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The segregated account structure creates a legally distinct entity to hold player funds, which operationally isolates customer deposits and winnings from DraftKings, Inc.'s general corporate assets and creditor claims. This arrangement establishes that player funds in the Segregated Account are not available to satisfy debts or obligations of DraftKings, Inc., except as owed to the players themselves.
Under this provision, customer funds and winnings are held by a separate legal entity rather than by DraftKings, Inc. directly, which determines the account structure from which withdrawals and prize distributions are processed. The terms specify that these funds are protected from claims by DraftKings, Inc.'s creditors, with access limited to the account holders.
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"Customer deposits and player winnings after contests are finished are held in a separate, segregated bank account (the "Segregated Account") held by DK Player Reserve LLC, a legally separate and independent subsidiary of DraftKings, Inc. Withdrawals which will be made from this Segregated Account, and checks issued from the Segregated Account, may bear the names of DK Player Reserve LLC. Vendors, players, and creditors shall be aware that the funds in the Segregated Account are the property of DK Player Reserve LLC and do not belong to DraftKings Inc., and are not available to creditors of DraftKings Inc., except for players whose funds are held in such account. DraftKings, Inc. and DK Player Reserve LLC are prohibited from comingling funds held by DraftKings, Inc. and funds belonging to DK Player Reserve LLC held in the Segregated Account.— Excerpt from DraftKings's DraftKings Terms of Use
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The segregated account structure creates a legally distinct entity to hold player funds, which operationally isolates customer deposits and winnings from DraftKings, Inc.'s general corporate assets and creditor claims. This arrangement establishes that player funds in the Segregated Account are not available to satisfy debts or obligations of DraftKings, Inc., except as owed to the players themselves.
Under this provision, customer funds and winnings are held by a separate legal entity rather than by DraftKings, Inc. directly, which determines the account structure from which withdrawals and prize distributions are processed. The terms specify that these funds are protected from claims by DraftKings, Inc.'s creditors, with access limited to the account holders.
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