Wall Street Legend Flops in Sports Betting

Issue 03-20-17   |   Reviewer:   J. Vincent Eagan, JD, Ph.D.
Disciplines:


Abstract

Howard Lutnick’s sports gambling company, CG Technology, is reportedly being shopped around to gauge interest in a purchase. CG Technology ran into several legal problems involving illegal bets, scheming with bookies, and money laundering. Lutnick had initially brought money and Wall Street technology into the sports gambling business in anticipation of market growth.

Under federal law, sports gambling is only currently legal in Nevada, Delaware, Montana, and Oregon.





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