ACCEPTANCE OF AGREEMENT
These Terms and Conditions of Use (“Agreement”) is entered into between you (“Member”) and TeamStake, and is effective as of January 24, 2021.
THIS AGREEMENT CONTAINS WARRANTY DISCLAIMERS AND OTHER PROVISIONS THAT LIMIT OUR LIABILITY TO YOU. PLEASE READ THIS AGREEMENT CAREFULLY AND IN ITS ENTIRETY, AS USING, ACCESSING AND/OR BROWSING OUR WEBSITE CONSTITUTES ACCEPTANCE OF THE TERMS AND CONDITIONS (“TERMS”) CONTAINED HEREIN. IF YOU DO NOT AGREE TO BE BOUND TO EACH AND EVERY TERM SET FORTH HEREIN, PLEASE EXIT OUR WEBSITEIMMEDIATELY AND DO NOT USE, ACCESS AND/OR BROWSE IT FURTHER.
The rights and obligations contained herein (Terms) are non-transferable. Members may not assign or reassign any of these Terms without the prior written consent of TeamStake. TeamStake reserves the right to transfer or assign these Terms or any obligation or right hereunder at any time without limitation.
Except as otherwise noted, this Agreement constitutes the entire and only agreement between you and League, and supersedes all other agreements, representations, warranties and understandings with respect to our website, services, offerings and the subject matter contained herein. However, in order for you to use our website and/or services, you may also be required to agree to additional terms and conditions. Those additional terms and conditions will be incorporated into this Agreement unless otherwise stated. We may amend this Agreement at any time without specific notice to you. The latest Agreement will be posted on our website, and you should review this Agreement prior to using our website. After any revisions to this Agreement are posted, you agree to be bound to any changes to this Agreement. Therefore, it is important for you to visit this page periodically to review the Agreement. Please read this Agreement carefully and save it. If you do not accept this Agreement, do not access and use our website. If you have already accessed our website and do not accept this Agreement, you should immediately discontinue use of our website and services.
The Terms for www.TeamStake.com (“TeamStake”) herein constitute a contract between Member and TeamStake. Each Member’s use of TeamStake services and offerings are provisionally authorized so long as the Member accepts the Terms outlined in this Agreement. In order to use the services and offerings of this website, you must read these Terms, agree and accept to be bound by all of the provisions in the Terms. The use of this website in any manner that is inconsistent with these Terms is prohibited and violations of these Terms may subject Members to remedies.
Violations of these Terms include, but are not limited to, using TeamStake’s services and offerings to aid in online gambling, as defined in the Unlawful Internet Gambling Enforcement Act of 2006; to aid in offline gambling; and/or for the sale of goods or services.
TeamStake as well as any related logos, products, services and/or offerings described in this website are either trademarks, or registered trademarks of TeamStake. The look, design and content contained in TeamStake’s website are original, wholly owned by TeamStake, and cannot be used, copied, distributed, reused, redistributed or imitated without prior written approval from TeamStake.
TeamStake is a California-based Limited Liability Company.
ELIGIBILITY & MEMBERSHIP
Upon joining TeamStake, users become members and are entitled to certain benefits, these include access to administrative features such as creating leagues, online payment and secure storage of funds. Through the website, Members can view their League’s financial transactions. TeamStake offers multiple automated systems to help Leagues keep their funds safe and also provides automatic payment reminders to Members who have pending payment requests.
In order to be eligible for membership, individuals must be at least 18 years of age. Legal residents physically located in any of the 50 states and Washington DC are eligible to open an account and use the payment options provided by the site.
Compliance with Unlawful Internet Gambling Enforcement Act Of 2006
TeamStake is not to be used as a vehicle to aid in gambling activities. As described in the Eligibility section of these Terms, Leagues must comply with the definition of fantasy sports play as outlined in the Unlawful Internet Gambling Enforcement Act.
For a League to be eligible to use TeamStake’s services and offerings, it must meet the criteria outlined in the Unlawful Internet Gambling Enforcement Act of 2006, which states:
No winning outcome is based: a) on the score, point spread, or any performance or performances of any single real-world team or any combination of such teams; or b) solely on any single performance of an individual athlete in any single real-world sporting or other event.
By using the TeamStake website and services, for any manner, length of time or purpose, Members agree that they will not do any of the following:
If a Member violates any of the above Restricted Activities, TeamStake reserves the right to protect itself and its users by taking any type of action against Member. TeamStake reserves the right to cancel this agreement, and all access to this site and services for any reason.
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.
TeamStake has two League payment options:
All Leagues rely on a 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.
