Record Fine For Sportsbook Operator
LAS VEGAS (AP) — The Nevada Gaming Commission has given final approval to a record $5.5 million fine levied on CG Technology to settle a complaint regarding illegal sports betting.
The commission unanimously approved the settlement with the company formally known as Cantor Gaming on Thursday. It is the largest such fine 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.
Regulators said the company’s lack of supervision over Colbert violated state gambling rules
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