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’re unable to withdraw their funds. If the stricken company has co-mingled customers’ funds with operating costs, then the states which have regulated DFS have a duty to prosecute.

Day-to-day fantasy sports (DFS) operator Fantasy Aces filed for bankruptcy this week following a last-ditch rescue effort by competitor Fantasy Draft fell through.

Alarmingly for players, it appears from the bankruptcy filing that the company struggles to pay 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 not able 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 clients on Wednesday.

‘After spending more than a year trying to secure long-term money free pokies online australia, including recent negotiations with two notable organizations which subsequently failed to close, our company is left with an unresolvable burden that is financial. We have actually unfortunately exhausted every feasible financial option with no success,’ the California-headquartered DFS company concluded.

Will Regulated Jurisdictions Prosecute?

Consumer protections while the significance of operators to segregate player funds was a major driving force behind states using actions to regulate the DFS in Læs videre “Fantasy Aces Files for Bankruptcy, Can’t Pay Players”

Casino Developers Will Have to be Patient on Japanese Regulation, Says Analyst

Casino Developers Will Have to be Patient on Japanese Regulation, Says Analyst

Global casino operators are bending over backwards to get a piece of the future Japanese casino industry, but they may have to wait just a little bit longer.

Union Gaming Analyst Grant Govertsen believes Japan is unlikely to develop a framework of regulation for casino gaming until the fall and it will likely be an ‘October or November’ event.

The Japanese Diet passed its Integrated Resorts Promotion Bill in December, after years of mulling the issue, paving the way for the opening up of a market with the potential to become the second biggest in the world, after Macau. But Japan has not regulated casino gaming, not yet, at least.

The Integrated Resorts Bill was an enabler, giving the Diet a 12-month deadline to prepare a framework of regulation, which will lay down licensing requirements and measures to protect problem gamblers from using casinos.

No Movement in Spring

With the Diet’s ordinary session getting underway nice and early, on January 20, it was hoped that process would begin soon, but not so fast, says Union Gaming Analyst Grant Govertsen. There is unlikely to be any movement on regulation during the spring session, he said in a note this week.

‘Rather, we think the Diet has already made the decision to handle the IR bill during the fall special session, suggesting that it is more likely going to be an October or November event,’ Govertsen said.

Prime Minister Shinzo Abe’s ruling Liberal Dem Læs videre “Casino Developers Will Have to be Patient on Japanese Regulation, Says Analyst”