rockstate15

    @gberg823 said...

    any deposits made with credit cards should probably be disputed at this point.

    Unfortunately won’t help for those who have amassed a nice balance from winning.

  • kidace1

    Another real bad look for DFS in general.

    Side note: they added tomorrows slate recently

  • gberg823

    Agreed rock state I have 15k in my account and at this point it just looks like it’s going to be a loss that I will have to figure out a way to write off for taxes. So charge backs don’t help me either. I’m pretty sure I was their highest volume player. But something has to at least be done to pressure them into being transparent with us so we can figure out how to act going forward. I really want to figure out a way to avoid these types of situations going forward. Sites should absolutely not be allowed to operate without being forced to prove they have funds to cover all players balances

  • Jesoral

    I was planning on leaving my money on FH for baseball season but after this stuff I’m worried about my money. It’s not much just about 100 bucks. Should I try and cash out or just ride it out and see what happens?

  • Rockstate15

    It’s literally like depositing your money into a bank without FDIC insurance. The bank made a lot of bad investments, the depositors want their money back and now nothing’s there. Hopping for an “It’s A Wonderful Life” hero to step in and save the day.

  • precator

    At this time at a minimum Rotogrinders should take down the Fantasy Hub signup links…

  • tvsfrink

    @kidace1 said...

    Side note: they added tomorrows slate recently

    I wouldn’t read too much into that, it’s probably automated.

  • gberg823

    Ryazan the assumption players should be able to make is that they raised enough money from investors to cover any overlay and all the money that is in players accounts. I don’t think the lesson to be learned is to avoid all sites that aren’t fanduel and draftkings (who knows if every players withdrew from those sites would they be able to cover all the funds). I think the lesson is that all sites no matter the size need to be able to prove at all times that the have the capital to back the money in all players sites. I would prefer to live in a DFS world where new sites could be able to be started and account balances were assured. Any type of business where there is limited competition isn’t good for consumers

  • butkusaafl

    This site had very little overlay. They advertised about overlay everyday, but all their contests fill up. You may occasionally have 25/28 for the $100 nba contest, but for the most part, most of their games get filled. The only overlay is created by their free plays and no rake games. The large deposit bonus as pointed out by a member in another thread was a big sign, but it was too late by then.

  • Kruzdog

    FWIW, I got my 1099 from them today.

  • sjm26b

    I just got in contact with Steven P through email in the last hour. I sent him the link to this forum. Here is his response:

    “Hi Steven,

    Thanks for reaching out. I will make sure it made it to the mailbox.

    Also I will look to making a response there soon

    Best,
    Steven”

    5:39 CST 2/16

  • ComicFx

    @Kruzdog said...

    FWIW, I got my w-2 from them today.

    I also received my 1099 today, handwritten, postmarked Friday Feb 12 so we know someone went to the post office Friday but aside from that *crickets

  • precator

    For your safety, if they do come back online and they process your withdrawals, if I was you guys I would take all my money out and join another site. Just too risky especially with their lack of responding…

  • Kruzdog

    Yes, corrected OP to 1099.

  • RangerC

    I’m going to try and be positive here and assume they have some sort of payment processing issue (possibly related to being based in Texas?) and not necessarily a liquidity issue. Sites like Draftster and Statclash were ghost towns; FantasyHub just ran a full PGA slate. They also are posting to their blog / Twitter instead of going dark. My assumption is that they are having some sort of payout issue that they were hoping would resolve with just a brief delay – unfortunately at this point they need to address the issue and let us know what is going on.

    EDIT: Also with the FSWA membership / all the posting of promos here I would expect everyone to eventually get paid if there was a liquidity issue.

  • Cal

    RG CoFounder & Admin

    • 326

      RG Overall Ranking

    • $1M Prize Winner

    • x4

      2015 DraftKings FFWC Finalist

    @precator said...

    At this time at a minimum Rotogrinders should take down the Fantasy Hub signup links…

    Agree, just made the request. The Hub guys have always been so responsive that I assumed we would quickly get a response and go from there.

  • tvsfrink

    @butkusaafl said...

    This site had very little overlay. They advertised about overlay everyday, but all their contests fill up. You may occasionally have 25/28 for the $100 nba contest, but for the most part, most of their games get filled.

    I don’t really play NBA there but they used to have tons of overlay on NHL contests, so much so that they killed the quarter arcade and reduced the GPPs. I don’t think this is necessarily a bad thing, as overlay is bad news for a small site over the long run.

  • gberg823

    Thanks for posting here Cal. If we don’t hear from the fantasy hub guys at all what is the next step we should be taking as players both to do what we can to rectify this situation and to prevent anything like this from happening in the future?

  • rooch99

    I have initiated several withdrawal request through Dwolla and Paypal this year and all of them were processed within 24 hours up until the last request on or about Feb. 2 or 3rd. After two days of not seeing it processed I contacted customer support but didn’t receive a response so a couple of days later sent another chat question. Later that day Stephen responded and said my request was “overlooked” and it would be taken care of right away. I few minutes later he emailed back and said instead of processing through Paypal(which I requested) I would receive a credit card refund which was posted two days later. I thought all this was odd and out of character of what I had been accustomed to which was great service, prompt payouts and overall awesome product.

    I’m not sure what to make of all this but I have noticed serious overlay in the $5 and $10 NBA contest in recent weeks for whats it worth.

  • Cal

    RG CoFounder & Admin

    • 326

      RG Overall Ranking

    • $1M Prize Winner

    • x4

      2015 DraftKings FFWC Finalist

    @gberg823 said...

    Thanks for posting here Cal. If we don’t hear from the fantasy hub guys at all what is the next step we should be taking as players both to do what we can to rectify this situation and to prevent anything like this from happening in the future?

    I’m sure we will hear from them and I’m hopeful there’s no real issue here.

    As for the future, I think we’ll be in a more heavily regulated DFS world. I know that Fanduel and DraftKings are already working to become compliant with the proposed Massachusetts regulations. Check out 34.05 here to see what those regulations say about player deposits

    We’re going to have more transparency and third party involvement on this as legislation/regulation plays out in the various states.

  • dangerb407

    Regulation needs to include some kind of periodic 3rd party confirmation of excess liquidity, cash flow, etc. Having a website attest to this isn’t enough without third party verification; Google Jon Corzine + MF Global. There should also be some kind of legal requirement that DFS sites notify a self regulatory organization if their liquidity falls short of an agreed upon requirement. If principals fail to do this, they would be subject to personal liability.

    These are all basic broker-dealer requirements where anyone can basically hang up a broker-dealer shield but where there are personal repercussions if the principals of that entity don’t adhere to the requirements (which in the case of broker-dealers are set by FINRA as the SRO). FINRA can also permanently ban principals if they don’t adhere to these self regulatory requirements

  • rotokevin

    2014 RG Bowling Co-Champion, CPA & DFS Tax Guru

    • 2014 FanDuel WFBC Finalist

    @ComicFx said...

    I also received my 1099 today, handwritten, postmarked Friday Feb 12 so we know someone went to the post office Friday but aside from that *crickets

    Handwritten? Oof. #RIPJosut

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