Sportsbook provider CG Technology (CGT) is staying in business after all.
The Nevada Gaming Commission (NGC) announced on Thursday that it has already approved a $1.5 million settlement with the troubled sportsbook company that was caught ignoring software glitches that underpaid bettors around $700,000.
If you recall, the Nevada Gaming Control Board (NGCB) filed a formal complaint against CGT in May, in which it accused the company of failing to fix a glitch in its Cantor Sports Book software that both underpaid and overpaid parlay bettors, and attempting to interfere with the board’s investigation.
Opting to settle, CGT agreed to pay a fine of $1.5 million and also oust CEO Lee Amaitis effective Aug. 31, 2016. And this, according to the commission, made all the difference.