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US – Cantor to pay Nevada’s biggest ever gambling fine

By - 17 January 2014

CG Technology, formerly Cantor Gaming, has agreed to pay the largest fine in Nevada’s history with $5.5m needed to settle a complaint regarding illegal sports betting.

The settlement beats the $5m fine The Mirage paid to state regulators in 2003 for not file 1000s of transactions with the IRS.

The Nevada Gaming Control Board filed an 18-count complaint against Cantor, Nevada’s largest sports book operator, at the start of January, claiming it failed to supervise a sports book director, who used his position to take part in an illegal betting scam.

Michael Colbert, who had held the position of Vice President of race and sports risk management, pleaded guilty to his part in a nationwide illegal sports betting ring which saw over 20 people arrested in Las Vegas and New York.

The Nevada Gaming Control Board said Cantor’s lack of supervision regarding Mr. Colbert’s activities violated state gambling laws. It said that CEO Lee Amaitis ‘either knew or should have known that Colbert was conducting the illegal activities described in the indictment.’

The Board citied several record-keeping violations, such as not listing every staff member on a key employee report and failing to give over hard copies of some wagering applications.

Cantor said it had changed its internal practices following the sports betting controversy and that it was pleased to be able to move on.

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