CG Technology catches $2 million fine from Nevada Gaming Commission
CG Technology was hit with a $2 million fine from the Nevada Gaming Commission (NGC) for a variety of sloppy regulatory and operational errors that have dogged the sports betting operator for years. Along the way, company officials managed to insult commissioners with a low ball counteroffer that practically laughed out of the room.
CGT’s troubles with the NGC date back to a complaint filed in August alleging a number of regulatory errors by the company. These included, accepting wagers from out-of-state players; making incorrect payments to nearly 1,500 players; and (amazingly) accepting wagers on events that had already been completed.
Company officials didn’t deny any of the charges and waived their right to a hearing on the matter. They even went so far as to offer to pay a $250,000 fine and just move on. The Commission was not impressed and slammed CGT with $1.75 million in fines and required them to pay an additional $250,000 to a fund that helps problem gamblers.
The fine paid out by CGT was the sixth largest ever issued by the NGC. According to the Las Vegas Review Journal, the largest fine ever issued by the Commission was for $5.5 million and that one was paid out by CGT’s previous incarnation, Cantor G&W Holdings back in 2014. CGT also paid the seventh highest fine ($1.5 million) in 2016.
CGT CEO Parikshat Khanna took the fine in stride saying, “We are satisfied with the resolution agreed to today by the commission.”
Commissioner Deborah Fuetsch was more direct and told CGT executives, “I hope and pray we don’t see you back here again.”
- UK Gambling Commission Hits Sky Bet with $1.2 Million Fine
- UKGC Hits William Hill With $8.6 Million Fine
- CG Technology Settles Illegal Gambling Investigation for $22 Million
- 888 Hit with $10 Million Fine for Failing to Protect Problem Gamblers
- Nevada Gaming Regulators Spank CG Technology for Sports Betting Software Flaws