Industry beat: Report says Cantor exec under investigation

Oct 4, 2013 |
By: Jon Campbell
It has been a busy week around the sports betting industry - especially in the courts.

The Wall Street Journal reported this week that federal prosecutors are investigating Lee Amaitis, a senior executive at Cantor Fitzgerald LP, who oversees the sportsbook and gambling operations of the company.

The investigation came to light following the release of documents that show Michael Colbert, former VP of risk management at Cantor, pleaded guilty to knowingly accepting illegal wagers. His plea was disclosed in federal court documents unsealed in late Sept.

The charges said Colbert took bets from runners from an operation in Queens, N.Y. known as the "Jersey Boys". Colbert was indicted last fall and was alleged to have worked to move $100,000 in gambling proceeds between Las Vegas and New York. Twenty-four others were arrested and indicted a year ago in that case.

There are a lot of moving targets here and one of them is an investigation into Cantor by Nevada Gaming Control. They said they should have their investigation wrapped up soon and it remains to be seen what awaits Cantor whether it's fines, a suspended license or nothing at all.

We'll keep an eye on this one as it develops.

Other industry happenings:

The Stop Predatory Gambling Foundation is pissed with the American Gaming Association for its ads that are seemingly trying to paint the whole industry black because of the movie Runner, Runner.

New Jersey's "en banc" deadline appears to be Nov. 1 if they want to go that route in their fight to legalize sports betting in the state.

The CFL uses sportsbook advertising as a key ad revenue stream. The head of inter-provincial lottery group Atlantic Lottery Corp. came out firing against that recently.

Matt Youmans of the Las Vegas Review-Journal posted a pretty good list of Industry Twitter follows to help you in your handicapping.
Check it out here.

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