CG Technology underpaying scandal costs CEO Amaitis his job, company $1.5m

Nevada sportsbook provider CG Technology (CGT) has agreed to pay a $1.5m fine and say goodbye to its CEO after being caught ignoring software glitches that underpaid bettors around $700k.

In May, the Nevada Gaming Control Board (NGCB) filed a formal complaint against CGT, accusing it of (a) failing to fix a known glitch in its Cantor Sports Book software that both underpaid and overpaid parlay bettors, and (b) attempting to interfere with the NGCB’s investigation into the matter.

On Wednesday, the NGCB released a copy of a settlement it has reached with CGT, which has agreed to pay a fine of $1.5m to make the problem go away. Furthermore, CGT CEO Lee Amaitis (pictured) will resign effective Aug. 31, 2016. CGT has appointed an unidentified interim CEO to take the wheel during the transition.

CGT copped to most of the NGCB’s charges, although CGT denied that it had “any intent to profit” from its dodgy software. CGT also denied that it failed to cooperate with the NGCB’s investigation. However, it admitted there was “sufficient basis contained in the allegations to warrant settlement.”