Posts Tagged ‘professional sports betting software’

Two online gaming brands choose UltraPlay’s eSports and sports betting solutions

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iGaming Business Limited. Company number: 5013405. VAT number: 843 8456 01. Registered in England and Wales. Registered address: Bedford House, Fulham High Street, London SW6 3JW, United Kingdom.

Article source: http://www.igamingbusiness.com/press/two-online-gaming-brands-choose-ultraplay-s-esports-and-sports-betting-solutions

Two online gaming brands choose UltraPlay’s eSports and sports betting solutions

About us   |   Contact us   |   Cookies   |   FAQ   |   Privacy policy   |   Terms and conditions   |   Testimonials

iGaming Business Limited. Company number: 5013405. VAT number: 843 8456 01. Registered in England and Wales. Registered address: Bedford House, Fulham High Street, London SW6 3JW, United Kingdom.

Article source: http://www.igamingbusiness.com/press/two-online-gaming-brands-choose-ultraplay-s-esports-and-sports-betting-solutions

Playtech launches £500k casino cash giveaway!

Casino network promotion celebrates most exciting games of 2017 – follows massive success of earlier promos

London: March 2017 – Playtech, the world’s leading omni-channel gaming software, systems and services supplier, has launched its largest ever £500,000 casino network promotion that will run across its network for 28 days.

The massive cash giveaway, that coincides with the launch of a host of sensational Super Hero based games including three Superman film titles, Superman (1978), Superman II (1980) and Man of Steel (2013), is already generating record numbers and ran across the Cheltenham Festival last week.

Playtech launches 500k casino cash giveaway!This follows the huge success of Playtech’s £250,000 network promotions last year to promote the launch of the first series of DC-branded titles.

The independently adjudicated, £500,000 cash giveaway, consists of four draws including one worth £200,000 and three others, each worth £100,000. Headline prizes of £5,000 will also be up for grabs as well as hundreds of smaller cash prizes, to ensure there are as many winners as possible.

To be in with a chance of winning some incredible prizes, players playing their favourite games will receive one ticket for every £10 cash bet placed on selected titles.

This includes a handful of new and best-performing titles such as Superman (1978) and Superman II (1980), Man of Steel (2013), Green Lantern (2011), Space Invaders, Halloween Fortune 2, Buffalo Blitz, Age of the Gods™ and Plenty O’ Fortune. Players can have unlimited entries and win an unlimited number of prizes.

Following the conclusion of the £500,000 promotion Playtech will launch a further network promotion later this year to coincide with the beginning of the new football season.

Shimon Akad, COO, Playtech, said: “We are delighted to announce our biggest ever casino network promotion across a selection of our most popular and best-performing games, and I’d like to thank all our participating licensees for their continued support and making this our biggest ever giveaway.

 “We consistently deliver more than 50 new and exciting games a year, complete with a host of innovative features, across a wide range of diverse regulated markets. No other supplier can deliver at these speeds and to these levels of quality and offer such a diverse and fresh range of games.

 “We have meticulously planned the last nine months’ content release schedule and strategically aligned it with a series of fantastic marketing promotions. Yet again, I’m thrilled to say that our industry-leading content teams have delivered some incredible products. We’re already looking forward to our next promotion,” Akad added.

About Playtech

Playtech is a market leader in the gambling and financial trading industries. Founded in 1999 and listed on the Main Market of the London Stock Exchange, Playtech has more than 5,000 employees in 17 countries.

Playtech is the gambling industry’s leading software and services supplier with more than 140 licensees globally, including many of the world’s leading regulated online, retail and mobile operators, land-based casino groups, government sponsored entities such as lotteries, and new entrants opening operations in newly-regulated markets. Its business intelligence-driven gambling software offering includes casino, live casino, bingo, poker and sports betting.

