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Julie Moraine November 22, 2019 3 min read
William Hill Acquires CG Technology in a Pivotal Deal
In another pivotal deal for the British bookmaking company, William Hill has acquired beleaguered CG Technology, bringing expertise to the table and benefiting from the US company’s established portfolio of products.
William Hill Acquires CG Technology
William Hill’s acquisition of the troubled CG Technology, previously known as Cantor Gaming, is an opportunity for the company to break into the U.S. market with an even stronger foothold.
Having posted strong results leading up to October 29, the British company has been actively pursuing a line of expansion in the United States.
On Wednesday, William Hill published a press release, announcing the acquisition of CG Technology’s assets, both in Nevada and the Bahamas.
As a result, the British bookmaking company will have leases in several high-profile locations including:
- The Cosmopolitan
- The Venetian
- The Palazzo
- The Palms
Similarly, William Hill is now catering to the Atlantis on Paradise Island, marking an important part of the company’s expansion in the United States and amid strong headwinds back at home.
William Hill’s US CEO Joe Asher had this to say on the occasion:
“We are pleased to have reached this agreement. This will allow us to expand our Las Vegas footprint to several marquee resorts. We look forward to working with our new casino partners and transitioning CG Technology’s retail and mobile customers to our award-winning offering.”
With the deal freshly minted, it will take some time until regulatory approval is given. Both parties expect to get the go-ahead in early 2020.
CG Technology’s Attempt to Overhaul a Faulty Offer
CG Technology is definitely a bit of a fixer-upper. The company has been bogged down in multiple spats with the Nevada Gaming Control Board (NGCB), the regulator overseeing the casino and gambling sector in the state.
The NGCB even threatened to completely revoke the company’s license, slapping up to $10 million in fines across all three occasions on which the company was fined by the regulator.
This was not quite it, though, because CG Technology was also embroiled in a money laundering scheme back in 2016 when the company was facilitating illegal gambling, according to a federal investigation.
CG Technology ended up paying $22.5 million in total fines on that occasion.
Despite all the unseemly regulatory slip-ups, the company has managed to achieve a great overall offer, providing bettors and sports fans with some of the most reliable in-play betting options and powering some of the best Las Vegas sportsbooks.
With 4 years experience as an analyst, Julie—or ‘Jewels’, as we aptly refer to her in the office—is nothing short of a marvel-worthy in her attention to the forex and cryptocurrency space as she quickly became the first pick to co-pilot education to the masses with Mike.
Business November 22, 2019