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CG Technology, formerly Cantor Gaming, reaches tentative settlement with Nevada regulators

CG Technology, formerly Cantor Gaming, has reached a tentative settlement with state gambling regulators over a complaint filed Monday.

The 18-count complaint alleges that the company 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 a felony charge of conspiracy. He has not yet been sentenced.

Two dozen other people in Las Vegas and New York were also charged in the ring. Neither the company nor the regulators would immediately disclose the terms of the settlement.

The Nevada Gaming Control Board says the company's lack of supervision over Colbert, considered one of sports betting's most respected fixtures before his arrest, violated state gambling regulations.

The complaint alleges that CEO Lee Amaitis "either knew or should have known that Colbert was conducting the illegal activities described in the Indictment."

Regulators wrote that the Cantor scandal "directly impacts the state's reputation in ensuring gaming is conducted honestly, competitively and free of criminal and corruptive elements."

CG technology spokeswoman Hannah Sloane said in a statement that the company has improved its internal checks and balances in the wake of Colbert's departure.

The 35-page complaint also detailed several record-keeping violations, including failing to list everyone required on a key employee report, and failing to provide the hard copies of some wagering applications.

CG Technology is Nevada's largest sports book operator, and was the first company licensed by state regulators to manufacture and operate a mobile gambling system. The company provides gambling technology to Celebrity Cruises, and also has interested in China and the Bahamas.

The company announced on Monday, before the complaint was made public, that it was changing its name from Cantor Gaming.

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