The Nevada Gaming Commission has accepted a settlement figure of US$2 million for CG Technology over a recent violation.
US.- Las Vegas sportsbook operator CG Technology has been fined yet again by the Nevada Gaming Commission (NGC) over serious compliance failures. The regulator accepted a settlement figure of US$2 million which was proposed by the company after another failed proposal from the Nevada Gaming Control Board (NGCB) of US$250k.
This time, CG Technology was punished over accusations of a whole catalogue of violations and errors, which include accepting wagers from outside the state via its mobile sports betting app, accepting wagers after events had finished, and making incorrect payouts to 1,483 bettors.
The company had already failed to comply with state regulations three times over the last five years, which resulted in several fines, including a US$5.5 million fine in 2014 related to charges involving illegal gambling and money laundering. That same case had CG Technology also paying US$22.5 million to the US Government, as it transferred US$16.5 million to the U.S. attorney offices in Eastern District of New York and Nevada, and US$6 million to the U.S. Treasury Department’s Financial Crimes Enforcement Network.
The NGCB had proposed a US$250k fine to be imposed on the sportsbook operator since the incidents had been self-reported, but NGC Chairman Tony Alamo was not as forgiving: “I have zero appetite to move forward with this settlement with CG Technology. My comfort level with CG Technology is zero. The country is watching. Frankly, we are the gold standard. Our licensees go out and do the job in every state. They have to be perfect,” he said at a hearing.
After the regulator’s decision, CG Technology’s CEO Parikshat Khanna said: “We are satisfied with the resolution agreed to today by the commission. We remain committed to the Nevada sports book business and the long-term partnerships we have established with some of the finest resort operators in the world. Additionally, we look forward to the growth prospects of the industry nationwide.”
https://focusgn.com/nevada-issues-us2-million-fine