Report: CG Technology up for auction

Report: CG Technology up for auction

Beleaguered Las Vegas sportsBook operator CG Technology is reportedly set to be auctioned next month.

The rumored auction of CG Technology was brought upfront by former oddsmaker Todd Fuhrman, who made a series of tweets on the matter.

Fuhrman claimed that the rumored auction of the Las Vegas-based bookmaker will be held on April 15, with a starting price for assets & license of over US$15 million. He further said that there are multiple operators interested in acquiring the company, including “an existing Vegas presence, Irish group, and 3rd European entity.”

Apart from the two tweets of Fuhrman, there’s no other information on the supposed companies going after CG Technology.

Report: CG Technology up for auctionCG Technology has had a rough ride with regulators in recent years, including paying a $5.5 million fine in 2014 to settle an 18-count complaint that the company or its CEO should have known that one of its top executives was accepting illegal bets.

CG Technology CEO Lee Amaitis and Cantor Fitzgerald Chairman Howard Lutnick signed off on the settlement after former CG Technology director of risk management and vice president Michael Colbert pleaded guilty in New York federal court to a single felony charge of conspiracy in connection with his participation in a nationwide illegal bookmaking ring.

More recently, the company reached a $22.5m settlement with federal regulators over the Colbert affair. Last July, CG Technology reached a $1.5m deal to resolve allegations that it ignored software glitches that underpaid some Nevada parlay bettors.

The scandals, however, aren’t stopping sportsbooks such as Betfair from going after CG Technology, according to Legal Sports Report. Betfair is said to be one of the three operators who will make a bid for CG Technology.

At present, Betfair has already marked its footprint in the US through its NJ online casino. If Betfair is successful in its rumored bid, then it will be able to go head to head in Nevada with another UK bookmaker, William Hill.