{"id":45139,"date":"2017-02-14T15:00:44","date_gmt":"2017-02-14T23:00:44","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=45139"},"modified":"2017-02-14T19:41:24","modified_gmt":"2017-02-15T03:41:24","slug":"fantasydraft-bails-out-fantasy-aces-will-pay-player-balances","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/fantasydraft-bails-out-fantasy-aces-will-pay-player-balances\/","title":{"rendered":"FantasyDraft Bails Out Fantasy Aces, Will Pay Player Balances"},"content":{"rendered":"

FantasyDraft will rescue the customer balances of the stricken and bankrupt Fantasy Aces website, its CEO announced on Monday on the RotoGrinders DFS forum.<\/p>\n

\"FantasyDraft
FantasyDraft CEO Steve Krombolz said his company is stepping in in an attempt to save the \u201clifeblood of the industry.\u201d The vast majority of Fantasy Aces customers will be paid in cash, while larger balances will be topped up with FantasyCash. (Image: FantasyDraft)<\/figcaption><\/figure>\n

FantasyDraft was on the verge of acquiring the site last month before it pulled out of the deal citing \u201cissues identified during our due diligence.\u201d It was a move that quickly propelled Fantasy Aces towards chapter 5 bankruptcy.<\/p>\n

Bankruptcy filings soon revealed the messy truth behind Fantasy Aces\u2019 situation: the company had failed to segregate player funds from its operational costs and owed its customers $1.3 million.<\/p>\n

An account listed in the filings as \u201cPlayers Account\u201d contained just $2,419. While the company listed assets of $1.8 million, which will be liquidated to pay creditors, it also said it had liabilities of $2.96 million.<\/p>\n

In short, Fantasy Aces could not pay its customers.<\/p>\n

99.6 Percent to Receive Cash<\/b><\/h2>\n

\u201cAs members of the\u00a0DFS<\/a>\u00a0community committed to doing things the right way, we feel that we need to do our part to protect the lifeblood of the industry, you, the players,\u201d wrote Steve Krombolz, CEO\u00a0and Co-Founder of FantasyDraft.<\/p>\n

\n

\u201cSo, we have decided to get involved. Today, we have entered into an agreement with the Fantasy Aces bankruptcy trustee to obtain player account and balance information in order to help reimbursing missing player funds,\u201d he added.<\/strong><\/p>\n<\/blockquote>\n

Krombolz said his company would commit to paying Fantasy Aces players up to $1,000 cash to cover missing balances. This, he said, would reimburse 99.6 percent of players completely.<\/p>\n

Those with balances between $1,000 and $5,000, meanwhile, will receive up to $4,000 on top in FantasyCash, the currency used by the site\u2019s player reward scheme.<\/p>\n

Those with over $5,000 will receive the $4,000 in FantasyCash plus a pending bonus for the remainder of the balance, which is earned at a rate of 4 percent for each $1 in entry fees paid.\u00a0\u00a0<\/span><\/p>\n

Pending Court Approval<\/b><\/span><\/h2>\n

FantasyDraft has entered into an agreement with the bankruptcy trustee to obtain player account and balance information in order to help reimburse missing player funds.<\/span><\/p>\n

Players will be notified about how to make their claims upon approval of the plan by the bankruptcy court, the company said. \u00a0 \u00a0<\/span><\/span><\/p>\n

FantasyDraft\u2019s rescue mission should not disguise the fact that, in co-mingling player funds with its operating costs, FantasyAces<\/a> may have broken the laws of the eight states that opted to regulate DFS contests last year.<\/span><\/p>\n

The question now is whether states such as New York, Massachusetts, and others, are prepared to put their regulations to the test and prosecute, should they find infractions have been committed. \u00a0 \u00a0 \u00a0<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

FantasyDraft will rescue the customer balances of the stricken and bankrupt Fantasy Aces website, its CEO announced on Monday on the RotoGrinders DFS forum. FantasyDraft was on the verge of acquiring the site last month before it pulled out of the deal citing \u201cissues identified during our due diligence.\u201d It was a move that quickly […]<\/p>\n","protected":false},"author":42,"featured_media":45173,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[62,10,16,1074],"tags":[],"acf":[],"yoast_head":"\nFantasyDraft Bails Out Fantasy Aces, Will Pay Player Balances<\/title>\n<meta name=\"description\" content=\"Fantasy Aces players are to be reimbursed by former rival daily fantasy sports site FantasyDraft.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FantasyDraft Bails Out Fantasy Aces, Will Pay Player Balances\" \/>\n<meta property=\"og:description\" content=\"Fantasy Aces players are to be reimbursed by former rival daily fantasy sports site FantasyDraft.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/fantasydraft-bails-out-fantasy-aces-will-pay-player-balances\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-14T23:00:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-02-15T03:41:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/02\/fantasy-draft-logo.png\" \/>\n\t<meta property=\"og:image:width\" content=\"336\" \/>\n\t<meta property=\"og:image:height\" content=\"294\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Casino.org Staff Writer\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Casino.org Staff Writer\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/fantasydraft-bails-out-fantasy-aces-will-pay-player-balances\/\",\"url\":\"https:\/\/www.casino.org\/news\/fantasydraft-bails-out-fantasy-aces-will-pay-player-balances\/\",\"name\":\"FantasyDraft Bails Out Fantasy Aces, Will Pay Player Balances\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/fantasydraft-bails-out-fantasy-aces-will-pay-player-balances\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/fantasydraft-bails-out-fantasy-aces-will-pay-player-balances\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/02\/fantasy-draft-logo.png\",\"datePublished\":\"2017-02-14T23:00:44+00:00\",\"dateModified\":\"2017-02-15T03:41:24+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/8c48bf89dc86da77b4d856c7b3b78d77\"},\"description\":\"Fantasy Aces players are to be reimbursed by former rival daily fantasy sports site FantasyDraft.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/fantasydraft-bails-out-fantasy-aces-will-pay-player-balances\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/fantasydraft-bails-out-fantasy-aces-will-pay-player-balances\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/fantasydraft-bails-out-fantasy-aces-will-pay-player-balances\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/02\/fantasy-draft-logo.png\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2017\/02\/fantasy-draft-logo.png\",\"width\":336,\"height\":294,\"caption\":\"FantasyDraft CEO Steve Krombolz said his company is stepping in in an attempt to save the \u201clifeblood of the industry.\u201d The vast majority of Fantasy Aces customers will be paid in cash, while larger balances will be topped up with FantasyCash. 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