What's new
Fantasy Football - Footballguys Forums

This is a sample guest message. Register a free account today to become a member! Once signed in, you'll be able to participate on this site by adding your own topics and posts, as well as connect with other members through your own private inbox!

State of DFS and Your Money (1 Viewer)

Bobcat10

Bobcat10

Footballguy
With all the news and speculation out there, people need to start thinking about their bankroll on the DFS sites.

What % have you withdrawn already?

Did you leave only enough bankroll for one standard week of NFL action? Two?

Are you leveling out after every week (depositing if you lost, withdrawing your winnings)?

Are you treating sites not called Fanduel or Draftkings any differently?

What else?

 
It's pretty simple...

1) These sites are keeping player funds separate from operating accounts and the money is safe regardless. This is what they have advertised and also pledged to the FSTA.

2) These sites are co-mingling player funds and operating funds. If that's the case, we are at risk. Probably more importantly, these companies will get shut down by the gov't if this has occurred. You can likely say goodbye to all fantasy sport contests if this is the case.

 
Bobcat10 said:
GreenNGold said:
[icon] said:
GreenNGold said:
The money is safe.
Click to expand...
Well, if you SAY so...
Click to expand...
Even if it gets banned you will still be able to withdraw.
Click to expand...
Honest question because I was not part of it nor did I follow it very closely...but did 100% of the people with frozen poker assets get 100% of their bankroll sent back to them?
Click to expand...
I read something the other day that most of the people did get their money back but it took 3 years.

 
Bobcat10 said:
GreenNGold said:
[icon] said:
GreenNGold said:
The money is safe.
Click to expand...
Well, if you SAY so...
Click to expand...
Even if it gets banned you will still be able to withdraw.
Click to expand...
Honest question because I was not part of it nor did I follow it very closely...but did 100% of the people with frozen poker assets get 100% of their bankroll sent back to them?
Click to expand...
No, but playing online poker was technically illegal under US law whereas the gov't has stated playing fantasy sports isn't. In Poker you didn't have a case to legally pursue someone for your illegal monies.

 
There's no telling what the FBI and DOJ investigation might turn up. If they turn up anything they deem illegal, is it not possible funds will be frozen for a significant amount of time while they sort things out?

 
Better to be safe than sorry IMO. It's not like it's hard to withdraw or deposit to FanDuel or Draftkings and just keep in enough for whatever you are going to have in play for a week. No reason to use either site as a seperate account to hold your monies.

 
Last edited by a moderator:
BassNBrew said:
It's pretty simple...

1) These sites are keeping player funds separate from operating accounts and the money is safe regardless. This is what they have advertised and also pledged to the FSTA.

2) These sites are co-mingling player funds and operating funds. If that's the case, we are at risk. Probably more importantly, these companies will get shut down by the gov't if this has occurred. You can likely say goodbye to all fantasy sport contests if this is the case.
Click to expand...
:goodposting:

Anything thinking their funds are FDIC safe are either dumb or delusional. There are multiple potential angles of exposure to risk. I would not keep anything that isn't necessary in my account.

 
As a small money player this didn't really concern me as I don't keep a large bank but after 5 winning weeks to start the year and only playing 30% of my bank per week, I'm thinking if this is another good week I will withdraw probably half my bank.

 
I deposited my entire savings into FD because I was fed up with bank fees. Thinking of rolling my 401K over too.

 
I think I would feel safer with my money on Draftkings than Fanduel.

Draftkings is strictly a US based company while Fanduel has some of it's headquarters located overseas. Everyone got screwed over in poker because those companies were offshore with all of the players' money in offshore accounts.

Not saying they should be completely trusted but if you're still looking to play in the meantime while **** hits the fan I would feel safer on Draftkings.

 
addicted2ff said:
Everyone got screwed over in poker because those companies were offshore with all of the players' money in offshore accounts.
Click to expand...
It's kind of the opposite. The U.S. government froze the poker sites' bank accounts in the U.S. PokerStars was able to pay players out right away while other sites weren't because PokerStars held player funds in segregated offshore accounts that weren't subject to U.S. jurisdiction. FullTilt, UltimateBet, AbsolutePoker et al. could not pay people out for some time because a lot of their money was held in the U.S. and was seized.

 
Last edited by a moderator:
Well, It looks like I will be done after this weekend and not by choice. :(

It won't let me enter lineups from my phone or tablet, I have tried a VPN with no luck. Not sure what else I can do. It was fun while it lasted and I was looking forward to more fun, but it looks like I am going to have to sit back and watch.

I will be keeping a close eye out and looking to jump back in, but who knows how long that will be.

 
I'll probably be in the same boat as you by next week Snellman. Looks like Pennsylvania is going to make it legal for only the PA casinos and I'm not going to a casino to play daily sports. Sucks too cause I'm just not as excited about season long anymore, this is where I was getting most of my fun. :(

 
Last edited by a moderator:
JimmyJabroni said:
I'll probably be in the same boat as you by next week Snellman. Looks like Pennsylvania is going to make it legal for only the PA casinos and I'm not going to a casino to play daily sports. Sucks too cause I'm just not as excited about season long anymore, this is where I was getting most of my fun. :(
Click to expand...
:goodposting: I still have fun with a couple of my long time season long leagues, but I have a lot more fun with the daily. I don't even spend that much on it per week. Just have a lot of fun trying to build rosters and research values.

 
snellman said:
JimmyJabroni said:
I'll probably be in the same boat as you by next week Snellman. Looks like Pennsylvania is going to make it legal for only the PA casinos and I'm not going to a casino to play daily sports. Sucks too cause I'm just not as excited about season long anymore, this is where I was getting most of my fun. :(
Click to expand...
:goodposting: I still have fun with a couple of my long time season long leagues, but I have a lot more fun with the daily. I don't even spend that much on it per week. Just have a lot of fun trying to build rosters and research values.
Click to expand...
Yep, I still like my season long leagues but I'm gonna miss sitting down on Sunday morning for a few hours putting the lineups together. I don't spend much either but really enjoy the format and the chance to win something every week.

 
Freaking cheaters have to ruin everything. I agree that DFS is a lot of fun and it sucks that a few dudes who had to game the system ruined it for everyone.

 
I have withdrawn all my money from DraftKings except the $20 I have in play this week. It's not so much I am worried about getting screwed out of my money as much as for the first three weeks FootballGuys was on top of providing content I could use, but lately they don't seem to care, they never respond in the forums and I suspect they are too busy trying to squeeze out the last few bucks that they can get before the walls come tumbling down to provide content or customer service.

 
You must log in or register to reply here.

Similar threads

cosjobs
Beware of Fanatics signon bonus offer Maybe not technically a scam but acts like one
Replies
6
Views
1K
cosjobs
cosjobs
G
Need advise on what DFS offers variable owners?
Replies
2
Views
749
chet
chet
BassNBrew
FanDuel Week 4
2 3
Replies
122
Views
8K
KarmaPolice
KarmaPolice

Users who are viewing this thread

Total: 1 (members: 0, guests: 1)
Back
Top