It is the pioneer of omni-channel gambling which, through Playtech ONE, offers operators and their customers, a seamless, anytime, anywhere experience across any product, any channel (online, mobile, retail) and any device using a single account and single wallet. It provides marketing expertise, sophisticated CRM solutions and other services for operators seeking a full turnkey solution.

Playtech’s Financials division operates both on a B2C and B2B basis. Its B2C focused offering is an established and growing online CFDs broker, operating the brand markets.com. Its B2B offering includes the division’s proprietary trading platform, CRM and back-office systems, as well as its liquidity technology platform which provides retail brokers with multi-asset execution, prime brokerage services, liquidity and complementary risk management tools.

For further information, contact:

Playtech plc
Mor Weizer, Chief Executive Officer
Andrew Smith, Chief Financial Officer
c/o Bell Pottinger

James Newman, Head of Investor Relations
+44 (0)20 3772 2500

Bell Pottinger
David Rydell
+44 (0)1624 645954

About Warner Bros. Consumer Products

Warner Bros. Consumer Products, a Warner Bros. Entertainment Company, is one of the leading licensing and retail merchandising organizations in the world.

About DC Entertainment

DC Entertainment, home to iconic brands DC (Superman, Batman, Green Lantern, Wonder Woman, The Flash, etc.), Vertigo (Sandman, Fables, etc.) and MAD, is the creative division charged with strategically integrating across Warner Bros. and Time Warner. DC Entertainment works in concert with many key Warner Bros. divisions to unleash its stories and characters across all media, including but not limited to film, television, consumer products, home entertainment, and interactive games. Publishing thousands of comic books, graphic novels and magazines each year, DC Entertainment is one of the largest English-language publishers of comics in the world.

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Article source: http://calvinayre.com/2017/03/23/press-releases/playtech-launches-500k-casino-cash-giveaway/

Inside Cloud9: How this couple built an e-sports empire worth millions

Jack and Paullie Etienne, co-founders of professional e-sports teams, are so obsessed with winning that they cut off their players’ Internet at 2:15 a.m. to encourage decent rest before practice.

The Etiennes measure how much players practice, including on their own time, and how encouraging they are toward teammates. Rule breakers get a talking-to. And they afford players at Cloud9 Esports Inc. a full range of paid benefits, including meals and trainers, healthcare and retirement plans, to reduce their stress.

Cloud9’s efforts — many of them trailblazing in the nascent competitive video gaming industry — have turned the Etiennes and their Los Angeles operation into a dependable source of ideas for their peers. But in Cloud9’s latest move, they’re the ones catching up with the crowd.

The company announced Tuesday it had received an unspecified investment of at least several million dollars. The money probably will pay for entry fees and also could go toward university partnerships and a more central headquarters.

How a couple selling ads and software ended up with ‘the most important e-sports team in North America’

Jack and Paullie Etienne, co-founders of professional e-sports teams, are so obsessed with winning that they cut off their players’ Internet at 2:15 a.m. to encourage decent rest before practice.

The Etiennes measure how much players practice, including on their own time, and how encouraging they are toward teammates. Rule breakers get a talking-to. And they afford players at Cloud9 Esports Inc. a full range of paid benefits, including meals and trainers, healthcare and retirement plans, to reduce their stress.

Cloud9’s efforts — many of them trailblazing in the nascent competitive video gaming industry — have turned the Etiennes and their Los Angeles operation into a dependable source of ideas for their peers. But in Cloud9’s latest move, they’re the ones catching up with the crowd.

The company announced Tuesday it had received an unspecified investment of at least several million dollars. The money probably will pay for entry fees and also could go toward university partnerships and a more central headquarters.

Activision Blizzard and Riot Games are exploring charging teams for rights to compete. That would be a massive upfront cost in addition to keeping up with rising player expenses.

Tesla Motors board members Antonio Gracias and Kimbal Musk, early Tesla investor Bill Lee and Reddit co-founder Alexis Ohanian. Dodgers co-owner Todd Boehly and Golden State Warriors co-owner Chamath Palihapitiya invested too, as did professional baseball player Hunter Pence and professional basketball player Andrew Bogut.

