Fantasy Aces Files for Bankruptcy, Can’t Pay Players

Fantasy Aces Files for Bankruptcy, Can’t Pay Players

Fantasy Aces’ situation seems to be alarming for its customers who are unable to withdraw their funds. Then the states that have regulated DFS have a duty to prosecute if the stricken company has co-mingled customers’ funds with operating costs.

Daily fantasy sports (DFS) operator Fantasy Aces filed for bankruptcy this week after a last-ditch rescue attempt by competitor Fantasy Draft fell through.

Alarmingly for players, it appears from the bankruptcy filing that the company struggles to spend a lot more than $1 million of players’ funds, and so it has co-mingled customer money with its operating expenses.

‘The Fantasy Aces team truly regrets to announce that people are unable to sustain our web site and business operations January that is effective 31st, filing for protection under Chapter 7 bankruptcy law,’ the company told its customers on Wednesday.

‘After spending over a year wanting to secure long-lasting money, including recent negotiations with two notable businesses which subsequently neglected to close, we are left by having an unresolvable monetary burden. We have actually unfortunately exhausted every possible option that is financial no success,’ the California-headquartered DFS company concluded.

Will Regulated Jurisdictions Prosecute?

Consumer protections as well as the need for operators to segregate player funds was a major driving force behind states taking steps to regulate the DFS industry last ye […]

China Vows to Crack Down No Download Free Pokies on Illegal Casino Gambling Promotional Activities

Although the Mainland is gearing up for a new wave of clampdown measures, Macau is showing stable indications of data recovery. Both pieces that are legislative provisions that concern the tribe. A crackdown on gambling launched by President Xi Jinping in 2013 saw withdrawal that is massive of players from Macau. The announcement uses the continuing state Legislature’s two houses consented pokies games free download to pass their conflicting gambling bills as fast as possible.

Mike La Rosa, HB 7037 would ban the addition of more slot machines at pari-mutuels and would also require those to get rid of games that are player-designated record of these offering. Gambling enterprises are illegal throughout the national country, excluding in Macau, so is the advertising of the style of gambling venues. The legislative piece is expected to be provided with the green light by the total Senate free games pokies floor today. The withdrawal trend may intensify with China planning to further crack down on gambling.

The seven-month revenue development streak came after higher than a two-year-long certainly one of double-digit month-to-month revenue declines. The state lodged an appeal in January. The very good results arrived following the region that is administrative diversion from the previous consider casino gambling towards the supply of more diverse non-gambling activity services.

China Vows to Crack Down on Illegal Casino Gambling Promotional Activities

Asia has reiterated its dedication to cracking down pokies for free on the illegal advertising of casino gambling, regional news reported citing Chinese Minister of Public safety Guo Shengkun. Broadly speaking, casino operators deliver their workers to China to attract people to their resorts The arrests unlocked a high-profile scandal that, among other things, led to Cro […]

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