CG Technology has been fined $1.5 million for the repeated underpayment of winning round robin parlay bets on more than 20,000 wagering tickets spanning August 2011 to March 2015. Sportsbook Review first reported of CG Technology's plight in May when the Nevada Gaming Control Board (NGCB) announced their findings and filed a complaint against the company.
The reason that the wagering tickets were settled incorrectly shortchanging bettors was attributed to systemic problems within CG Technology's bookmaking software. The NGCB determined that CG Technology failed to properly investigate and report the flaw in their software. The company admitted the miscalculation which occurred during a certain set of circumstances and acknowledged their failure to convey the scope of the problem to Nevada gaming officials.
According to CG Technology, bettors who were underpaid with their winning round robin parlay bets have already received what they are owed, and the company has agreed to leave $25,000 in escrow to settle any other disputed tickets.
Chairman A.G. Burnett of the NGCB had the following to say in an emailed statement according to a report at the LasVegasSun.com: "The Board will not tolerate improper or incorrect payments to patrons by gaming licensees, and therefore takes this matter extremely seriously."
The company was already on thin ice with Nevada's gaming officials following the indictment of former VP of sports and risk management Michael Colbert, back when the company operated as Cantor Gaming. A $5.5 million fine was paid to the Nevada Gaming Control Board for that infraction.
CG Technology must now stay out of trouble and off the radar of state gaming regulators or face the possible loss of their gaming license. The Cosmopolitan, M Resort, and the Venetian are just a few of the Las Vegas casinos whose sportsbooks and racebooks are powered by CG Technology.
Online Sportsbooks vs. Vegas
In the world of online poker players can expect to be dealt around 100 hands per hour, a bit more than three times the amount of hands you will be dealt at a land-based casino. In addition, you are able to play multiple tables simultaneously to increase your expected hourly win rate. The advantages of playing poker online vs. with brick & mortar establishments are quite clear, but what about betting on sports online instead of with traditional sportsbooks? The hot water CG Technology found itself in underscores why wagering online may very well be a better bet altogether.
When wagering online, players are able to read what a given bet will payout before confirming the wager. There is no getting lost in translation like is the case when speaking verbally to a sportsbook worker. With tools such as the SBR parlay odds calculator, it is painstakingly easy to confirm that the bet is paying out what it should be based on true odds or Vegas odds.
When wagering online, you can take a screen capture of your bet(s) and back them up to the cloud, save a copy in email, or store in a thumb drive, which are all on top of the fact that your wager is instantly recorded and stored at the sportsbook website. Betting in person sees a player handed a tiny piece of paper with a bunch of numbers which if lost or stolen means you aren't getting paid your winnings.
When wagering online, players are not beholden to any one particular sportsbook or inconvenienced by having to drive to another location to place a bet with a different company. Line monitoring tools such as SBR Odds allow players to monitor for the best odds in real-time.
Betting online is not quite as enjoyable while on vacation and does not have the glitz and glamour of a Las Vegas casino, but betting on anything more complicated than team A to beat team B is more practical online. However, not all online sportsbooks are created equal and there is no one central regulator to keep betting sites in check as is the case on a state level in Nevada, which is why using resources such as the online sportsbooks rating guide is essential when choosing where to bet.