{"id":85740,"date":"2018-08-13T14:00:12","date_gmt":"2018-08-13T21:00:12","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=85740"},"modified":"2018-08-13T13:09:07","modified_gmt":"2018-08-13T20:09:07","slug":"cg-technology-ordered-to-dump-technology-by-nevada-regulators","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/cg-technology-ordered-to-dump-technology-by-nevada-regulators\/","title":{"rendered":"CG Technology Fined $250,000 By Nevada Regulators, Ordered to Dump Proprietary Sports Betting Technology for Infractions"},"content":{"rendered":"

CG Technology (CGT) has agreed to scrap all proprietary wagering technology at its Nevada sports books after state gaming authorities found it was culpable for a litany of compliance violations.<\/p>\n

\"CG
The Nevada Gaming Control Board (NGCB) has fined sportsbook CG Technologies $250K for multiple regulatory violations, but says the company now appears to be on a straighter track. (Image: CG Technologies)<\/figcaption><\/figure>\n

The operator agreed to pay a $250,000 for taking out-of-state bets on its Nevada-only mobile offering, accepting wagers after games had finished, and underpaying and overpaying bettors.<\/strong><\/p>\n

After handing out the third fine to the operator in five years, the Nevada Gaming Control Board ordered CG to dump all its own technology and partner with an unaffiliated third-party supplier within the next six months.<\/p>\n

\n

CGT is still permitted to operate its Nevada sports books, but all components of the company\u2019s wagering system were now \u201cdeemed permanently disapproved \u2026 and will not be considered for future approval,\u201d the regulator said.<\/span><\/p>\n<\/div>\n

The company operates sports books at several major Las Vegas Strip casinos, including The Venetian, Cosmopolitan, Palms, Tropicana, and Hard Rock.<\/p>\n

Racking Up Fines<\/strong><\/h2>\n

In 2014, CGT was fined $5.5 million by the NGCB to settle compliance violations — the biggest penalty ever imposed by the state regulators.<\/p>\n

\"CG
Former CGT exec Michael Colbert was indicted by federal authorities in 2012 on charges of illegal gambling and money laundering. These charges were later dropped, but CGT was later fined $22.5 million to settle the case. (Image: Las Vegas Review-Journal)<\/figcaption><\/figure>\n

This followed the 2012 federal indictment of the company\u2019s VP of Risk Management Michael Colbert, who was accused of being part of an illegal sports betting ring that used CGT\u2019s Nevada sports books to make and lay off high-roller wagers.<\/strong><\/p>\n

Later that year, federal prosecutors handed the company a $22.5 million fine<\/a> to settle charges of illegal gambling and money laundering in relation to the Colbert situation.<\/p>\n

The company changed its name from Cantor Gaming to CG Technology in a bid to distance itself from the scandal, but fresh controversy was waiting just around the corner.<\/p>\n

In 2016, CGT was fined a further $1.5 million in Nevada for knowingly shortchanging customers<\/a> at its sports books by over $700,000 on 20,000 separate occasions.<\/p>\n

The company was apparently aware that a glitch in its software had miscalculated thousands of \u201cround robin\u201d parlay bets, but the company had failed to act to correct the errors. Then-CEO Lee Amaitis was forced to resign as part of the settlement.<\/p>\n

Culture Change<\/strong><\/h2>\n

In 2016, the Nevada Gaming Commission (NGC) called for a \u201cculture change\u201d and a \u201cnecessary reboot\u201d within the company.<\/p>\n

This week, the Commission acknowledged that this appears to have taken place, and it praised the company for self-reporting its latest infractions, rather than sweeping them under the carpet even though it risked losing its operating license.<\/p>\n

\u201cThe Board perceives that changes have occurred and continue to occur at CGT related to its cooperation with the Board and there seems to be a sincere effort to comply with the Gaming Control Act,\u201d <\/strong><\/em>an NGC-issued statement said.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

CG Technology (CGT) has agreed to scrap all proprietary wagering technology at its Nevada sports books after state gaming authorities found it was culpable for a litany of compliance violations. The operator agreed to pay a $250,000 for taking out-of-state bets on its Nevada-only mobile offering, accepting wagers after games had finished, and underpaying and […]<\/p>\n","protected":false},"author":36,"featured_media":85753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[21,13592,1074],"tags":[],"acf":[],"yoast_head":"\nCG Technology Fined, Ordered to Dump Technology by NV Regulators<\/title>\n<meta name=\"description\" content=\"CG Technology must scrap \u201cevery component\u201d of its sports betting system, say Nevada regulators. 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The company has received a $250,000 fine for multiple compliance violations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/cg-technology-ordered-to-dump-technology-by-nevada-regulators\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-13T21:00:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2018-08-13T20:09:07+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/08\/CG-Technology-Nevada-GCB-fines.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"575\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Philip Conneller\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@casinoorgphilc\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Philip Conneller\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/cg-technology-ordered-to-dump-technology-by-nevada-regulators\/\",\"url\":\"https:\/\/www.casino.org\/news\/cg-technology-ordered-to-dump-technology-by-nevada-regulators\/\",\"name\":\"CG Technology Fined, Ordered to Dump Technology by NV Regulators\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/cg-technology-ordered-to-dump-technology-by-nevada-regulators\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/cg-technology-ordered-to-dump-technology-by-nevada-regulators\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2018\/08\/CG-Technology-Nevada-GCB-fines.png\",\"datePublished\":\"2018-08-13T21:00:12+00:00\",\"dateModified\":\"2018-08-13T20:09:07+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/58769b72851c8cf117fb58ca150ebf8b\"},\"description\":\"CG Technology must scrap \u201cevery component\u201d of its sports betting system, say Nevada regulators. 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