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Thread: Cantor Gaming in BIG BIG Trouble!

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    Bronze LAWN CIGAR's Avatar
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    Cantor Gaming in BIG BIG Trouble!

    Druff lemme know if you want the person known as "punter" on the radio. Interesting stuff but I am sure NOTHING will be done but another fine and slap on the wrist IMO.

    http://gaming.nv.gov/modules/showdoc...cumentid=11167

    Sounds INSANE!!!

    From another source.
    http://calvinayre.com/2016/05/18/bus...ftware-glitch/

    The wagering in question occurred between between August 2011 and March 2015. All told, the NGCB says CGT underpaid winning bettors by around $700k on some 20k ‘round robin’ parlay wagers, while overpaying around $100k on an additional 11k wagers.

    Punter who noticed the errors and complained were paid the correct amount but the NGCB says CGT did nothing to alert customers who didn’t complain and only conducted a complete accounting of the total number of miscalculated wagers after the NGCB launched its investigation.

    In March 2015, a punter complained to the NGCB about being shortchanged by the CGT-operated sportsbook at the Silverton Casino Lodge. The punter stated that it was the fifth time he had been incorrectly compensated by the sportsbook for that type of wager.

    The Cantor Sports Book software at the heart of the matter was originally designed for the company’s mobile wagering app. The software was later adapted for use in over the counter wagers at the sportsbooks CGT operates on behalf of Nevada casinos. The NGCB investigation determined that CGT had known there was a “recurring and company-wide error for several years” but had done nothing to repair the glitch nor alerted the NGCB that there was a problem.
    Like Neil Diamond once said....LA is fine but it aint home!

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    Diamond TheXFactor's Avatar
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    Sports book operator accused of shortchanging bettors
    http://lasvegassun.com/news/2016/may...changing-bett/

    CARSON CITY — The Nevada Gaming Control Board has filed a complaint against CG Technology, which runs seven Las Vegas-area sports books, for underpaying about $700,000 on more than 20,000 winning bets.

    The complaint, filed Monday, also says about $100,000 was overpaid on more than 11,000 parlay wagers over a period of more than three years.

    The complaint alleges CG Technology initially tried to block the state’s investigation into the incorrect payments.

    The company conducts sports and horse racing betting at the M Resort, Hard Rock, Tropicana, Cosmopolitan, Silverton, Venetian and Palms.

    Winners who complained they were underpaid were given their full payment. But the complaint says the books never tried to make good on the underpayments to thousands of bettors who did not complain.

    The complaint seeks a $100,000 penalty for each of six counts in the complaint and disciplinary action against the company’s license. CG Technology has 30 days to answer the complaint.

    The incorrect payments allegedly started in August 2011 and continued until March 2015, according to the complaint. The board said it was led to believe in May 2014 that the problem had been fixed.

    But a bettor notified state regulators in March 2015 that he was underpaid on a winning round robin parlay bet at the Silverton, according to the complaint. He also said he was underpaid and then reimbursed on four previous bets, the complaint says.

    A board investigation “revealed that incorrect payments on various winning parlay wagers had been a recurring and company-wide error for several years due to a software issue or software issues known to CGT,” the complaints says.

    Only after the board began its investigation did the company take steps to identify all parlay wagers and patrons affected by the software issue, the complaint says.

    On or about March 9, 2015, the company took steps to correct the problem.
    Only a few people actually have accounts with Cantor/CG Technology, most people place a small bets and get a betting slip which they will throw away.

    So it would be practically impossible to identify most victims.

    Nevada Gaming Control will fine Cantor/CT Technology and the players/victims will receive nothing.



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    Gold Shizzmoney's Avatar
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    One of the state’s largest sports book managers could lose its gaming license after being accused of underpaying bettors by more than $700,000 on an estimated 20,000 wagers.

    The Nevada Gaming Control Board filed a complaint Monday against CG Technology, saying the company also overpaid about 11,000 bets a total of $100,000 because of a computer software glitch that the company didn’t fix for years. The company never notified gamblers of the problem in paying out some parlay bets.

    It’s the second time the state has sought to discipline the company over failures within its Cantor Sports Book computerized bookmaking system. Two years ago, the Nevada Gaming Commission warned CG Technology that any future complaints could prompt license revocation.

    The newest complaint is expected to be reviewed next month by the Gaming Commission. Company officials had no comment when contacted Tuesday.