Ohanian, a football and video game fan, bought into Cloud9’s long-term road map over coffee with Jack in San Francisco a few months ago.

“There’s teams like the Yankees — I’m not even a baseball fan — that have transcended a sport and become a gateway for people to get into the sport,” Ohanian said. “It sounded like a vision for that. It requires a really disciplined patience, and there’s going to be people distracted by shiny objects. You want someone who can hold the course.”

The Etiennes, who had a child shortly before launching Cloud9, credit their pairing and work experience for their initial success.

Many early e-sports owners were former players. By contrast, Jack sold software for Xerox and ads for video-streaming service Crunchyroll. Paullie held sales roles at Xerox and commercial real estate marketplace LoopNet.

Now, they put their knowledge to work during weekly meetings with Cloud9 sponsors to walk them through ad plans and performance. The people on the other side of the table are taking a gamble betting on an unproven sport, and Jack said it’s his job to make sure those people have enough information to boast about when they go back to their bosses. Those sponsorship deals have became an industry standard, he said.

On the other side of the operation, his experience as talent scout for a “World of Warcraft” computer game group has served him well in evaluating players to sign and how to help teams gel.

Marcus “Dyrus” Hill, a former title-winning player for Dinh’s team, described Jack as someone who’s committed to guiding “his players to be the best they can be.”

That’s essential because as the second most popular North American team, Cloud9 keeps Dinh’s squad “on their toes,” Hill said.

It also was Crunchyroll where the entire journey began. Jack got introduced by a client there to a backward-hat, shorts and tank-top wearing gamer whose “League of Legends” video game fan website was taking off. Andy Dinh, then 17, wanted help selling ads and offered Jack the job immediately.

“I was thinking, no way am I quitting a paycheck to work for this kid,” Jack recalled. But Jack was open to helping out if he could keep his day job.

Crunchyroll and Dinh agreed, and the partnership flourished. Dinh had enough cash to start his own professional team, and it quickly became championship-caliber. Jack relished in the success, but doing well came with increasing duties.

It wasn’t long before he went all in and formed his own team, and his wife agreed to come along. They moved to Los Angeles from San Francisco.

“We wanted to do something for ourselves,” Paullie, 39, said, and coming off maternity leave, “it seemed like really good timing.”

Jack had waited several dates to describe his obsession for gaming to Paullie, who didn’t share the passion, and even fibbed about the amount he played.

When Paullie saw the real number was 40 to 50 hours a week on top of a regular job, she didn’t balk.

Article source: http://www.latimes.com/business/technology/la-fi-tn-la-tech-20170321-story.html

Veikkaus-win2day go live with industry-first Playtech cross-border poker network

London: March 20th 2017 – Veikkaus and win2day have this week gone live with the industry’s first cross-border poker network powered by Playtech.

Veikkaus-win2day go live with industry-first Playtech cross-border poker networkIn an industry-first, the respective Finnish and Austrian gaming brands have joined forces to launch a joint poker network using liquidity from both player bases. This has instantly doubled the number of customers playing the widest variety of omni-channel poker products via a dedicated Playtech-powered iPoker network.

This is the first time that two regulated entities have joined forces to share cross-border poker liquidity and follows win2day meeting a series of stringent responsibility standards accredited by Veikkaus and the Finnish authorities.

The liquidity sharing agreement was approved by the Finnish Ministry of Interior on December 8th and the Austrian Ministry of Finance on August 8th last year. Veikkaus, that merged with RAY and Fintoto earlier this year to form a new entity, and win2day, previously had to limit online poker to domestic players only.

Playtech has long-standing relationships with both brands. RAY, now Veikkaus, has partnered with Playtech since 2010, setting the benchmark in the Nordic region and establishing the country’s leading gaming operation, while Playtech has worked closely with win2day since 2015, providing the Austrian Lotteries and Casinos Austria-owned brand with a new poker network.

