Colbert resurfaces again on ESPN Las Vegas radio

After Mike Colbert popped up on ESPN Radio 1100 in Las Vegas on Aug. 9, it brought up the question again of what's happening with the state's investigation into Cantor Gaming.

Those following the gaming industry will remember Colbert - who then ran the sportsbook operations at Cantor Gaming - was arrested in October as part of an alleged illegal sportsbook and money laundering operation. 

And since then, not much has been heard about a Nevada state investigation into sports book operator Cantor Gaming. Investigators have been looking into the company that operates several books in Las Vegas like the M and the Venetian, to determine its knowledge of Colbert's involvement in the alleged ring.  

Howard Stutz of the Las Vegas Review-Journal wrote a column Monday about the latest and says the investigation is still plugging along.

Colbert has been appearing on the show 'First Preview' on ESPN Radio 1100 in Las Vegas.

The case put a black eye on Cantor at the time and "law enforcement alleged the operation yielded payouts of $50 million over an 18-month period."

The timing of the arrests weren't just unfortunate for Cantor - they came at a time New Jersey and other states are fighting for the right to offer legalized sports betting in their states. This is one of the cases opponents of legalization love to point to as part of an industry they love to point fingers at.

So it's an unfortunate case for the entire industry and a bit surprising to see Colbert resurface, especially on the cusp of the start of sports betting's most popular season - football. 

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Posted by rebelair95
8 months ago

@budwiser - Taking wagers from professionals has been going on for decades at all sports books. The issue with taking wagers from these individuals is that they have people make their plays for them (runners) which is a form of money laundering. Gaming does not want any book to allow wagers from so called runners without proper ID given. Runners/professional gamblers do not normally show ID. When a small property like M resort aka Cantor brags on national TV that they will take any wagers and flaunts the professional/runner action they take in Gamings face you are asking for trouble. Books in the 80's and 90's lived off of professional action but Gaming has gotten wiser and cracked down on books to make changes.
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Posted by budwiser
8 months ago

OK that makes more sense. I thought you were unaware they said publicly that they actually TOOK and ENCOURAGED big tickets from the pros. You're fully aware. And you're also absolutely correct that FLAUNTING can get you the wrong kind of attention. There may be books that try to ID runners, but I'm fairly sure those kind don't last, because making enemies doesn't work. Limits work.
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Posted by rebelair95
8 months ago

Colbert did anything he could to be the biggest sports book director in the business. He did it the wrong way. He was doing it by not be being innovative by offering great wagers to guests but by catering to professional gamblers. He got caught with hand in the cookie jar. Cantor should be heavily fined by gaming for the actions they allowed at their books. The M and Cantor act like Colbert acted alone when they were taking in more handle than any large strip property. They are a joke to the industry.
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Posted by budwiser
8 months ago

Cantor catered to professional gamblers. Their business model was built on taking big bets, including those from the pros. They said it publicly, and often, that they wanted to be the biggest, with the biggest handle. They didn't hide this fact, they actually thought about things like stock exchanges (a new concept). I've been to Vegas many times, always a class book. But I guess if you're on the justice side of things, without experience in what actually goes on (which if I'm reading things right....), you can exaggerate the negative. The USA already has the greatest incarceration rate in the world, and that's by a country mile.
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Posted by rp-rt
8 months ago

Anytime their is renewed interest in legalizing sports betting, a high profile investigation conveniently surfaces to help kill the legalization idea. Review your history, maybe then you won't let the other said repeat the same ploy over and over.
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Posted by CoverzBludBath
8 months ago

You do know what money laundering is right ^^ Of course they will Appeal to you, anything to get clean money from their Meth money.
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Posted by budwiser
8 months ago

Ironically, if wagering was allowed in New Jersey, Colbert wouldn't have received any interest in taking bets in Nevada from New York. Despite the trashing, he seems like a good guy to me, willing to the public. Cantor also seems like a class book. It's just a shame.
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Top Response

Posted by rebelair95
8 months ago

"Colbert did anything he could to be the biggest sports book director in the business. He did it the wrong way. He was doing it by not be being innovative by offering great wagers to guests but by catering to professional gamblers. He got caught wi..."