Fantasy Aces, one of the smaller DFS sites behind giants FanDuel and DraftKings has declared bankruptcy, further thinning competition for the larger sites.
Fantasy Aces, based in Orange County Cal,, filed for Chapter 7 bankruptcy in the Central District of California. The move comes about a week after the site had announced it was being acquired by another small DFS player Fantasy Draft. That deal, however, fell apart due to “issues identified during our due diligence,” the company said.
Fantasy Aces later sent an email to players saying the site was “temporarily shuttered” and that “all accounts are on hold.”
“After spending over a year attempting to secure long-term capital, including recent negotiations with two notable companies which subsequently failed to close, we are left with an unresolvable financial burden and have spent every waking minute attempting to find a solution for our players most importantly,” the email read. “We have unfortunately exhausted every possible financial option with no success. We fought as hard as we could, in the end without a major infusion or acquisition we just were not able to make it.”
According to a copy of Fantasy Aces’ filing reviewed by the Orange County Register, the company claims $1.8 million in total assets, based on the size of its user base, site data and mobile app. The company claimed $2.96 million in liabilities.
Fantasy Aces launched in 2013.
