Nevada regulators approve deal with sports books operator
LAS VEGAS (AP) — Nevada gambling regulators have approved a $2 million offer to settle a complaint with a troubled sports books operator that acknowledged taking unlawful bets and making inaccurate payouts.
The Nevada Gaming Commission agreed on Thursday to let CG Technology pay a $1.75 million fine to the state and make a $250,000 donation to resolve the four-count complaint.
CG Technology had faced having its license revoked after the commission in August unanimously rejected a $250,000 proposed settlement, citing the company's persistent regulatory troubles.
"We are satisfied with the resolution agreed to today by the commission," CEO Parikshat Khanna said in a statement. "We remain committed to the Nevada sports book business and the long-term partnerships we have established with some of the finest resort operators in the world."
The Nevada Council on Problem Gambling will receive the donation.
The Nevada Gaming Control Board filed the complaint after CG Technology reported a number of issues.
The operator told the board that it had accepted wagers on its mobile app from customers outside Nevada, in violation of state law; underpaid or overpaid customers; took wagers on college football games that had ended already; and incorrectly set up a satellite sports betting station at a Super Bowl party this year that offered a different point spread and total over-under than what other patrons were offered.
Regulatory problems have plagued CG Technology for years. It paid fines of $5.5 million in 2014 and $1.5 million in 2016 to settle disciplinary actions. The 2014 fine is the largest settlement penalty in state history.
The operator runs the sports books at the Cosmopolitan, Venetian and Tropicana casinos on the Las Vegas Strip, as well as the M, Hard Rock, Palms and Silverton casinos. It was the first company licensed by Nevada regulators to manufacture and operate a mobile gambling system.