Members are able to pay the League entry fee for other League Members simply by going to the League payment page, clicking on the “Pay Now” button next to the League Member you wish to pay for, and following the payment steps. Members can pay for as many others as he/she wants.
Refunds are available so long as the League has not yet reached its payment deadline.
League Commissioners have the 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 allows 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.)
Customizable Payout Process
TeamStake believes that every Leagues’ 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 offers a variety of options. Dynasty and empire League settings are also available. 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.
Below are the three choices for the Payout Verification Process:
No winning outcome is based: a) on the score, point spread, or any performance or performances of any single real-world team or any combination of such teams; or b) solely on any single performance of an individual athlete in any single real-world sporting or other event
For The Unanimous and Majority approval Leagues, League members have 10 days to vote on the payout allocation. If, after 10 days, there are still members who have not voted, the submitted votes will be counted and a majority for approval (i.e. 4 of 7) will serve to verify the Commissioner’s allocation.
A single NO vote blocks the payout allocation in Unanimous Leagues.
Payouts will go through in all Leagues if 48 hours pass without a single NO vote.
TeamStake may change the Payout Verification Process for any league at any point according to its discretion.
Members who fail to vote due to inactivity will have an abstention vote cast on their behalf by TeamStake. Said Members are thus removed from the voting pool.
League members can make payment to Commissioners in cash so long as the Commissioner then transfers the funds into the League account by way of selecting “Pay Now” next to that member's name.
Commissioners have the opportunity to reimburse themselves for their fantasy League expenses (e.g., draft parties, League management fees, League trophies, etc.). This feature allows Commissioners to take any amount up to $300 from the League’s pot. The amount of funds allocated to Commissioner reimbursement cannot be changed after the first payment is made.
Commissioner reimbursement funds are available at the end of your league's fantasy sports season.
Members who disagree with the Commissioner’s intention to use Commissioner reimbursement are encouraged to discuss the matter with the Commissioner and should not make any payments into the League’s balance until a resolution is reached. TeamStake is not responsible for these funds or disputes.
TeamStake does not charge any fees for the use of the Commissioner Reimbursement feature.
Payments to TeamStake
All monies deposited by Members and Leagues pursuant to these Terms will be managed and distributed according to these Terms and will be made directly to TeamStake. TeamStake will retain, manage and distribute all monies paid by Members and Leagues pursuant to and in accordance with these Terms.
Monies that are deposited by Members and Leagues to TeamStake, pursuant to these Terms, are owned by TeamStake. The monies owned by TeamStake can be pooled into one or more accounts or investments in the name of TeamStake and Member hereby authorizes TeamStake to use such discretion in the management of such monies. TeamStake’s pooling of funds paid by Members and Leagues will have no effect on Member or League account balances. All returns earned on the monies paid to TeamStake pursuant to these Terms will be the sole property of TeamStake. TeamStake will not pay any interest or earnings to any Member or League on any monies paid to TeamStake pursuant to these Terms.
Neither TeamStake nor any of its members, managers, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with its role as collateral agent except for its or their own gross negligence or willful misconduct. In its capacity as collateral agent, TeamStake is hereby authorized by Member to consult with legal counsel, independent public accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts.
Member further acknowledges that neither TeamStake nor any of its members, managers, officers, agents or employees (TeamStake Parties) shall incur any liability, and the Member will hold such TeamStake Parties harmless, under or in respect of these Terms by acting upon any notice, consent, certificate or other instrument or writing providing direction from Member, a Commissioner or a League and believed by any of the TeamStake Parties to be genuine or by acting upon any representation or warranty of the Member, Commissioner or League made or deemed to be made hereunder.
TeamStake will define a specific date for each season (“TeamStake Payment Deadline”) as the last date for accepting payments.
League Commissioners may choose to allow late payments in their League. In doing so, they must make the option available to all Members of their League by turning the late payment feature on, by default this feature is turned off.
TeamStake accepts payments via credit/debit, e-check or account balance transfer. There is a 4% transaction processing fee for credit/debit use, which is solely to cover fees charged to TeamStake.
Once the regular season ends, Commissioners can begin allocating League funds to Members. Funds are transferred when the League’s Payout Verification Process has been satisfied.
In Leagues that require a vote, the voting period will begin immediately after the Commissioner submits the League’s payout allocation. All Leagues allow members to vote for ten (10) days. Once the waiting period has run, any non-voting Members will have an automatic abstention vote and the allocation will pass or fail based on the number of votes cast. (Rules for abstentions can be found above).
