Players left high and dry by the bankruptcy of daily fantasy sports site FantasyAces got some good news when DFS site FantasyDraft said it will make good on most of FantasyAces player accounts.
FantasyDraft had been in talks to acquire Fantasy Aces, but when those talks broke down the latter site filed for bankruptcy. FantasyAces bankruptcy file showed it still owed players about $1.3 million.
FantasyDraft CEO Steve Krombolz released a statement saying the company will pay most FantasyAces players. He said the company has “entered into an agreement with the FantasyAces bankruptcy trustee to obtain player account and balance information in order to help reimburse missing FantasyAces player funds.”
The company has committed to reimburse Fantasy Aces players up to $1,000 cash to cover missing account balances, which should completely pay 99.6 percent of FantasyAces players. For players with larger balances, the company will offer a combination of cash and Fantasy Cash for the FantasyDraft site, he said.
However, the deal still needs to be approved by FantasyAces bankruptcy trustee, according to a report by Yogonet.com. The report also said there are players listed in the bankruptcy owed five figure sums, so the bailout will likely be less than the full $1.3 million.
In another DFS matter, Mississippi’s House of Representatives has approved a DFS bill, which will now go the state’s Senate. The bill was actually rejected in an initial vote, but gained approval in a second vote.
The bill would have DFS contests controlled by the Mississippi Gaming Commission and includes an 8 percent tax on DFS sites.
