FantasyDraft to Help Out FantasyAces Players

Despite being declared legal in a number of states, Daily Fantasy Sports players are running into more problems than many sports bettors. FantasyAces became the third Daily Fantasy Sports site since 2016 to have financial problems. FantasyAces filed for bankruptcy earlier this year and faced allegations of fraud. The company enticed players to sign-up for their games by claiming that players’ funds were segregated from operational expenses, but the bankruptcy filings cast doubt on that claim.

As was the case with FantasyHub and FantasyUp, the two DFS sites that went broke in 2016, another DFS operator has come to the rescue of players. FantasyDraft received permission from the bankruptcy trustee to access player accounts of FantasyAces with the intention of repaying players.

Players with a balance of less than $1,000 will receive full payment. Balances of $1,000 to $5,000 will receive $1,000 in cash and up to $4,000 in Fantasy Cash to play games. Those with balances of more than $5,000 will receive $1,000 in cash plus $4,000 in Fantasy Cash. The remaining amount will will be earned in a bonus of 4% of each dollar spent. The bonus will be paid out in Fantasy Cash.

According to the bankruptcy filing, FantasyAces has outstanding debts of $1.3 million. FantasyDraft’s agreement will meet the obligations of 99% of FantasyAces’ players, but there is still a big difference between having cash and money that you can only spend playing fantasy sports.

Many people stick to fantasy sports because they believe their money is safer than it is with sports betting. But as more DFS sites shut down, that doesn’t appear to be the case. Reputable sportsbooks, such as Bovada and Bookmaker, are just as safe as any DFS site out there. Be smart with your money and where you deposit it. There are plenty of unsavory characters around the gambling scene. Stick to one with a proven track record and you’ll be in good shape.