Operator News
US – Cantor changes its name to CG Technology
By Phil - 7 January 2014
Cantor Gaming is changing its name to CG Technology to better reflect its position as one of the world’s leaders in mobile casino gaming technology and race and sports book technology products and services.
CG Technology said its new identity represents its commitment to develop and deliver best-in-class technology products and services for the gaming industry. CGT has experienced tremendous growth since beginning operations in Las Vegas in 2009. Its business has doubled over the last two years, and the Company estimates it now has over 30 per cent of the Nevada sports wagering market and processes over 50 per cent of Nevada technology-based wagers. As CGT continues to significantly grow and expand, it intends to seek a public offering in the future.
Cantor Ventures, the venture capital arm of Cantor Fitzgerald, has been CGT’s lead venture capital lender. Cantor Ventures, which has no equity interest in CGT, has enabled CGT to develop a premier position in the gaming technology marketplace. Cantor Ventures said CGT’s innovative market leadership and accomplishments have been exceptional, and that it expects CGT will continue to build upon and accelerate its performance as one of the world’s most outstanding gaming technology companies.
CGT provides private networks, systems, operations, management services, system licensing, and hardware and software design and development. In addition, the company develops casino games with web hosting platforms for casinos. It is also a leader in providing comprehensive account-based systems for race and sports books, mobile gaming technology for casino-style games, and mobile sports wagering technology in the state of Nevada and internationally via Android and Apple compatible applications.
The company has also confirmed it has reached a tentative agreement with the Nevada Gaming Control Board for a monetary amount to be paid in full settlement of the regulatory complaint the Board filed today. Matters in the complaint stem from the illegal activity of a former employee, Michael Colbert, who pled guilty to federal charges following his arrest 15 months ago.
The company conducted its own extensive internal analysis of Mr. Colbert’s actions and of the company’s systems, operations, and procedures, and has implemented additional industry-leading compliance processes.
CG Technology expects to finalise this matter with the Board soon. The company remains focused on delivering exceptional technology products and services to our valued customers and casino partners.
