Federal authorities say the race and sports book operator formerly known as Cantor Gaming has agreed to pay $16.5 million to avoid criminal prosecution on illegal gambling and money laundering charges.

A statement Monday by U.S. attorneys Robert Capers in New York and Daniel Bogden in Las Vegas said the renamed company, CG Technology, "acknowledged and accepted responsibility for" Cantor Gaming allowing illegal gambling and money laundering from 2009 to 2013.

They say the company promised far-reaching business and compliance reforms.

The prosecutors say Michael Colbert, a former Cantor Gaming executive, previously pleaded guilty in federal court in New York and faces up to five years in prison for conspiracy to participate in an illegal gambling business.

Colbert's attorney, Murray Richman, didn't immediately respond to messages seeking comment.