Once any required voting has been completed, funds are transferred to Member accounts immediately.
Should the necessary voting criteria not be met for an allocation, the allocation will not occur, and the Commissioner must create a new allocation. If this has not happened within 60 days of the end of the Regular Season, or the Commissioner does not initiate a fund allocation within 60 days of the end of the Regular Season, Members can contact customer service to make an allocation request. Once a majority of League Members approves of an allocation, the League balance on the date of the request will be allocated to Member accounts pro rata based on the original amounts paid into the League.
Monies held in Member’s accounts can be accessed at any time upon request. Member accounts and League accounts are different.
All Members with positive account balances can request a payout at any time.
TeamStake offers Members can chose to receive their payouts between any of the following options:
• Tango Gift Card $0
• Visa Prepaid Card $0
• PayPal 4% fee
• Paper check $5
Paper Check Withdrawals
If the Member opts for the Paper Check Withdrawal option, Member must provide their legal full name (first and last) and provide an accurate mailing address for the check to be sent to. Any errors associated with the mailing of checks during this process will be the responsibility of the Member. Any and all fees associated with incorrect names, incorrect addresses, or cancelled checks will be the responsibility of the Member. Once Paper Check Withdrawals are submitted there is no guarantee that they can be cancelled. Cancellations can result in loss of funds for Member if name or address is not entered correctly.
Gift Card and Visa Prepaid Card claim codes
If the Member opts for the Gift Card or Visa Prepaid Card claim code option, Member will receive a claim code via email from Tango Card with instructions on how to credit their account with the claim code. Claim codes cannot be refunded or cancelled after they have been submitted.
TeamStake will refund entry fees upon request any time before the Payment Deadline. Once the deadline has passed, refunds are not guaranteed and will be reviewed in a case-by-case basis.
Payouts are limited to no more than $3,000 in a 24 hour period. There is also a payout limit of $8,000 per 30 days.
Chargebacks and Reversals
If any league Member initiates a chargeback, TeamStake hereby reserves the right to freeze all League funds until the issue is resolved. Losses and fees will be applied to either the League’s balance or the Member balance.
Assignment of Interest
By using the website, Member is hereby allowing TeamStake to invest the monies paid by Members in any way TeanStake deems fit. Member assigns all interest or other earnings gained from the monies to TeamStake. TeamStake will be able to do whatever it deems fit with interest and other earnings from the funds as long as the original payment amount is returned to the Member.
TeamStake offers a Referral Program to qualifying members. Members must meet certain criteria in order to earn referral incentives. The criteria is subject to change and will be disclosed on the TeamStake website.
To participate, a Referring Member must retrieve their personal referral code, which is available on the website. The Referring Member will provide this code to their prospective Referred Member. (Members may share their personal referral code via email, social media and any other method they choose, but Member must clearly identify any potential Referred or Referring incentives). If the Referred Member creates a new League using the referral code, and the new League reaches the “League Qualifying Criteria” or “LQC” (defined below), Referred Member is eligible to receive the “Referred Member League Incentive.”
After the Referred League meets the LQC, if the Referring Member also created a League in the same season that satisfies the LQC, Referring Member is eligible to receive the “Referring Member League Incentive.”
All incentives are defined by TeamStake on a per-season basis. TeamStake reserves the right to disqualify any Member from participating in the referral program and to take back any referral incentives that were awarded.
TeamStake reserves the right to modify or discontinue the Referral Program at any time and will not be liable to any Member with regards to the Referral Program.
LQC (applies to both Referred and Referring Leagues)
Members agree that they may be contacted via electronic and traditional forms. Communication and notices sent via email and the website are considered to have been received within 24 hours of their delivery.
Members hereby agree to allow TeamStake to make inquiries to validate the identity of its Members and freeze a Member’s funds if there is an issue in the identity validation process.
We ask that all Members respect the intellectual property of others and may, in appropriate circumstances, terminate the rights of any Members to use our site (or any part thereof) or services who infringe the intellectual property rights of others. The Digital Millennium Copyright Act of 1998 (the “DMCA”) provides recourse for copyright owners who believe that material appearing on the internet infringes their rights under U.S. copyright law. If you believe that your work has been copied, that would generally constitute copyright infringement or if you are aware of any infringement, contact us and provide the following information so that we can investigate the matter:
If you have been served with a notice of copyright infringement and you feel this was done in error, the DMCA allows you to send us a counter-notice. Notices and counter-notices regarding this site should be sent to our legal team at firstname.lastname@example.org for notice of claims of copyright infringement.