Playtech has recently invested significant development resources in poker, enhancing its award-winning iPoker client by introducing a new lobby and home tab, completing a full overhaul of the software’s poker tables and launching a series of new game views, enabling easier and fully personalised access to a wide variety of players’ favourite games.

Shimon Akad, COO, Playtech, said: “This is a milestone in poker and the gaming industry, and we’re delighted to be at the heart of yet another industry-first providing two great brands with the leading poker network and a series of leading products that I’m confident will prove a huge success going forward.”

Timo Kiiskinen, Senior Vice President, ICT, Veikkaus, said: “We are extremely happy with the overall product and the network’s performance so far, and are delighted to have launched on schedule. This is a great venture between ourselves, win2day and Playtech and we’re sure it will be a great success.”

Martin Jekl, Managing Director, win2day said: “Working with Veikkaus and Playtech has been a seamless process and we are very pleased with the results of the network in the first few days since launch. Our customers now have access to the best and most responsible poker experience on the market and we look forward to seeing what the rest of the year will bring.”

About Playtech

Playtech is a market leader in the gambling and financial trading industries. Founded in 1999 and listed on the Main Market of the London Stock Exchange, Playtech has more than 5,000 employees in 17 countries.

Playtech is the gambling industry’s leading software and services supplier with more than 140 licensees globally, including many of the world’s leading regulated online, retail and mobile operators, land-based casino groups, government sponsored entities such as lotteries, and new entrants opening operations in newly-regulated markets. Its business intelligence-driven gambling software offering includes casino, live casino, bingo, poker and sports betting.

It is the pioneer of omni-channel gambling which, through Playtech ONE, offers operators and their customers, a seamless, anytime, anywhere experience across any product, any channel (online, mobile, retail) and any device using a single account and single wallet. It provides marketing expertise, sophisticated CRM solutions and other services for operators seeking a full turnkey solution.

Playtech’s Financials division operates both on a B2C and B2B basis. Its B2C focused offering is an established and growing online CFDs broker, operating the brand markets.com. Its B2B offering includes the division’s proprietary trading platform, CRM and back-office systems, as well as its liquidity technology platform which provides retail brokers with multi-asset execution, prime brokerage services, liquidity and complementary risk management tools.

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Article source: http://calvinayre.com/2017/03/20/press-releases/veikkaus-win2day-go-live-industry-first-playtech-cross-border-poker-network/

Veikkaus-win2day go live with industry-first Playtech cross-border poker network

London: March 20th 2017 – Veikkaus and win2day have this week gone live with the industry’s first cross-border poker network powered by Playtech.

Veikkaus-win2day go live with industry-first Playtech cross-border poker networkIn an industry-first, the respective Finnish and Austrian gaming brands have joined forces to launch a joint poker network using liquidity from both player bases. This has instantly doubled the number of customers playing the widest variety of omni-channel poker products via a dedicated Playtech-powered iPoker network.

This is the first time that two regulated entities have joined forces to share cross-border poker liquidity and follows win2day meeting a series of stringent responsibility standards accredited by Veikkaus and the Finnish authorities.

The liquidity sharing agreement was approved by the Finnish Ministry of Interior on December 8th and the Austrian Ministry of Finance on August 8th last year. Veikkaus, that merged with RAY and Fintoto earlier this year to form a new entity, and win2day, previously had to limit online poker to domestic players only.

Playtech has long-standing relationships with both brands. RAY, now Veikkaus, has partnered with Playtech since 2010, setting the benchmark in the Nordic region and establishing the country’s leading gaming operation, while Playtech has worked closely with win2day since 2015, providing the Austrian Lotteries and Casinos Austria-owned brand with a new poker network.