    CG Technology manages race and sports books at the M Resort, the Hard Rock Hotel, Tropicana, The Cosmopolitan of Las Vegas, The Venetian, the Palms and the Silverton. The casinos lease space to CG Technology and have management agreements to split profits but are not subject to disciplinary action.
    http://www.reviewjournal.com/busines...s-sports-books
    http://www.miraclecovers.com

    "Donk down, that’s what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

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    Jewish firm ripping off Americans. Huge surprise.

     
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      Tellafriend:

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    Platinum ftpjesus's Avatar
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    CGT is gonna get bitchslapped by NGC theres no doubt.. Lose their license.. Not likely but I'm betting the fine somehow ends up being in the area of the underpayment amounts.. You can bet your ass if CGT was overpaying consistently they would've fixed the problem but they were underpaying 10x more then they overpaid so they kept their mouths shut.. I'm also betting this went high up and question is if some tech geek SW engineer is gonna come out of the woodwork to squeal like a pig that upper management knew of the issue and refused to fix it making the case more damning indeed..

    Final result: 8 figure fine to Cantor for their shenanigans and some sort of monitoring agreement/audits for a period of time under the NGC to ensure it doesn't happen again.

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    Gold Shizzmoney's Avatar
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    LOL:

    The Nevada Gaming Control Board filed a complaint against CG Technology Holdings, LLC, and its sister companies on May 16th in which it accused the gaming technology solutions provider of a series of violations including underpaying winners, withholding information from authorities, and accepting bets on sporting contests after they had ended.

    In Count Six, of the official complaint, it is revealed that CG Technology accepted six wagers on a UFC fight between Chris Wade and Mehdi Baghdad after that fight was over. In that bout, Wade made short work of late-replacement Baghdad submitting him in the first round. The match took place at UFC Fight Night 81 - Dillashaw vs. Cruz, in Boston on January 17th, 2016. The complaint further states that CG Technologies accepted wagers on a boxing match on May 2nd, 2016, also after the conclusion of the bout.

    CG Technology, which is based in Las Vegas, operates sport books at the Cosmopolitan, Venetian, and Tropicana casinos, which are located on the Las Vegas strip. The company also runs the sport books at Vegas' M, Hard Rock, Palms, and Silverton casinos.
    http://www.bloodyelbow.com/2016/5/19...e-mma-gambling
    http://www.miraclecovers.com

    "Donk down, that’s what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

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    I was just listening to the radio show and I think I can clear up any confusion regarding fixed odds and true odds. Fixed odds comes into play when each leg of the parlay is a -110 line. It pays 2.6 to 1 on a 2 teamer, 6 to 1 on a 3 teamer, and 10 to 1 on a 4 teamer, 20 to 1 on a 5 teamer, etc. So if you bet $100 on OKC +3 tomorrow for -110 and parlay it with the under for -110, it will pay a profit of $260. Take a look at this parlay calculator: http://www.vegasinsider.com/parlay-calculator/

    The true odds of hitting a $100 2 teamer with all legs being -110 = $264.46 but Vegas only pays $260 (2.6 to 1)
    The true odds of hitting a $100 3 teamer with all legs being -110 = $595.79 but Vegas pays $600 (6 to 1)
    The true odds of hitting a $100 4 teamer with all legs being -110 = $1228.33 but vegas only pays $1000 (10 to 1)
    The true odds of hitting a $100 5 teamer with all legs being -110 = $2435.81 but Vegas only pays $2000 (20 to 1)

    If you notice above, the fixed odds are only good for 3 team parlays. You get short changed in every other scenario. A lot of local bookies use fixed odds and most folks just don't care. The only way to avoid fixed odds is by including at least one leg of the parlay that is not -110. So if you do a 3 team parlay that is -110 for leg 1, -110 for leg 2, and +105 for leg 3, it will then payout using the true odds not the fixed odds.

    I believe that Cantor was cheating their customers by not paying the true odds in a scenario like the following: say I put $100 on a 3 team NFL parlay and I had the Broncos -3 at +105, Chargers +7 at -110, and Patriots -14 at -110....Cantor was paying out $600 using the fixed payout of 6 to 1, but they should be paying out true odds which would be $647.15. And if you are wondering how someone got overpaid, that one is easy. If you did a 3 teamer with -110, -110, and a -120 line...then the true payout for a $100 wager would be $568.18 but they were paying out $600 (6 to 1). If you are still confused let me know.

     
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      Hockey Guy: Fantastic explanation. Thx.

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    http://www.miraclecovers.com

    "Donk down, that’s what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

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    http://www.miraclecovers.com

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