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 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 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, The Cosmopolitan, M Resort, Palms, Hard Rock and Silverton.
