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Nevada’s Gaming Regulator Green Lights CGT’s Acquisition by William Hill
By Jeff Osienya Sep 01, 2020 IndustryCG Technology, formerly Cantor Gaming, has exited Nevada after NGCB approved the sale of its assets to William Hill. Through its current partnership with Eldorado, William Hill will also be running nearly a dozen more books in Nevada.After months of waiting, the Silver State’s gaming regulator, the Nevada Gaming Control Board (NGCB) has officially given the green light for William Hill U.S. to acquire CG Technologies, a Las Vegas sportsbook company that had been struggling in the market for ages. Reports from sources close to the matter indicate that some of NGCB’s executives were relieved following William Hill’s approval to take in CGT given that the latter had accrued over $10 million in fines in the state.
The buyout was first announced in November 2019 and through this approval, William Hill can now take over control of a handful of CG Technologies’ assets across the Vegas Strip. Joe Asher, the chief executive of William Hill confirmed that several iconic properties in the Vegas Strip including the Palazzo, Cosmopolitan Las Vegas, and Venetian Las Vegas will now be under his company’s umbrella. Silverton, Palms, and Tropicana Las Vegas will also be part of the equation in this takeover.
Additionally, the Bahamas operations of CG Technologies was included in the transaction, wherein William Hill will also be offering a betting platform and risk management consulting services to the Bahamas based Atlantis Paradise Island. On the flip side, the license that CG had acquired to run the old Hard Rock Casino sportsbook facility wasn’t part of this acquisition deal as Mohegan Gaming picked Betfred instead to run the show there.
William Hill Continues to Expand its USA Footprint
On top of CGT’s assets, William Hill will also be assuming control of 11 more sports betting facilities in the Silver State thanks to its ongoing partnership arrangement with reno based Eldorado Resorts. These sportsbooks were initially under Caesars Entertainment which recently completed a “merger of the century” with Eldorado.
While William Hill has been the market leader in Nevada’s sports betting scene for a few years now, the company never had such a massive presence in the Strip. Before the CG Technologies takeover, and the Eldorado-Caesars deal, William Hill only had its hands on the Sahara, Casino Royale, and Circus Circus on the Vegas Strip.
Moving on to the rest of the country, William Hill also has operations in several other states including Colorado, Illinois, Iowa, West Virginia, Indiana, New Jersey and Washington D.C, with sports betting licenses for Mississippi and New Mexico already secured, waiting for a market debut. Aside from sportsbook operations, the sports betting giant is also providing a risk management service for the sports lotteries in Rhode Island and Delaware.
Sayonara CG Technology!
Now that the CGT’s acquisition by William Hill has been okayed, it formally marks the end of an era for CG Technologies in the Silver State since it set foot in there 2009. Back then the company was known as Cantor Gaming, before rebranding to CG Technologies in 2014 ahead of a proposed IPO.
For years, CG had been a trailblazer in Nevada after launching the first mobile betting app in Nevada in 2011 for Android devices, and being the pioneer of in-game betting as well in the state. In an unfortunate turn of events, CGT’s winning streak turned sour after consecutively breaching federal and state regulations which included money laundering and illegal bets. By end of 2018, the company had been compelled to pay three of the largest fines in the history of Nevada’s gaming industry – $5.5 million in 2013, $1.5 million in 2016, and $2 million in 2018!
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