Playtech has recently invested significant development resources in poker, enhancing its award-winning iPoker client by introducing a new lobby and home tab, completing a full overhaul of the software’s poker tables and launching a series of new game views, enabling easier and fully personalised access to a wide variety of players’ favourite games.

Shimon Akad, COO, Playtech, said: “This is a milestone in poker and the gaming industry, and we’re delighted to be at the heart of yet another industry-first providing two great brands with the leading poker network and a series of leading products that I’m confident will prove a huge success going forward.”

Timo Kiiskinen, Senior Vice President, ICT, Veikkaus, said: “We are extremely happy with the overall product and the network’s performance so far, and are delighted to have launched on schedule. This is a great venture between ourselves, win2day and Playtech and we’re sure it will be a great success.”

Martin Jekl, Managing Director, win2day said: “Working with Veikkaus and Playtech has been a seamless process and we are very pleased with the results of the network in the first few days since launch. Our customers now have access to the best and most responsible poker experience on the market and we look forward to seeing what the rest of the year will bring.”

About Playtech

Playtech is a market leader in the gambling and financial trading industries. Founded in 1999 and listed on the Main Market of the London Stock Exchange, Playtech has more than 5,000 employees in 17 countries.

Playtech is the gambling industry’s leading software and services supplier with more than 140 licensees globally, including many of the world’s leading regulated online, retail and mobile operators, land-based casino groups, government sponsored entities such as lotteries, and new entrants opening operations in newly-regulated markets. Its business intelligence-driven gambling software offering includes casino, live casino, bingo, poker and sports betting.

It is the pioneer of omni-channel gambling which, through Playtech ONE, offers operators and their customers, a seamless, anytime, anywhere experience across any product, any channel (online, mobile, retail) and any device using a single account and single wallet. It provides marketing expertise, sophisticated CRM solutions and other services for operators seeking a full turnkey solution.

Playtech’s Financials division operates both on a B2C and B2B basis. Its B2C focused offering is an established and growing online CFDs broker, operating the brand markets.com. Its B2B offering includes the division’s proprietary trading platform, CRM and back-office systems, as well as its liquidity technology platform which provides retail brokers with multi-asset execution, prime brokerage services, liquidity and complementary risk management tools.

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Article source: http://calvinayre.com/2017/03/20/press-releases/veikkaus-win2day-go-live-industry-first-playtech-cross-border-poker-network/

Veikkaus-win2day go live with industry-first Playtech cross-border poker network

London: March 20th 2017 – Veikkaus and win2day have this week gone live with the industry’s first cross-border poker network powered by Playtech.

In an industry-first, the respective Finnish and Austrian gaming brands have joined forces to launch a joint poker network using liquidity from both player bases. This has instantly doubled the number of customers playing the widest variety of omni-channel poker products via a dedicated Playtech-powered iPoker network.

This is the first time that two regulated entities have joined forces to share cross-border poker liquidity and follows win2day meeting a series of stringent responsibility standards accredited by Veikkaus and the Finnish authorities.

The liquidity sharing agreement was approved by the Finnish Ministry of Interior on December 8th and the Austrian Ministry of Finance on August 8th last year. Veikkaus, that merged with RAY and Fintoto earlier this year to form a new entity, and win2day, previously had to limit online poker to domestic players only.

Playtech has long-standing relationships with both brands. RAY, now Veikkaus, has partnered with Playtech since 2010, setting the benchmark in the Nordic region and establishing the country’s leading gaming operation, while Playtech has worked closely with win2day since 2015, providing the Austrian Lotteries and Casinos Austria-owned brand with a new poker network.

Playtech has recently invested significant development resources in poker, enhancing its award-winning iPoker client by introducing a new lobby and home tab, completing a full overhaul of the software’s poker tables and launching a series of new game views, enabling easier and fully personalised access to a wide variety of players’ favourite games.

Shimon Akad, COO, Playtech, said: “This is a milestone in poker and the gaming industry, and we’re delighted to be at the heart of yet another industry-first providing two great brands with the leading poker network and a series of leading products that I’m confident will prove a huge success going forward.”

