DraftKings and FanDuel are so short of cash, according to the two people familiar with the negotiations, that they have asked Mr. Schneiderman’s office if they can pay the final settlement in installments, and they have conceded that they are having difficulty meeting their day-to-day obligations.
Within the past three weeks, the New York-based FanDuel has laid off more than 60 people, and both companies have acknowledged that they are months behind in their payments to vendors, especially to the array of public relations and lobbying firms that they have employed across the nation to persuade individual state legislatures to legalize daily fantasy games — the most critical component of rebuilding their business. |
My guess is they have a few secondary companies set up as vendors/expenses that funnel additional funds to them.
Stared with just one single debit card deposit of $250
Also, their spokesman, Justine Spacco, is the moron who tweeted a very stupid AIDS joke and lost her job because of it when working with IAC.
Google it, pretty damn funny/stupid.
They were spending a million dollars a week on legal fees and spent 750M on advertising for the Super Bowl.
If they'd gotten all the loopholes closed prior to racing to be the biggest/first between each other than maybe they wouldn't have hemorrhaged so much money so quickly.
I hope it never goes away.
Stared with just one single debit card deposit of $250
My uncle won $250k on slots.
There have been rumblings of a merger coming. That would suck as I do like the game options having the sites separate.
My guess is they have a few secondary companies set up as vendors/expenses that funnel additional funds to them.
Not necessarily true. They have guaranteed prize pools tourneys, and if there aren't enough entrants to cover the guarantee, the site eats the difference. This is called an over lay.
Stared with just one single debit card deposit of $250
from the article:
investigators found that nearly 90 percent of DraftKings’ customers lost money, suggesting a major gulf between the casual players — or “minnows,” in betting parlance — and the professional players known as sharks.
I've deposited about $300 over the last year, won $200 in my first tourny and pretty much lost it all to rolling it over into more tournys and bigger tournys
Little bit of a different strategy in a way
Quote:
My friend has made over 100k on 50/50s and multipliers since fall 2015 and an additional 50+K in tournament money.
Stared with just one single debit card deposit of $250
from the article:
investigators found that nearly 90 percent of DraftKings’ customers lost money, suggesting a major gulf between the casual players — or “minnows,” in betting parlance — and the professional players known as sharks.
Well considering that most tournaments only pay the top 20% or so, I'm not sure why anyone would expect a different number. While there is certainly something to do with the sharks vs minnows aspect, I'd be interested to see how many of the 90% just did one deposit and dumped it all into tournaments. I'd bet that's a high number.
Fact is, most people who play season long fantasy for money are losing money as well.
Regardless, I'm glad they're struggling and hope these thieves are done.
I think it was a race of greed knowing the end would come. They're scum.
I respectfully disagree, and would argue that fantasy football actually is a bad thing, in several ways:
1) It encourages people to gamble who might have never thought to call a bookie and bet on the outcome of a game. This is the "gateway drug" argument, which is plausible albeit hard to quantify.
2) It dilutes the already-low quality of football coverage, by pushing stats to the forefront at the expense of any real insight about what's happening on the field or in the front office.
3) It encourages offensive players to pad stats by elevating boxscore heroes. There's also a risk of influencing the outcome of actual games - since stat-padding can lead to choices that are inconsistent with sealing a win - though I don't think that has happened so far.
4) As a long-term influence on football's popularity (and perhaps survival), it's fundamentally antithetical to the core appeal of a true team sport.
5) Many FFB enthusiasts believe other football fans give a sh!t about their teams and actually discuss the subject with non-players. This makes as much sense as showing people pictures of your dog because they like meat.
6) I've heard that Satan himself invented it. I don't know, but that's what many people believe. There's something going on there. It's a disaster.
To me #2 is by far the biggest issue. It's really the only issue. I just listed the others because lists are fun.
Some of your other 'issues' are more about the people you know than FFL. If I'm out with friends in my fantasy leagues, I'll talk about my team (that's part of the fun), but if I'm with other friends/family I'd rather talk about football in general. Then again, I'm not the type that posts my life on facebook and thinks everyone cares about my dog's latest shit.