FantasyDraft to pay $1.3m owed to Fantasy Aces players
Operator to purchase Aces player database and reimburse player funds spent on operations
FantasyDraft has purchased the player accounts of the now-bankrupt Fantasy Aces and agreed to reimburse almost the entirety of the $1.3m owed to the players.
All customers who had less than $1,000 in their account – 99.6% of the database – will be reimbursed in cash, with the remainder given $1000 in cash and their balance topped up with FantasyDraft’s site currency, Fantasy Cash , up to $5,000.
Fantasy Cash can be withdrawn after being played through once.
The financial terms of the deal were not made available, and FantasyDraft said it will provide further details pending court approval.
FantasyDraft CEO Steve Krombolz said: “FantasyDraft is committed to being a responsible citizen of the DFS community. That means we do things the right way, and your funds will always be segregated and protected. We are licensed or registered in all states that have passed DFS regulation and are compliant in each.
“When we say that we put players first, we mean it.”
The announcement will be welcome news for Fantasy Aces players who feared they had lost their cash for good when the operator’s bankruptcy documents revealed it had spent player funds on operating expenses as it tried to stay afloat.
FantasyDraft had originally tried to purchase the player database of Aces before its bankruptcy, but pulled out of the deal after identifying “issues” during the due diligence process.