Daily fantasy sports operator No House Advantage emailed customers on Friday saying it had “ceased operations effective immediately.”
The email, sent by NHA customer support, also featured a PDF form instructing customers to fill it out to withdraw funds.
LSR reached out to NHA customer support and NHA founder/CEO Kevin Koeppel for comment without an answer.
NHA explanation email sent
In the email, NHA attempted to offer an explanation over why it left customers in the dark as to how to retrieve their money, which has left some wondering if they will ever get paid.
The site’s Twitter account has been set to private. However, its website remains active, with no mention of the shutdown. Meanwhile, customer support sent apology emails, with vague timelines for withdrawals.
No House Advantage has ceased operations effective immediately.
Approximately a month ago, NHA was made aware of what may have been a coordinated attempt to defraud the company via a payment chargeback scheme which has impacted our ability to process withdrawals.
As a safeguard against this scheme and to protect player reserves, we have implemented a formal withdrawal request process.
Please find the form and instructions attached.
– NHA Support
Users question funds retrieval method
Customers were uncertain as to the legitimacy of the PDF form.
It appears as follows:
Industry skepticism over PDF form
A quick informal industry poll showed skepticism with the process.
“PDF form = they don’t have all the money,” one industry insider opined.
One customer did say he got his money back after several weeks.
One vendor previously told LSR that it is still owed money from its NFL agreement with NHA from year.
No House Advantage tried to sell
No House Advantage tried to sell its DFS operation earlier this year, a consultant asked to facilitate the transaction told LSR.
Consultant Larry Everling told LSR earlier this week that he was approached to find a buyer for NHA.
However, after just a couple of weeks of exploration, selling the DFS operator quickly proved to be a futile endeavor because NHA sought a much higher price than the market would bear.