LAS VEGAS, Nev. – The Latest on a Nevada sports book operator accused of underpaying winning bets (all times local):
Nevada regulators say they’ll let one of the state’s largest sports book operators stay in business after years of underpaying winning bets because the Las Vegas company has ousted its CEO.
The Nevada Gaming Commission on Thursday approved a $1.5 million settlement with CG Technology over miscalculations on its computerized betting system that date back to 2011.
Commissioners said they were disappointment that the company, previously known as Cantor Gaming, that pioneered mobile gambling would be involved in a second major scandal in recent years.
CG Technology accepted the settlement and said it has paid back most of the gamblers.
In 2014, CG Technology paid a $5.5 million fine — the largest such penalty in state history — for failing to adequately supervise its former sports book director, who was involved in a nationwide sports betting ring.
Nevada regulators are expected to approve a settlement with one of the state’s largest sports book operators after it acknowledged underpaying winning bets despite a previous warning involving a separate scandal.
The latest settlement to be considered Thursday by the Nevada Gaming Commission would fine CG Technology $1.5 million for miscalculations on its computerized betting system.
The previous scandal in 2014 resulted in a $5.5 million fine against CG that remains the largest settlement penalty in state history.
CG Technology runs sports books at the Cosmopolitan, Venetian and Tropicana casinos on the Strip, as well as the M, Hard Rock, Palms and Silverton casinos.
Company officials have not responded to requests for comment.