TeamStake is not responsible for mediating disputes whether between Commissioners – Member or Member – Member. If a dispute arises that cannot be resolved internally, TeamStake reserves the right to take any action It deems appropriate to try to solve the dispute.
Disputes with TeamStake
“Claim” means any claim (past, present or future), dispute, disagreement or controversy by and between any Members, Commissioners or Leagues (including, but not limited to, Member, Commissioner or League account(s)), this Agreement, these Terms, or any relationship or agreement you have or had with TeamStake, except for the validity, enforceability or scope of this Arbitration provision; and
“you” or “your” means Members, Commissioners, and any affiliates or related persons or entities individually.
If you have a concern with TeamStake and/or its services, please contact TeamStake first. We will make every effort to listen to your concerns and address them in a timely, cost-effective manner. If you and TeamStake are unable to reach an agreement, TeamStake in its sole discretion can, but has no obligation to, consider the merits of using mediation services in Los Angeles, California.
Before initiating action to enforce a claim, you and TeamStake hereby agree to provide a written notice (a “Notice of Claim”) in the manner described in this Agreement to each person or entity against whom a Claim is against. The Notice of Claim must describe the claim and specify the relief sought. Notice to TeamStake must include your name, address, League Commissioner and League name.
EXCEPT AS OTHERWISE NOTED, YOU AND TEAMSTAKE HEREBY AGREE TO RESOLVE ALL CLAIMS THROUGH BINDING ARBITRATION ONLY. YOU UNDERSTAND THAT BY THIS AGREEMENT YOU ARE WAIVING THE RIGHT TO BRING A CLAIM IN COURT OR BEFORE A JURY OF YOUR PEERS.
Claims will be handled by a single arbitrator appointed by the American Arbitration Association (“AAA”) and pursuant to the AAA’s Consumer Arbitration Rules in effect at the time the claim is filed, except where those rules conflict with this Agreement. Claimants can contact AAA by calling their toll free number (800-778-7879) or visiting www.adr.org. Any arbitration under this agreement will be held in Los Angeles, California. TeamStake will not elect arbitration for any Claim filed in small claims court with jurisdiction over TeamStake, as long as the claim is individual and pending only in that court. You or TeamStake can require arbitration of any Claim at any time unless the Claim was originally filed in court and trial has begun or final judgment entered.
YOU HEREBY AGREE THAT NO CLASS, COLLECTIVE, REPRESENTATIVE OR PRIVATE ATTORNEY GENERAL CLAIMS WILL BE ALLOWED OR HEARD IN ANY ARBITRATION OR SUIT HELD UNDER THIS AGREEMENT.
Claims will be arbitrated on an individual basis only. You and TeamStake agree that the authority of the arbitrator is limited to individual claims between you and TeamStake alone. Subject to the limitations of this Section, the arbitrator will have authority to award legal and equitable relief available in the courts of the State of California, except the arbitrator shall not have the authority to award punitive damages. Any questions regarding the enforceability or interpretation of this Section shall be decided by a Court with jurisdiction and not by the arbitrator.
The Federal Arbitration Act governs the arbitration requirements and provisions herein. The arbitrator’s award will be binding and final upon both TeamStake and you, except for any right of appeal provided by the FAA; provided however, a written notice of appeal must be delivered within 30 days after the issuance of an award by the arbitrator to the arbitrator organization and all parties to the arbitration. Judgment upon any award may be entered in any court having jurisdiction.
You will be responsible for paying your share of arbitration fees, including, but not limited to, filing fees, administrative fees, and hearing or other fees. Should you bring an action regarding a Claim other than as provided in this section, you will be liable for the attorneys’ fees, costs and expenses incurred by TeamStake in connection with enforcing this Agreement.
This section will survive termination of your Account, voluntary payment of your Account balance and any legal proceeding for bankruptcy and/or debt collection.
Your use of the site and services of TeamStake, and subject to the limitations contained herein, is conditioned on your agreement that any dispute brought against TeamStake may only be made by commencing legal action (arbitration) in Los Angeles County, California and that California law applies to all such disputes and claims. In any dispute where TeamStake is successful in the outcome, TeamStake shall be entitled to recover all of its costs and expenses associated with the dispute, including, but not limited to, attorneys’ fees and court costs. Any dispute brought against TeamStake contrary to these Terms is considered a breach of these Terms and TeamStake is entitled to recover all costs associated with the dispute and/or claim, including but not limited to attorneys’ fees and costs.
Any action or choice to take no action, by TeamStake in relation to any claim or dispute, does not waive TeamStake’s right to act in any fashion in any subsequent situations regardless of their similarities.
