In a somewhat shocking move, FantasyAces announced late Wednesday night that they had been acquired by competitor FantasyDraft. Most people know that a FanDuel and DraftKings merger is imminent, and that Rosters and the iTeam Network shut down just around a month ago. Prior to that, Aces had acquired Fantasy Feud, and iTeam had bailed out FantasyUp. Apparently no site is safe in the current DFS environment.
We are piecing together information as it comes along, but here are answers to several of the questions we have received through various mediums.
Are players funds safe?
Absolutely. Both FantasyAces and FantasyDraft are first rate companies that would never compromise player funds. They have already begun the process of porting over player accounts and balances.
What happens with the contests that were running Wednesday night?
All contests that were running Wednesday night were cancelled and the entry fees were returned to player accounts. This is unfortunate, but the migration had to happen at some point and entries were always going to have to be canceled and refunded.
Will I be able to withdraw funds once on FantasyDraft?
Players that had withdraws processing on FantasyAces will receive those funds as soon as the migration is complete. Other players will be able to make withdraw requests as soon as the process has completed.
What is the difference between FantasyDraft and FantasyAces?
The two are actually quite similar. I think the UX on the FantasyDraft site is superior, and the two sites offer similar sports, however roster structure and scoring are somewhat different. For the average $100/slate and under player, I think you will quite like playing on FantasyDraft… give it a shot!
What is going to happen to FantasyAces shareholders?
How would we know this, it’s silly how many investment related FA questions we get.
What is happening to cause these DFS websites to go under?
There are several issues with these small sites. The first is funding. Current regulation is a nightmare for startups looking to get into the industry, and is also a mess for smaller sites trying to keep their head above water.