TradeSports.com closing; class action lawsuit targets DFS payment processors

Daily fantasy sports operator TradeSports has announced it’s shutting down due to its inability to make money.

In a notice sent to players this week, TradeSports.com announced that it would stop offering contests as of Nov. 30. Players have been asked to request a “final withdrawal” of their funds no later than Dec. 4, although customer funds will remain available “at least through the end of the year.”

TradeSports said the DFS landscape has “changed dramatically over the last two years, and much more so in just the last two months.” As a result, TradeSports was “unable to attract a sufficient number of customers to forecast the scale and potential profits needed to justify further investment.”

TradeSports said the “recent negative events” had boosted its operating costs, which meant the site wasn’t “making enough (any) money, and it’s now going to be much harder to do so in the future.” The company said it intended to “focus on other opportunities other than daily fantasy style contests.”