William Hill to Takeover CGT Operations in Las Vegas

William Hill, the London-based sportsbook, has been authorized to take over CG Technology’s operations in the state of Nevada. Last week, the Nevada Gaming Control Board gave the green signal to William Hill to acquire CGT’s assets in the state.

While speaking to the media, William Hill CEO Joe Asher said that he was excited with the development. He added that they already in discussions with Las Vegas Sun for the revamping of the Venetian sportsbook. In addition, he said, the William Hill operators are also looking to overhaul Silverton:

“There are things we will be doing a little differently. We just wanted to get the finish line. We’ve spent millions into sportsbooks in Nevada.”

Crucial Presence on the Strip

William Hill is now authorized to take charge of the sportsbooks of The Venetian Las Vegas, Palazzo, Cosmopolitan of Las Vegas, Palms, Tropicana Las Vegas, and Silverton. All these casinos are situated at the Las Vegas Strip or near it. The Strip is a potential market where William Hill can flourish.

The UK-based operator had planned the takeover last year when it announced it. As one of the leading sportsbooks in the world, William Hill already had a presence in the Silver State.

Even before it broke the news of acquiring CGT’s assets, William Hill operated as many as 113 race and sportsbooks in Nevada. However, with this recent acquisition, William Hill will ensure its much-needed presence on the Strip.

The deal will certainly put William Hill brand among one of the most significant leaders operating at the Las Vegas Strip that boasts many of the top casinos in the world.

The Silver State is currently home to some 200 sports betting locations, and the UK-based company keeps snowballing its presence in the US gambling market.

The crisis-ridden CGT finally bids farewell

During the mid-2000s, when CG came to Nevada, it was known as Cantor Gaming, and was a sub-entity of the financial company Cantor Fitzgerald.

Asher had been its managing director until 2007, when he quit to form his own sportsbook company called Brandywine Bookmaking. The new firm soon swelled into 16 race and sportsbooks in Las Vegas under Lucky’s Race and Sports.

CG had somewhat turbulent history as it faced penalties several times from the relevant authority. The Nevada Gaming Control Board penalized it three times for multiple violations, including accepting bets after the conclusion of events, allowing out-of-state wagers, and paying out too much and too little on some bets. CG had to pay a whopping amount of $10 million against these penalties.

According to ESPN report, CG was also involved in a “money laundering scheme and illegal gambling” for which it paid another $22.5 million in federal penalties.

Fortunately, CGT had survived an official warning last year by the NGCB that sought to revoke its license. However, the latest development suggests that the CGT has finally bid a farewell to its customers.