Yes. In 2006, the federal government passed the Unlawful Internet Gambling Enforcement Act, which established fantasy sports as a “game of skill” and not a “game of chance,” thus making it 100% legal.
TeamStake is available in all states, even states that have banned DFS, because we cater to individual private leagues and do not offer any commercial contests.
TeamStake is completely free to use for all fantasy sports leagues. We do not take a percentage from the pot and will not charge any hidden fees upon payout. In order to offset card processor fees, there is a nominal 3% transaction fee for payments made by credit/debit card. All E-check payments are completely free.
All leagues rely on the commissioner to set the payment deadline and no payments are allowed after that deadline has passed. If a league is missing payments after the payment deadline has passed, the commissioner will have the choice to either keep the league running or cancel the league and refund everyone’s money into their TeamStake wallets.
Late fees are an option to incentivize league members to make their payments on time. If a commissioner chooses to activate the late payment feature for a league, league members are allowed to make payments past the payment deadline. The late fee amounts are fully customizable and 100% of the late fees will go back into the league’s pot. TeamStake does not take any portion of the late fees. It is up to the commissioner to designate the distribution of late fees (e.g., all to First Place, split evenly amongst winners, split amongst entire league)
TeamStake believes that every league’s money should be distributed however they see fit. The commissioner has free reign over what the payout structure will be for each league. Our fully customizable interface allows for a variety of options, including twelve team payouts, regular season champions, rollover payouts, and commissioner reimbursements taken from the pot. A league’s payout structure cannot be changed after the first payment is made.
In order to assure that the right league members are paid at the end of the season, TeamStake offers leagues three different payout verification methods. The commissioner can pick from any of these options and the verification method cannot be changed after the first payment is made:
Commissioner only – The commissioner takes full responsibility of the payout allocation and the allocations are not reviewed by the rest of the league. This is the recommended option for league members who know the commissioner and want to get their payouts quickly.
Majority – Upon completion of the season, all league members have the ability to vote on the commissioner’s payout allocation. The league funds are transferred when a majority of league members give their approval.
Unanimous – League funds are transferred when all league members approve the commissioner’s allocation. This option provides peace of mind to league members and a single NO vote will void the payout allocation.
In majority and unanimous approval leagues, league members have 10 days to vote on the payout allocation.
For majority approval leagues, if, after 10 days, there are still members who haven’t voted, the submitted votes will be counted and a majority for approval (4 of 7) will serve to verify the commissioner’s allocation.
A single NO vote blocks the payout allocation in unanimous approval leagues.
Rollover funds are a percentage of the total league pot that is carried over through next season for a league and will not be paid out to the players at the end of this particular season. This feature is useful for players who are in a league where the pot builds and no ultimate winner is decided in a single year. For example, a league might only pay 50% of its pot out every year, and the other 50% is accumulated and only paid out when a single player wins three years in a row. Once a player has won two years in a row, the commissioner can choose to use the “Apply rollover” option during league set up and award the accumulated amount if that player wins again. There is no fee for using this option and the funds you roll over will never expire or be deducted.
If you don't receive your account activation email shortly after registering, please try checking your spam folder. If you are unable to find it in either your inbox or spam folder, please reach out to TeamStake directly by filling out an inquiry form and a member of our support team can activate your account manually.