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September 26, 2020

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CG Technology to pay USD 1.5M settlement over underpaid bets

CG Technology to pay USD 1.5M settlement over underpaid bets
In a settlement announced this week, Nevada gaming regulators fined bookmaker CG Technology $1.5 million after it was uncovered that gamblers had been underpaid more than half-a-million dollars between 2011 and 2015.
United States | 07/22/2016

In a settlement announced this week, Nevada gaming regulators fined bookmaker CG Technology $1.5 million after it was uncovered that gamblers had been underpaid more than half-a-million dollars between 2011 and 2015.

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G Technology denied the allegations that it had intentionally tried to profit from the computer system error. Lee Amaitis, President and CEO of the company, will resign next month, according to the settlement.

The company must also repay customers. It has fixed the faulty computerized bookmaking system as well, according to regulators

A.G. Burnett, Chairman of the Nevada Gaming Control Board, told the Las Vegas Sun: “The Board will not tolerate improper or incorrect payments to patrons by gaming licensees, and therefore takes this matter extremely seriously. This settlement contains several harsh punishments and requirements for remediation that reflect those concerns.”

According to the complaint filed in May, CG Technology could have lost its license because regulators warned in 2014, after the company paid a $5.5 million fine for one of its then executives facilitating illegal bets, that “any future complaints could result in license revocation.”

CG Technology does business at the Venetian, Palms, Hard Rock, Tropicana, Cosmopolitan and the M. It’s one of the largest bookmakers in the state.

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