The iTEAM Network is closing down, all customers will be paid.

The network of DFS sites had hoped to be one of the operators that could eventually compete for meaningful marketshare behind the market’s “big two” of DraftKings and FanDuel. But that was not to be, as a company representative confirmed to LSR, that iTEAM was “ceasing cash operations.”Most importantly, everyone is going to get paid out,” the representative. “All funds are available, we’re actually cashing people out right now.”An iTEAM representative did not rule out a return to the DFS space at a later date.

The remaining US DFS operators — such as Yahoo, Fantasy Aces, FantasyDraft and Draft, to name a few — hope they can rise up and capture a major slice of the DFS market.