Posts Tagged ‘Mike Colbert’

Nevada GCB Investigation of Cantor Gaming Stuck in Mud?

by , Aug 22, 2013 | 9:16 am

Michael Colbert, caught up in a major New York sportsbook bust, has brought the heat on Cantor Gaming.

The case against Michael Colbert, for his alleged role in internet sports betting malfeasance, has brought the Nevada heat on his former employer.

A state investigation of sports book operator Cantor Gaming, launched after a company official was indicted for his alleged involvement in an illegal bookmaking and money laundering operation, has gone radio silent.

That doesn’t mean the matter has been swept away — not by any stretch.

Sources confirmed last week the Gaming Control Board’s inquiry into Cantor is moving forward, albeit at a slow pace.

Agents are trying to determine to what extent Mike Colbert, Cantor’s former sports book director, had with the betting operation, which was associated with offshore Internet wagering sites.

Investigators also are trying to determine if any of the illegal bookmaking allegations can be linked to Cantor. The state-licensed sports book operator was not a target of prosecutors, nor was the company even mentioned in the New York-based indictment.

After the inquiry opened, Cantor instituted damage control measures. The company distanced itself from Colbert, immediately severing ties with the oddsmaker.

Cantor went about its business. The company operates eight Las Vegas race and sports books — The Venetian, Palazzo, M Resort, The Cosmopolitan of Las Vegas, Tropicana, Silverton, Hard Rock and Palms — poker rooms, and manages a line of mobile gambling products.

However, Colbert has suddenly resurfaced.

Cantor officials can’t be too happy about this turn of events.

Colbert, 33, was the most prominent name among the 25 individuals indicted in October by New York authorities on allegations of ties to the illegal betting ring. Law enforcement alleged the operation yielded payouts of $50 million over an 18-month period.

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