Timo Kiiskinen, Senior Vice President, ICT, Veikkaus, said: “We are extremely happy with the overall product and the network’s performance so far, and are delighted to have launched on schedule. This is a great venture between ourselves, win2day and Playtech and we’re sure it will be a great success.”

Martin Jekl, Managing Director, win2day said: “Working with Veikkaus and Playtech has been a seamless process and we are very pleased with the results of the network in the first few days since launch. Our customers now have access to the best and most responsible poker experience on the market and we look forward to seeing what the rest of the year will bring.”

About Playtech

Playtech is a market leader in the gambling and financial trading industries. Founded in 1999 and listed on the Main Market of the London Stock Exchange, Playtech has more than 5,000 employees in 17 countries.

Playtech is the gambling industry’s leading software and services supplier with more than 140 licensees globally, including many of the world’s leading regulated online, retail and mobile operators, land-based casino groups, government sponsored entities such as lotteries, and new entrants opening operations in newly-regulated markets. Its business intelligence-driven gambling software offering includes casino, live casino, bingo, poker and sports betting.

It is the pioneer of omni-channel gambling which, through Playtech ONE, offers operators and their customers, a seamless, anytime, anywhere experience across any product, any channel (online, mobile, retail) and any device using a single account and single wallet. It provides marketing expertise, sophisticated CRM solutions and other services for operators seeking a full turnkey solution.

Playtech’s Financials division operates both on a B2C and B2B basis. Its B2C focused offering is an established and growing online CFDs broker, operating the brand markets.com. Its B2B offering includes the division’s proprietary trading platform, CRM and back-office systems, as well as its liquidity technology platform which provides retail brokers with multi-asset execution, prime brokerage services, liquidity and complementary risk management tools.

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Article source: http://calvinayre.com/2017/03/20/press-releases/veikkaus-win2day-go-live-industry-first-playtech-cross-border-poker-network/

Veikkaus-win2day go live with industry-first Playtech cross-border poker network

London: March 20th 2017 – Veikkaus and win2day have this week gone live with the industry’s first cross-border poker network powered by Playtech.

Veikkaus-win2day go live with industry-first Playtech cross-border poker networkIn an industry-first, the respective Finnish and Austrian gaming brands have joined forces to launch a joint poker network using liquidity from both player bases. This has instantly doubled the number of customers playing the widest variety of omni-channel poker products via a dedicated Playtech-powered iPoker network.

This is the first time that two regulated entities have joined forces to share cross-border poker liquidity and follows win2day meeting a series of stringent responsibility standards accredited by Veikkaus and the Finnish authorities.

The liquidity sharing agreement was approved by the Finnish Ministry of Interior on December 8th and the Austrian Ministry of Finance on August 8th last year. Veikkaus, that merged with RAY and Fintoto earlier this year to form a new entity, and win2day, previously had to limit online poker to domestic players only.

Playtech has long-standing relationships with both brands. RAY, now Veikkaus, has partnered with Playtech since 2010, setting the benchmark in the Nordic region and establishing the country’s leading gaming operation, while Playtech has worked closely with win2day since 2015, providing the Austrian Lotteries and Casinos Austria-owned brand with a new poker network.

Playtech has recently invested significant development resources in poker, enhancing its award-winning iPoker client by introducing a new lobby and home tab, completing a full overhaul of the software’s poker tables and launching a series of new game views, enabling easier and fully personalised access to a wide variety of players’ favourite games.

Shimon Akad, COO, Playtech, said: “This is a milestone in poker and the gaming industry, and we’re delighted to be at the heart of yet another industry-first providing two great brands with the leading poker network and a series of leading products that I’m confident will prove a huge success going forward.”

