Cantor to pay $5.5M fine for illegal betting

Published on NewsOK Modified: January 13, 2014 at 8:41 pm •  Published: January 13, 2014
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LAS VEGAS (AP) — CG Technology, formerly Cantor Gaming, has agreed to pay Nevada gambling regulators $5.5 million to settle a complaint regarding illegal sports betting.

The settlement announced Monday will be the largest in state history.

Earlier this month, the Nevada Gaming Control Board filed an 18-count complaint against the company. Regulators said Cantor failed to adequately supervise its former sports book director, who was involved in a nationwide illegal sports betting ring.

Michael Colbert, formerly vice president of race and sports risk management, was arrested in 2012 and pleaded guilty to participating in a sports betting conspiracy. Two dozen other people in Las Vegas and New York were also charged in the ring.

Regulators said the company's lack of supervision over Colbert, considered one of sports betting's most respected fixtures before his arrest, violated state gambling rules.

The complaint alleges that CEO Lee Amaitis "either knew or should have known that Colbert was conducting the illegal activities described in the indictment."

Cantor did not directly admit guilt to all the charges but acknowledged that regulators could have proved them all. The company said it has changed its internal practices in response to the sports betting scandal.

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