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CG Tech Wins Reprieve in Nevada

CG Tech Wins Reprieve in Nevada

CG Technology will get to keep its Nevada license after the state Gaming Commission agreed to accept a $2 million offer from the company to settle several regulatory violations.

The embattled side-bet and betting platform provider will pay the money in the form of a $1.75 million fine and a separate $250,000 payment to the Nevada Council on Problem Gambling.

CG, a subsidiary of financial services giant Cantor Fitzgerald, stood accused by the state Gaming Control Board of accepting multiple wagers on the company’s mobile betting application placed by customers outside Nevada, accepting bets on games and events that had already concluded, miscalculating payouts on single-game and parlay wagers, and incorrectly setting up a satellite betting operation at an undisclosed casino’s Super Bowl party.

The complaint was CG’s third regulatory run-in with Nevada authorities in five years. The company was fined $5.5 million in 2014 and $1.5 million in 2016 and with the third complaint found itself on the brink of losing its gaming license when the commission rejected as inadequate a $250,000 settlement concluded with the Gaming Control Board in August.

Under the terms of the revised agreement, the company also is required to transition to a new operating system within three months and establish a “corporate social responsibility officer” reporting directly to CEO Parikshat Khanna.

CG operates sports books at seven Las Vegas casinos: the Venetian-Palazzo, Tropicana, Cosmopolitan, M Resort, Palms, Hard Rock and Silverton.

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