FantasyDraft Bails Out Fantasy Aces, Will Pay Player Balances

FantasyDraft Bails Out Fantasy Aces, Will Pay Player Balances

FantasyDraft will rescue the consumer balances for the stricken and bankrupt Fantasy Aces site, its CEO announced on Monday on the RotoGrinders DFS forum.

FantasyDraft CEO Steve Krombolz stated his company is stepping in so that they can save the ‘lifeblood associated with the industry.’ The vast majority of Fantasy Aces clients will be paid in cash, while larger balances are topped up with FantasyCash.

FantasyDraft was on the verge of acquiring the website last month before it pulled out of the deal citing ‘issues identified during our homework.’ It was a move that quickly propelled Fantasy Aces towards chapter 5 bankruptcy.

Bankruptcy filings soon revealed the truth that is messy Fantasy Aces’ situation: the organization had failed to segregate player funds from its operational costs and owed its customers $1.3 million.

An account listed in the filings as ‘Players Account’ contained just $2,419. Even though the business listed assets of $1.8 million, that will be liquidated to pay creditors, additionally said it had liabilities of $2.96 million.

In brief, Fantasy Aces could not pay its customers.

99.6 Percent to Get Money

‘As members associated with DFS community devoted to doing things the correct way, we feel you, the players,’ wrote Steve Krombolz, CEO and Co-Founder of FantasyDraft that we need to do our part to protect the lifeblood of the industry.

‘So, we now have decided to have involved. Today, we have (more…)

Nj Online Gaming Study Predicts Huge Growth Trend Will Continue in 2017

Nj Online Gaming Study Predicts Huge Growth Trend Will Continue in 2017

New Jersey online video gaming had its best year up to now in 2016, as well as the future, at least according to one brand new study, is going to be even brighter.

Pennsylvania is anticipated to take into account passing a law that is igaming year, and that would be further good news for New Jersey online gaming, as it might help reverse internet poker’s downward spiral.

Web gaming organizations are increasingly being told to expect a revenues increase of 17 percent in 2017. Global gaming industry research group Eilers & Krejcik says online gambling into the Garden State will reach highs that are new the 12 months ahead, inspite of the company’s forecast that digital poker will decrease by six per cent.

Most readily useful yet for Atlantic City is their prediction that online play is leading to more bets placed at the rest of the seven casinos that are land-based.

‘Increased integration between the online and live casino seems become driving additional play and visitation at land-based properties,’ the Eilers & Krejcik research claimed.

Good News or Bad News?

Whilst the headline reads nicely for internet casino operators as well as the state’s tax coffers, 17 %, while strong growth, would actually be considered a slowdown in terms of yearly percentage gain.

The nj-new Jersey Division of Gaming Enforcement (DGE) reported internet that is total in 2016 arrived in at $196.7 million. That is ne (more…)