DISCLAIMER OF WARRANTIES AND LIMITATIONS OF LIABILITY
TEAMSTAKE’S SERVICES ARE PROVIDED ON AN AS IS, AS MADE AVAILABLE BASIS. TEAMSTAKE IS NOT MAKING ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, REGARDING THE SERVICES OFFERED OR THE OPERATION OF THE WEBSITE, INCLUDING INFORMATION, CONTENT, MATERIALS, SERVICES, OR PRODUCTS INCLUDED OR INCORPORATED INTO THE WEBSITE, INCLUDING IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE OR AS TO THE ACCURACY, CORRECTNESS, TIMELINESS OR RELIABILITY OF THE INFORMATION, CONTENT OR MATERIALS PROVIDED THROUGHT THE WEBSITE AND ITS SERIVCES. ANY CONTENT, WHETHER PUBLICLY OR PRIVATELY TRANSMITTED, IS THE SOLE RESPONSIBILITY OF THE MEMBER WHO ORIGINATED THE CONTENT. TEAMSTAKE WILL HAVE NO LIABILITY FOR THE ACCURACY, CORRECTNESS, TRUTH, TIMELINESS OR COMPLETENESS OF ANY INFORMATION OR CONTENT MADE AVAILABLE THROUGH THE WEBSITE FOR ERRORS, OMISSIONS OR MISTAKES IN THAT INFORMATION OR FOR ANY INTERRUPTIONS OR DELAYS OF THE DATA OR INFORMAITON STREAM FROM WHATEVER CAUSE. MEMBER EXPRESSLY AGREES THAT MEMBER IS USING THE WEBSITE AND SERVICES, AND RELYING ON ANY CONTENT OR MATERIALS POSTED, TRANSMITTED OR OBTAINED VIA THE WEBSITE AND/OR SERVICES, AT MEMBERS OWN RISK.
Members accessing the TeamStake website and services constitutes their agreement to fully indemnify, defend and hold harmless TeamStake, its managers, directors, officers, governors, employees, owners, agents, vendors, partners, service providers, licensors and successors (“TeamStake Party” or “TeamStake Parties”), from and against any and all disputes, claims, liabilities, losses, damages, penalties, fines, expenses, costs and attorneys’ fees (collectively, “Damages”) arising out of or in relation to Member’s use of the TeamStake website and services, including Members own breach or the breach of another Member of any representations, warranties or covenant under these Terms.
Your access to the TeamStake website and services is conditioned on your waiver and release of any and all claims, causes of action or other rights that you may have against TeamStake Parties arising out of or relating in any way to your use of the website and services.
TEAMSTAKE SHALL NOT BE LIABLE FOR ANY LOSSES OR DAMAGES OF ANY KIND TO MEMBER, ANOTHER MEMBER OR ANY THIRD PARTY, INCLUDING BUT NOT LIMITED TO, ANY INTERRUPTION THAT MAY ARISE OR RESULT FROM MEMBER’S, ANOTHER MEMBER’S, OR A THIRD PARTY’S USE OR ACCESS TO, OR INABILITY TO USE OR ACCESS, THE WEBSITE OR THE SERVICES WHETHER BASED IN WARRANTY, CONTRACT, TORT, INCLUDING NEGLIGENCE, OR ANY OTHER LEGAL THEORY EVEN IF THE TEAMSTAKE PARTIES HAVE BEEN NOTIFIED OF THE POTENTIAL OF SUCH DAMAGES. HOWEVER, IF NOT WITHSTANDING THE FOREGOING DISCLAIMER, IT IS DETERMINED THAT A TEAMSTAKE PARTY IS LIABLE FOR LOSSES OR DAMAGES, SUCH TEAMSTAKE PARTY’S TOTAL LIABILITY SHALL NOT EXCEEED THE AMOUNT OF THE FEES PAID TO TEAMSTAKE BY THE MEMBER(S) CLAIMING LOSS OR DAMAGE.
Member hereby agrees to indemnify and defend TeamStake, its service providers, vendors, third-party partners, employees, officers, directors, agents and licensors from any claim, dispute, or demand made or incurred by a third party as a result of Member’s breach of these terms, regardless of any passive or active negligence on behalf of TeamStake or its service providers, vendors, third-party partners, employees, officers, directors, agents and/or licensors.
ENDORSEMENTS AND SPONSORSHIPS
TeamStake is not sponsored or endorsed by any sporting association, player, or players’ association. Should any of these entities appear on the TeamStake website, it is not offered as an endorsement or sponsorship of said entity by TeamStake.