CG Technology Settles Nevada Gaming Commission

CG Technology will retain its Nevada license, but the software company must first cash out $2 million as part of the settlement with the regulator. As a result, the aggregator will continue to offer sportsbooks within the Silver State after it switches to another platform or as the report reads, starts providing content through an “und third-party.”

To put it another way, the settlement consists of a $1.75 million penalty and a $250,000 contribution to the problem gambling service. The initial offer from CGT was denied in August, when the Nevada Gaming Commission almost canceled the supplier’s license due to the previous infringements.

Incorrect Payment of Winning Wagers

As has been noted, the regulator accused CGT of approving “unlawful interstate wagering on sporting events” including “the improper acceptance of sports wagers which resulted in CGT incorrectly paying winning wagers”.

The Commissioner points out that the company also deployed a satellite sports betting station at an NFL Super Bowl party back in February, when it improperly used the “staging environment” for testing purposes, and processed 14 bets…

Namely, the innovative gaming technology and risk management solutions provider gained license by the NGCB in 2006, but began providing -based betting in 2011. In 2016, the group settled to cash out $22.5 million to conclude the ongoing investigation about illegal gambling and money laundering.

Moreover, CG Technology, formerly known as Cantor Gaming, recently reached another $5.5 million settlement with the NGCB regarding a civil lawsuit regarding obscure actions of a former employee.

The Board Has Spoken

According to the official statement, the NGCB Board said that CG Tech “engaged in conduct that again directly and negatively damages the reputation of Nevada, the reputation of the gaming industry and the public’s confidence and trust that licensed gaming is conducted honestly.”

However, the company remains committed to long-term partnerships with online gambling businesses and hopes to retain a totally immersive sporting event experience still.

The platform delivers a secure, scalable and modular technology, optimized to meet not only players’ needs but operators’ strict requirements as well. By boasting a range of features such as transaction records, financial, analytical and regulatory reports, all customer-facing products represent an extensive and a cutting-edge tool in the sports betting environment.

The vendor’s systems are also geo-located, ensuring that IP addresses are isolated within a particular territory.

Source:

“CGT reaches settlement with Nevada regulators”, igamingbusiness.com, November 16, 2018.