Timo Kiiskinen, Senior Vice President, ICT, Veikkaus, said: “We are extremely happy with the overall product and the network’s performance so far, and are delighted to have launched on schedule. This is a great venture between ourselves, win2day and Playtech and we’re sure it will be a great success.”

Martin Jekl, Managing Director, win2day said: “Working with Veikkaus and Playtech has been a seamless process and we are very pleased with the results of the network in the first few days since launch. Our customers now have access to the best and most responsible poker experience on the market and we look forward to seeing what the rest of the year will bring.”

About Playtech

Playtech is a market leader in the gambling and financial trading industries. Founded in 1999 and listed on the Main Market of the London Stock Exchange, Playtech has more than 5,000 employees in 17 countries.

Playtech is the gambling industry’s leading software and services supplier with more than 140 licensees globally, including many of the world’s leading regulated online, retail and mobile operators, land-based casino groups, government sponsored entities such as lotteries, and new entrants opening operations in newly-regulated markets. Its business intelligence-driven gambling software offering includes casino, live casino, bingo, poker and sports betting.

It is the pioneer of omni-channel gambling which, through Playtech ONE, offers operators and their customers, a seamless, anytime, anywhere experience across any product, any channel (online, mobile, retail) and any device using a single account and single wallet. It provides marketing expertise, sophisticated CRM solutions and other services for operators seeking a full turnkey solution.

Playtech’s Financials division operates both on a B2C and B2B basis. Its B2C focused offering is an established and growing online CFDs broker, operating the brand markets.com. Its B2B offering includes the division’s proprietary trading platform, CRM and back-office systems, as well as its liquidity technology platform which provides retail brokers with multi-asset execution, prime brokerage services, liquidity and complementary risk management tools.

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Article source: http://calvinayre.com/2017/03/20/press-releases/veikkaus-win2day-go-live-industry-first-playtech-cross-border-poker-network/

This Wall Street Legend Failed to Conquer Vegas Sports Betting …

March Madness, the ultimate in U.S. college basketball, hits Las Vegas like a tomahawk jam.

Each year, hundreds of millions of dollars course through the Vegas sports betting parlors, far exceeding wagers placed on the one-day Super Bowl event.

Howard Lutnick

Howard Lutnick, the man who rebuilt Cantor Fitzgerald LP, and then some, after the catastrophe of 9/11, has spent the past decade looking for a piece of the action by building a sports gambling powerhouse. But Vegas can be a tough town — even a player like him has run into one obstacle after another.

Now, Lutnick may be folding his hand. He’s shopping the business around in what is described as an informal process to gauge interest, according to a person familiar with the sale. Cantor’s internal merger and acquisitions team is handling the possible transaction, circulating a short description of the business, said the person, who was not authorized to speak because the discussions are private. While the company is losing money, the person said, it may fetch $50 million.

What went wrong? Plenty. Lutnick, 55, wanted to inject a bit of Wall Street into Vegas. But revenue at his young betting firm, CG Technology, has stalled. Long gone are plans to take the company public, filings show. Its chief executive officer, a long-time Lutnick confidante, left last year in a regulatory settlement. He hasn’t been replaced.

On top of all that, a former CG executive pleaded guilty to scheming with illegal bookies. In October, the firm agreed to pay $16.5 million to avoid prosecution in the case.

“They had some great ideas — for a while they had the best sportbooks in town,’’ said Jim Murphy, an odds consultant with sportsbettingexperts.com. “But as far as what they set out to do, they fell far short.”

Eight Locations

Lutnick declined to comment through a spokeswoman, Karen Laureano-Rikardsen.

It’s a far cry from the vision Lutnick was selling in 2008 when he bought odds-making firm Las Vegas Sports Consultants and put at least $150 million into the business, according to a Bloomberg Markets Magazine story in 2012. It opened its first sports betting parlor — called a sports book in Vegas lingo — in 2009 and now has operations in eight Nevada locations, including some of the city’s highest-end places such as the Venetian and the Cosmopolitan, owned by the Blackstone Group.

