One of the bigger daily fantasy operators behind DraftKings and FanDuel was FantasyAces. Just two weeks ago FantasyAces announced that they where being acquired by daily fantasy operator, Fantasy Draft but apparently after due diligence by Fantasy Draft it was discovered that FantasyAces mismanaged funds and didn’t have enough money to cover what their players had in their accounts. Fantasy Draft pulled out of the deal and FantasyAces filed for Chapter 7 bankruptcy at the U.S. District Court in Santa Ana, California.
If you where a player and had any funds in your FantasyAces account it looked like you where never going to see that money again and the FantasyAces owners where going to get away without having to pay there players back because of the bankruptcy proceedings. Then Fantasy Draft entered back into the picture. Fantasy Draft CEO & Co-Founder Steve Krombolz made a huge announcement that they reached an agreement to reimburse around $1.3 million that FantasyAces users had in their accounts in a various of different ways. The hope of Fantasy Draft is that users will take the money that they thought was lost forever and spend it on playing it on Fantasy Draft which would be the right thing to do since they bailed out the users of FantasyAces.