iTEAM Network Rescues FantasyUp.com from Insolvency, Player Balances Preserved

Company Positions Itself to Operate in Regulated Environment

Feb 03, 2016, 14:46 ET from iTEAM Network

LAS VEGAS, Feb. 3, 2016 /PRNewswire/ -- Four weeks after FantasyUp.com told its Daily Fantasy Sports (DFS) players the site was insolvent and would not be paying their balances, iTEAM Network has announced it will provide both the cash and the requisite back end structure to ensure all customer funds will be made available. The move saves thousands of player accounts, demonstrating iTEAM Network's commitment to customers and to the future of Daily Fantasy Sports.

"Paying back FantasyUp players was the key component in this deal. This is not only important to the individual players, whose balances were at risk, but it's also important in establishing iTEAM Network as a trusted operator in the Daily Fantasy Sports industry," said iTEAM Network CEO Gabe Hunterton. "Our focus is on financial integrity and exemplary customer service. This is why we embrace responsible banking practices and established, from day one, a system which ensures player account balances are never commingled with other funds. Regulating the Daily Fantasy Sports industry is clearly in the best interest of the customers and we believe we are ideally situated to operate in that environment."

The FantasyUp.com domain, now owned and operated by iTEAM Network, will soon become the 12th Daily Fantasy Sports site to join its platform. Over the next few days existing FantasyUp customers will receive an email with instructions on how to access their funds.

Hunterton added: "Once FantasyUp customers activate their accounts, the funds will be immediately available for withdrawal, although we do hope they will give us a chance to win their trust and loyalty by playing in our contests."

iTEAM Network is a B2B turnkey DFS solution providing a fully branded Daily Fantasy Sports platform, exciting contests and prize pools with player liquidity, customer service, and regular technology upgrades. Additionally, partner sites are offered marketing support to promote customer acquisition and retention. The iTEAM Network platform includes unique software features like the patented "SweatList" which shows players not only who they are rooting for, but just as importantly, who they are rooting against.  Since launching five months ago, iTEAM Network has made significant investments and built its software development team to over 40 full-time employees. The company has major product development and innovation deployments scheduled throughout 2016.

About iTEAM Network
iTEAM Network (http://iteam.network) offers companies the ability to launch a fully branded Daily Fantasy Sports site. By operating as a network, the platform enables partners to avoid the costly barriers to entry, while keeping their brand relationship with customers. The company is led by CEO Gabe Hunterton, an 18 year veteran of the gaming industry and former executive with MGM Resorts and Galaxy Entertainment Group. To learn more about iTEAM Network, contact sales@iteam.network.

 

SOURCE iTEAM Network



RELATED LINKS

http://iteam.network