Mobile Technology

The firm sought to distinguish itself with sophisticated software and devices that allowed gamblers to bet anywhere in the casino or hotel. Its computer servers were driven by the type of software that fuels derivatives trading, spewing out odds on events at the fastest rate ever in Las Vegas, it said. That allows gamblers to place bets during contests on dozens of situations.

The moves worked, and competitors followed with similar mobile technology.

But another strategy adopted by Cantor — offering higher betting limits than competitors — led to its most serious stumble, according to federal prosecutors. Michael Colbert, the company’s head of risk management and a direct report to then-CEO Lee Amaitis, oversaw an operation that took in millions of illegal bets, including wagers from an East Coast betting outfit that operated from 2009 to 2012, known as the “Jersey Boys,” according to Nevada regulators and the Justice Department.

Some of the outside bets were needed to offset large ones CG was taking, prosecutors said last year.

Big Fine

Nevada gaming regulators hit CG with their biggest fine ever — $5.5 million — in 2014, and last October CG settled with U.S. authorities for $22.5 million more after being accused of illegal gambling and money laundering. The firm admitted wrongdoing on the federal charges and some of the state allegations.

Colbert, who is no longer with the company, pleaded guilty to a single charge of conspiracy in 2013. Murray Richman, an attorney for Colbert, declined to comment.

Cantor Gaming, as the firm used to be known, announced it was changing its name to CG Technology the same day Nevada regulators charged it with violations related to the “Jersey Boys” case. Lutnick and a family trust own almost all of the company, according to Nevada gaming records.

CG’s problems didn’t end there. Last May, the Nevada Gaming Control Board accused it of underpaying customers on more than 20,000 bets between 2011 and 2015. Regulators, who could have revoked CG’s gambling license, agreed to a settlement in which Amaitis left the company and CG was fined $1.5 million.

Amaitis didn’t return messages left on his Las Vegas answering machine.

While denying that it intended to profit from the errors, CG said then that it had provided refunds to most of the affected gamblers.

Legal Betting

CG remains a small and not particularly fast-growing business. It was projected to generate revenue of $33 million in 2016, according to documents filed in January in a suit against CG by a patent holder. That was up from $30.7 million three years earlier, the documents show. It hasn’t announced on its website the opening of any new sports-books in over two years, and that casino, in the Bahamas, has yet to open. The Tropicana downsized its CG-managed sports betting operation from a full room to a kiosk last year.

CG had hoped growth would come from legal sports betting spreading across the country. But efforts to legalize it beyond the four states permitted by federal law — Nevada, Delaware, Montana and Oregon — have been blocked by professional and collegiate sports leagues that fear gambling may lead to game-fixing.

Lucrative Rents

The potential is huge, though. In Nevada, sports gamblers bet $4.5 billion in 2016, according to the Nevada Gaming Control Board. That’s a fraction of the $149 billion that Americans wagered illegally on sports in 2015, the American Gaming Association, a casino-industry group, estimates. U.K.-based William Hill Plc is CG’s biggest rival, running sports parlors in 108 locations in Nevada, according to its website.

CG’s existing casino customers remain committed so far. One reason is the lucrative rents CG pays for space, according to a person familiar with the financial terms. Red Rock Resorts Inc. has long operated its own sports betting business, but kept CG as the provider for the Palms Casino after acquiring it last year.

There is one other downside for CG’s operations. Because it operates the sportsbooks and not bars for its casino clients, the company rarely offers free drinks to customers, a big draw at other properties.

“I’m a little old-school,” said Tommy Lorenzo, editor of TheVegasParlay.com, a web site devoted to the business. “If I’m going to bet $50 to a $100 on a game I’m at least going to want a beer for it.’’

    Article source: https://www.bloomberg.com/news/articles/2017-03-15/cantor-s-lutnick-is-out-of-luck-in-vegas-as-betting-push-flops